The specifics of MY experience:
My financial situation had improved dramatically in 2011 so I decided to start trying to rebuild my credit. I got a credit card with Credit One Bank, paid for monthly "credit protection insurance" to cover costs should I be laid off from my job.
A few months after I was approved for a credit card, I WAS subsequently laid off from my job, they denied my credit protection insurance, and refused to work with me regarding a payment arrangement.
After denying my "credit protection" insurance and refusing to work with me on a payment arrangement, I was still unemployed so there was little I could do... They began calling me 10 times a day (including 2-3 calls before 9am on Saturday and Sunday mornings).
I have finally found new employment and am in a situation again to begin making payments, however in the meanwhile $255.00 of penalty fees have accrued on my account (which I see as ridiculous and excessive).
I am ending up owing more in fees and penalties than the original debt was! My issue is this: being laid off from my job was out of my hands, I reacted as responsibly as could be expected and Credit One bank refused every attempt I made to rectify the situation. Credit One Bank has effectively manipulated my bad fortune to double their profit (in the process violating consumer protection laws regarding harassment)!
I feel as though the public should be warned about this company, and ask that your organization make their practices known so others do not go through what I've gone through.
I have personally submitted formal complaints against Credit One Bank to: The Federal Trade Commission, the new Consumer Financial Protection Bureau, the State Attorney Generals for my (Florida) and Nevada (Credit One Banks state) and the Better Business Bureau of Southern Nevada (Credit One Banks district).
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