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In 2003 HSBC Bank bought disgraced predatory lender Household International. But years later the same predatory tactics exist. Predatory lending and shady tactics by HSBC Finance Corporation dragged down HSBC world wide. Complaints we saw in 1994 continue today (see newest). Merchants, such as Best Buy Stores Inc., continue to use HSBC Finance Corporation as their backer for private label in-store credit cards.
Many of HSBC's problems stem from their purchase of predatory lender Household International. That is why we started watching HSBC. There were very few changes at the old Household International, now called HSBC Finance, and that is the responsibility of HSBC corporate decision makers. "They sit on checks until a late fee kicks in," Eggert said."Then you do what they call pyramiding: When the next payment comes in, they apply it to the late fee and say the borrower didn't make a whole payment. And then they collect more late fees or foreclosure fees."
We monitor trends for violations of Regulation Z and other possible illegal actions using your individual company complaints and merchant complaints. Household Watch is a consumer watchdog and consumer activist coalition. We are recognized by the Federal Trade Commission as a source of help for customers of HSBC's Household International aka Retail Services, also called HSBC Finance Corporation.
In a maze of holding companies you may simply see HSBC, HSBC Holdings, HSBC North America, Retail Services, HSBC NV, or other variations that defy and confuse customers and regulators. That's the way they want it.
An example of why we are here: "New York plaintiff Lynne Carnegie paid $110 for a nine-day advance on a $500 tax refund. Block and Household took her money and never blinked. - see more - Household, now part of HSBC, also foreclosed on Madie Wilson, 89 years old, and never blinked. They also back your Best Buy and Levitz credit cards, and credit cards for over 60 other merchants"
HSBC also stands accused of "defrauding" US military personnel, some of whom are on duty in Iraq, by overcharging them on high interest loans, according to a study out today from a leading US-based human rights group. Inner City Press and its Fair Finance Watch, based in New York, has uncovered the potentially damaging evidence from documents obtained under the Freedom of Information Act. Here at Household HSBC Watch we know this charge is true. We observed and documented it over the years. -- see more --
This is just one of our articles referencing HSBC complaints about mortgages, Bestbuy, credit cards, auto loans, fees, and late payment processing.
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HSBC Watch monitors HSBC customer trends for possible violations of Regulation Z and other possible illegal actions. We use your individual HSBC complaints and merchant complaint reports to perform trend analysis. We are not associated with HSBC, Household International, or their merchants. Some items are used by permission granted in the Fair Use guidelines of the 1976 U.S. Copyright Act. HSBC Watch was formerly known as Household Watch and hosted at www.householdwatch.com and is now part of the Lender Watch network