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HSBC is cutting back in the U.S. after its 2003 purchase of Household International Inc. required it to set aside more than $65 billion for bad loans

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HSBC sells Yamaha accounts to Fortis Capital

VS in Arizona said: “My husband and I recently received a letter from a Law Firm stating that our account that was owned by HSBC -Yamaha was sold to Fortis Capital. HSBC however, wrote our account as a charge off on our credit report for merchandise that was repossessed. When researching, Fortis Capital, we found that they finally have a headquarters in New York, but their main H.Q. are located in Belguim and the Netherlands. My husband and I feel that HSBC sold our personal information wrongfully and now have this third party company trying to sue us for money we do not even owe them.

It is money that should be owed to HSBC, who already wrote the remainder balance of the loan as a charge off. My husband and I feel that HSBC fraudulently went against their privacy policy by selling our account. All the information needed for someone to steal our identities and totally screw our credit up. Not only did they sell our information wrongfully, but they sold it to a foreign company.”

Posted By Timothy Blake

HSBC Watch is a watchdog and consumer activist coalition.

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UPDATE NOTE: HSBC car loans were sold to Santander USA in 2010 :: Most HSBC credit cards became Capital One credit cards in 2012 :: HSBC horrible predatory home mortgages are in run-off