Virginia AG Goes After Capital One for Debt Collection and Re-Aging
January 25th, 2010. Published under Fraud. No Comments.
I’ve had dealing with Capital One myself, they are a sneaky bunch, it appears that the Virginia Attorney General decided to do something about it. Hopefully other State’s Attorney Generals will dig deeper into Capital One’s business practices. West Virginia Attorney General Darrell McGraw announced Friday that his office has sued credit card issuer Capital One and a debt collection agency for “unconscionable conduct in connection with their credit card lending and collection practices.” The complaint alleges that Capital One Bank, a subsidiary of Capital One Financial Corp. (NYSE: COF), tricked consumers into payment plans by sending them solicitations disguised as offers of new credit. The arrangement allowed Cap One to re-age the debt so that it did not fall under the statute of limitations.