Complaint Review: Fingerhut

In 1990 I made a purchase with Fingerhut and I signed an agreement to pay them back at a set amount per month. I was on a budget and that was all I could afford to pay.

Sometime in 1991 their credit division management was changed to a private creditor, Axsys National Bank and my account was changed to a 'charge' account. Just like a credit card (revolving credit), they went to a 'minimum amount due' type of payment and started charging interest instead of the same small monthly payment I had agreed upon. The payments more than tripled, all without my prior knowledge or approval! I called them to complain and they said I was stuck with the new deal, even after I had spoken to a manager.

Meanwhile I ran into employment trouble in late 1991 and I had file a bankruptsy. I realize I owed the debts, but I was too overwhelmed at the time and I had to do it. The "Axsys" account was sent into collection and eventually to charge-off, even though they were listed as a creditor in my bankruptsy. I thought no big deal in seven years they would have to drop off my credit report (bankruptsy is 10 years) and they did.

Well surprise, surprise! As soon as my bankruptsy dropped off my credit report in 2001, guess who showed up out of the blue on my credit report! I didn't know Axsys had re-billed the charge-off until I was denied credit a few months ago (my credit had been completely rebuilt until then).

I have complained with the credit reporting companies to see if they can get this illegal rebilling off my record once and for all!

Michael
Odessa, Missouri
U.S.A.