Complaint Review: CREDIGY RECEIVABLES - FIRST SELECT - METRIS - SUWANEE Georgia

Go to your local police station tell them you want to report you have a fraud account make sure you have a copy of your report handy and get a report call Credigy and ask them for a fraud package and fill out all info and follow all instructions. once you have conformation from Credigy of the staus of your account hen you call the three major bureaus and dipute the info on file. This way you have proof of letter and also it will be removed faster. I also am a victim.

Conclusion: On June 15, 2004, the Court entered the Order by U.S. District Judge William H. Yohn Jr. approving distribution of the net settlement fund. Earlier, on March 27, 2002, the Court entered the Revised Stipulation of Settlement. The next day, the Court entered the Preliminary Approval Order by Judge William H. Yohn Jr., certifying the class action. Further, on June 18, 2002, the Court entered the Final Judgment and Order of Dismissal and the case was closed. According to Providian Financial Corporations Form 10-Q for the quarterly period ended June 30, 2002, the Company recorded a settlement amount of $38 million which was funded by the Company's insurance carriers. On or around February 22, 2000, the case was transferred to the U.S. District Court for the Eastern District of Pennsylvania. The original Complaint charges that defendants violated the U.S. securities laws by issuing materially false and misleading statements and by omitting material facts required to be disclosed so as to make the statements issued not materially false and misleading throughout the Class Period. Specifically, the complaint alleges that Providian improperly obtained revenues, and misrepresented the source of its revenues and income in public filings and press releases. Defendants are charged with improperly conducting its credit card business by, among other things, intentionally failing to post credit card payments on time in order to enable the Company to improperly record as revenues late fees and penalties, improperly enrolling new credit card customers without their permission, and improperly charging credit card customers for Providian's fee-based products not requested. Once the facts concerning defendants' conduct became known and it was disclosed that Providian was the subject of an investigation by the San Francisco district attorney's office, the price per share of Providian's stock fell from a Class Period high of $131.63 to close at $78.43 on June 4, 1999, a fall of over 40%. NICE EH!

I found the following article on Providian and First Select. As noted in my previous posting there was a Providian acct. deleted from 1 of the CRA's in the (oddly enough) same amount as the original debt listed as original creditor Metris. Check out this article and their mission statement. Love this crap!! Providian Financial's First Select Corporation Achieves Billion Dollar Milestone in its First Year of Operation SAN FRANCISCO, Oct. 13 /PRNewswire/ -- Providian Financial Corporation (NYSE: PVN) announced today that First Select Corporation, its wholly owned subsidiary, has completed its first year of operation and has secured more than $1 billion in contracts with seven of the nation's top credit card issuers. The agreements represent commitments from creditors to sell their charged-off receivables to First Select. First Select, which specializes in the rehabilitation of consumer debt, offers accountholders a range of payment plans to help them pay off this debt as quickly as possible and begin to rebuild their credit. "Our success in achieving the billion dollar milestone in our first year demonstrates that our operating philosophy is right on the mark," said Roger Van Duinen, President of First Select. "Our goal is to bring value both to the financial institutions from whom we purchased the accounts and to our newly acquired customers by helping them to rebuild their financial strength." By selling charged-off debt to First Select, financial institutions can improve their bottom lines and exit non-strategic markets. They can also rely on First Select's consistency in the marketplace since First Select is backed by the financial stability of Providian Financial. In addition, First Select offers value to the customers whose accounts are purchased. According to Robert J. Hanna, First Select's Senior Vice President, Business Development, "First Select never loses sight of the fact that every one of the accounts we purchase represents a valued customer," he said. "With that in mind, First Select's mission is to treat all customers with dignity, trust and respect, while working with each accountholder to customize a payment plan for them." First Select also strives, once customers fulfill certain repayment commitments, to assist them in acquiring new credit. "First Select fits well with Providian's mission of helping people build or rebuild, responsibly use and protect their credit," said Shailesh J. Mehta, Providian's Chairman and Chief Executive Officer. "And this business represents an additional avenue of growth for Providian Financial." San Francisco-based Providian Financial Corporation (providian.com) is a leading provider of lending and deposit products to customers nationwide and now offers credit cards in the United Kingdom. Providian serves a broad, diversified market with loan products that include credit cards, home equity loans, secured cards and membership services. With a commitment to 100% customer satisfaction, Providian's mission is to help its customers build or rebuild, protect and responsibly use credit by providing a quality borrowing experience that leads to active and lasting customer relationships. The sixth largest bankcard issuer in the nation, Providian has $18 billion in assets under management and over 10 million customers.