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Thread: PAYPAL and creditors, myth!
jennifer79
New User

From: N/A
Messages: 2
 PAYPAL and creditors, myth!
Sent: 10-05-2008 08:35
  Reply



Eddie68,

You're right. They do ask for a social security number if you want to eventually withdraw more than $500 a month from your Paypal account. But, since a Paypal account is not a LOAN (car payment, mortgage, etc), can they affect our credit report? You don't see utility and phone companies ruining people's damage credit (or do you?)

Thanks!

 




Eddie68
New User

From: San Diego
Messages: 5
 PayPal does request your Social Security Number.
Sent: 09-23-2008 21:20
  Reply



At a certain stage dealing with Paypal, they do ask for your social security number, they do not tell you directly why, but they claim it is for some security reasons, off course they do that, after they froze your account, and had their hands on money in your paypal, this way you will be forced to either give it to them, or wait 180 days until they release the money. After they take your SSN, few weEks passes, and you will be informed that PayPal has ran your credit, and they decided to end relation with you, based on the credit report.

 




jennifer79
New User

From: N/A
Messages: 2
 PAYPAL and creditors, myth!
Sent: 09-21-2008 22:54
  Reply



ppeachess27,
How can Paypal do damage to your credit history if they do not have your social security number on file? As a previous user mentioned, all they have is your bank account number, address, phone number, email address. I doubt the bank would supply Social security #'s so just how would Paypal be able to get on a person's credit report?

Thanks in advance.

 




ppeachess27
New User

From: usa
Messages: 4
 PAYPAL and creditors, myth!
Sent: 08-15-2008 03:22
  Reply



mjwk, Ok first where each of these 2 items over $250 if so a tracking number would not have helped you according to the user agreement you would have needed signiture verification to be covered. Second to contact NCO regarding this debt if they have it call 1-800-688-7929

 




ppeachess27
New User

From: usa
Messages: 4
 PAYPAL and creditors, myth!
Sent: 08-15-2008 03:16
  Reply



bob123131, ICS is a real debt collection company and yes it can be put on your credit don't know your situation but I would be glad to help explain or help you with what ever there saying you owe this for.

 




ppeachess27
New User

From: usa
Messages: 4
 PAYPAL and creditors, myth!
Sent: 08-15-2008 03:13
  Reply



nextelbuddy, Ok here is where you went wrong you have to wait 45 days when you place a dispute with paypal for them to fight your claim they would then research and contact the buyer for the tracking number and actually in your case because you bought an item over $250 he would have needed to provide pay pal with a signiture verification that you actually recieved the item if he could not have provided that to them you would have then got your money back. Unfortunetly for you you didn't do that so you ended up in collections which yes they can put you there and yes they can put it on your credit if you read the user agreement this is all stated in there.

 




nextelbuddy
New User

From: N/A
Messages: 1
 PAYPAL and creditors, myth!
Sent: 06-18-2007 22:31
  Reply



Quote:
To those of you who are concerned about your negative paypal accounts; paypal is not a lending instutution, they do not grant loans, or extend real credit to anyone. They have a branded paypal credit card, but it is just that, a branded card, offered by a real bank, with the paypal logo on it.

Paypal is not a real creditor, they are not regulated nor are they FDIC insured. If your account goes negative (as they usually do when someone frauds you, or paypal freezes your account for no real reason), they cannot "report you to creditors". When your account does negative, they will kick and scream, call you, send you threatening letters, etc.. but they have not affect on your credit rating.

Go ahead and run your credit report, see if paypal shows up as a "creditor", they most certainly will not. They are not a bank nor a lender. They are not lending you money, or extending you any real FDIC insured credit line. Paypal is not audited by the government, as are your utility companies and cell phone providers, and other lenders. There is no way for any regulating body to determine why your paypal account is negative, and thus paypal cannot make reports to any credit bureau. They can send you to "collections", but this is not real collections, this is just another department from within paypal.

I sold a product on ebay 3 years ago and accepted paypal for payment. After the buyer got it, he filed a dispute and paypal made my account go negative $1500. They closed it out, but guess what? To this day, no mark on my credit record, no real collections agency coming after me. It's just intimidation, the only thing that they can do to get you to add funds to your account. Sometimes it actually works.

You don't "owe" paypal anything, especially if you were frauded. They are a middleman, online transfer service, not a real financial institution or lender. It's not like defaulting on a loan, or not making your car payment. Those are LOANS from insured and regulated banks, they are allowed to report to credit agencies. Anything you do with paypal is unsecured, they have no collateral. They have your credit card and bank account information on file, but if they charge you without permission, you can notify your bank, and your bank will yank the funds back from paypal immediately. Don't give in to their scare tactics, if someone scamed you for goods or payment, and your account has gone negative, just move on.

this is what i like to hear but im afraid that this may be untrue.

i purchased a turbocharger from a individual from a forum. we used paypal. i paypaled 700 dollars after seeing pictures with him holding a card with his name and email on it. after further research on other forum boards i found this person posting with in that month that this same turbo was broken and he needed to send it back to be repaired (this was before him posting the turbo for sale.)

i questioned seller about this and was told it was another turbo dont worry. i was told it was shipped out but was not given a tracking number. i requested one and got the run around. week goes by and i get nothing and still no tracking number.

further research shows that this person has scammed other people on other boards with those people that were scammed disputed with paypal but got nothing because this seller had emptied out his paypal account by then so they got nothing but an email from paypal saying sorry funds were not available.

i didnt want this to happen to me so i filed a dispute with my bank wachovia and a dispute with paypal and a week later my bank put the money back in my account as a permanent ACH credit. in the mean time paypal had requested tracking from the seller and they didnt supply, so i went ahead and cancelled my paypal account as well because i was afraid they would take the money right back out of my account and i didnt want that to happen.

i was relieved as i got my money back and still got no turbo. this was about 3 months ago.

today i receive mail from a collections agency called "GC services limited partnership" stating that i owe PAYPAL 700 dollars.

i have googled all i can on this agency and they ar a real and true credit collections agency and also have a very bad reputation for harrasing people and taking money and payments and not paying the original company back and keeping the money while still harassing you saying you never paid.

i realy dont know what to do, all i did was take precautions to make sure i got MY money back and that I was SAFE. and now paypal comes after me saying i owe them because the bank ruled in my favor and they dont go after the scammer that wouldnt even supply tracking number.

any advice?

 




doug684
Registered User

From: N/A
Messages: 19
 PAYPAL and creditors, myth!
Sent: 05-01-2007 01:58
  Reply



I'm hoping they don't get me. I sold a Playstation 3 when they first came out for $1000. Guy get's it ok all done. Wrong, he files a claim saying not as described. Ok well send pictures of item, link to eBay auction, and proof it was sent. Pay Pal gives him 10 days to file a police report. 10 days goes by, nothing. Says claim closed. Cool Pay Pal seen the guy was an asshat. Another 10 days goes by and he apparently gives them a police report and they give him his money back....WTF!!!! To top it off he never sent the item back! Think Gay Pal cared? Nope, they just wan't there $1000....ha, don't think so. That was about five months ago. I get a email every now and then asking to bring my account back up to 0. Other than that nothing. I really hate Pay Pal and eBay.....I hate to say it, but I wish those planes would have had them in their sites.

 




bob123131
New User

From: N/A
Messages: 6
 PAYPAL and creditors, myth!
Sent: 04-22-2007 13:21
  Reply



So is ICS collectiosn a real agency too? They are also after me, but i thought they couldnt affect my credut? Can they? Im 90 percent sure paypal doesnt have my social, but i dealt with them for 3 years so their could be a small chance. Even if they do have it arnt they still not a valid debt collector and therefor cant hurt my credit?

 




<PayPalTerminator>
Not Registered

From: N/A
Messages: N/A
 PAYPAL and creditors, myth!
Sent: 04-18-2007 18:52
  Reply



winteragain,

Alot of what he said is true, PayPal is not a bank they are bunch of a-holes. Thats why you NEVER NEVER NEVER NEVER give PayPal your social security number or Tax ID number because they will call transunion or equifax and throw something on your credit score. If they dont have your SS# or Tax ID, they cant do anything about it. All they can do is harrasse you with NCO (their credit collections company they use).

 




achildofkorn123
New User

From: N/A
Messages: 1
 PAYPAL and creditors, myth!
Sent: 04-18-2007 16:06
  Reply



FU_PayPal,

Firstly, I would like to thank you for your template.

I have sent IC systems this template on March 26, 2007. It is fast approaching the 30 days that they are allowed to take to validate the debt claim against me. My questions are, can we mandate that they only have 30 days to prove the debt? When 30 days are up, what should I do? Should I send them another letter explaining that they had 30 days to validate the debt and did not do so, so they must remove me from their system par the language this letter?

Since I sent them the letter, they have made no attempts to contact me either by phone or mail.

Thanks in advance.

 




FU_PayPal
Big BOSS

From: N/A
Messages: 757
 PAYPAL and creditors, myth!
Sent: 03-24-2007 23:34
  Reply



mjwk, Just send them this letter and they will go away.

----------

<Date>

Re: Acct #

To Whom It May Concern:

This letter is being sent to you in response to a notice sent to me on <Date>. Be advised that this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 (b) that your claim is disputed and validation is requested.

This is NOT a request for "verification" or proof of my mailing address, but a request for VALIDATION made pursuant to the above named Title and Section. I respectfully request that your offices provide me with competent evidence that I have any legal obligation to pay you.

Please provide me with the following:

* What the money you say I owe is for
* Explain and show me how you calculated what you say I owe
* Provide me with copies of any papers that show I agreed to pay what you say I owe
* Provide a verification or copy of any judgment if applicable
* Identify the original creditor
* Prove the Statute of Limitations has not expired on this account
* Show me that you are licensed to collect in my state
* Provide me with your license numbers and Registered Agent

At this time I will also inform you that if your offices have reported invalidated information to any of the 3 major Credit Bureau’s (Equifax, Experian or TransUnion) this action might constitute fraud under both Federal and State Laws. Due to this fact, if any negative mark is found on any of my credit reports by your company or the company that you represent I will not hesitate in bringing legal action against you for the following:

* Violation of the Fair Credit Reporting Act
* Violation of the Fair Debt Collection Practices Act
* Defamation of Character

If your offices are able to provide the proper documentation as requested in the following Declaration, I will require at least 30 days to investigate this information and during such time all collection activity must cease and desist.

Also during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with my legal counsel for suit. This includes any listing any information to a credit reporting repository that could be inaccurate or invalidated or verifying an account as accurate when in fact there is no provided proof that it is.

If your offices fail to respond to this validation request within 30 days from the date of your receipt, all references to this account must be deleted and completely removed from my credit file and a copy of such deletion request shall be sent to me immediately.

I would also like to request, in writing, that no telephone contact be made by your offices to my home or to my place of employment. If your offices attempt telephone communication with me, including but not limited to computer generated calls and calls or correspondence sent to or with any third parties, it will be considered harassment and I will have no choice but to file suit. All future communications with me MUST be done in writing and sent to the address noted in this letter by USPS.

It would be advisable that you assure that your records are in order before I am forced to take legal action. This is an attempt to correct your records, any information obtained shall be used for that purpose.

Best Regards,

<Your_Name>

 




FECKERHEID
New User

From: N/A
Messages: 10
 PAYPAL and creditors, myth!
Sent: 03-22-2007 17:50
  Reply



mjwk,

Just ignore them but if they phone you tell them you have never had a paypal account and if they continue to harass you (ie. send letters, further phone calls) then you will take legal action.

 




mjwk
New User

From: N/A
Messages: 1
 PAYPAL and creditors, myth!
Sent: 03-19-2007 20:28
  Reply



I used to sell on ebay, but two months ago, I had two buyers claim they had never received their parcels!! I purchased insurance, and provided this information to paypal (you could even trace it on-line to see that both parcels had been delivered), but paypal decided to issue chargebacks and refund these two buyers!!!! Now my account is -$678!! And was recentyl sent to a credit agency by the name of NCO Financial Services (who I can never seem to contact)!!! Can anyone tell me what is going on!!! I don't want to have credit problems!!!

 




winteragain
New User

From: N/A
Messages: 8
 PAYPAL and creditors, myth!
Sent: 01-15-2007 16:11
  Reply



To those of you who are concerned about your negative paypal accounts; paypal is not a lending instutution, they do not grant loans, or extend real credit to anyone. They have a branded paypal credit card, but it is just that, a branded card, offered by a real bank, with the paypal logo on it.

Paypal is not a real creditor, they are not regulated nor are they FDIC insured. If your account goes negative (as they usually do when someone frauds you, or paypal freezes your account for no real reason), they cannot "report you to creditors". When your account does negative, they will kick and scream, call you, send you threatening letters, etc.. but they have not affect on your credit rating.

Go ahead and run your credit report, see if paypal shows up as a "creditor", they most certainly will not. They are not a bank nor a lender. They are not lending you money, or extending you any real FDIC insured credit line. Paypal is not audited by the government, as are your utility companies and cell phone providers, and other lenders. There is no way for any regulating body to determine why your paypal account is negative, and thus paypal cannot make reports to any credit bureau. They can send you to "collections", but this is not real collections, this is just another department from within paypal.

I sold a product on ebay 3 years ago and accepted paypal for payment. After the buyer got it, he filed a dispute and paypal made my account go negative $1500. They closed it out, but guess what? To this day, no mark on my credit record, no real collections agency coming after me. It's just intimidation, the only thing that they can do to get you to add funds to your account. Sometimes it actually works.

You don't "owe" paypal anything, especially if you were frauded. They are a middleman, online transfer service, not a real financial institution or lender. It's not like defaulting on a loan, or not making your car payment. Those are LOANS from insured and regulated banks, they are allowed to report to credit agencies. Anything you do with paypal is unsecured, they have no collateral. They have your credit card and bank account information on file, but if they charge you without permission, you can notify your bank, and your bank will yank the funds back from paypal immediately. Don't give in to their scare tactics, if someone scamed you for goods or payment, and your account has gone negative, just move on.

 






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