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What to do if HSBC/RS appears on your credit report

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HSBC/RS is the retail services division for HSBC Bank. HSBC's retail services division issues and services credit cards for retailers like Best Buy, CompUSA, Costo, Bon-Ton, Neiman Marcus, Honda, Helzberg Diamonds, Sony, Yamaha, Saks Fifth Avenue, etc. HSBC stands for HongKong and Shanghai Banking Corporation and RS for Retail Services. Thus, if you applied for any of the above retail cards, HSBC/RS may end up on your credit report.

How to handle HSBC/RS reporting

The first step in dealing with a HSBC/RS listing on your credit report is determining whether you have a card backed by HSBC. Because HSBC is the world's largest issuer of Visa and Mastercards, you may have a card that was issued by HSBC/RS and not even know it. If you are unsure whether a card is backed by HSBC, you can look up the retailer online or call the customer service number on your statement or on the back of the card.

If you find out that you do have a HSBC/RS backed credit card, the next thing to do is check your state's Statute of Limitations (SOL) for delinquent credit accounts. If the SOL has expired, HSBC can no longer sue you for the debt, though they may pursue any out-of-court collection action. In that case, you need to send HSBC an "Expired SOL" letter, so that the company knows you are aware of your rights. Regardless of whether the SOL has expired, you need to contact HSBC's collections department and negotiate a payment plan or a settlement, and a Pay for delete agreement (PFD). A PFD agreement will remove the listing from your account once it has been repaid. If the collections department will not agree to remove the listing, then try and get them to agree to change the listing to "Paid" or "Paid in Full". If you are unable to get a PFD, then any charge-off will remain on your credit report for 7 years.

In the unlikely event HSBC has charged-off the account and has assigned it to a third party collection agency for collection, then you may be able to get the account transferred back to HSBC's collections department. In this case, you may be able to get HSBC to agree to a Pay for Delete settlement.

If you are unsure whether you owe any money to HSBC, then you need to send them a Debt Validation letter via fax or certified mail. If HSBC has sold it to a third party collection agency, then you need to send a Debt Verification letter to the collection agency. If neither HSBC nor the third party collection agency responds, then you need to dispute the item with the credit bureau that reported the item along with a copy of the verification/validation letter.

HSBC/RS address and phone numbers

HSBC World Headquarters is located in London and and has numerous satellite headquarters all over the world. In the U.S, HSBC is headquartered in New York City (452 Fifth Avenue, New York, NY 10018).

Some other addresses:

  1. HSBC Bank USA, N.A.

    P.O. Box 2013

    Buffalo, NY 14240

  2. HSBC Retail Service (HSBC RS)

    90 Christiana Road,

    New Castle, DE 19720

Phone numbers for HSBC/RS:

  1. (800) 365-6538

  2. (800)-537-9698

  3. (813) 571-8998

  4. (302) 327-2000


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