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I recently applied for a Fidelity Rewards credit card and found that it is serviced by incompetent Elan Financial Services. They don't know how to read a credit report!

I have two student loans from Discover, and Discover does not report the monthly payments to the credit bureaus. I can see this in both my online access to Experian/Transunion/Equifax. The monthly payment field is left blank. I even confirmed by calling Discover and speaking to a supervisor. He made it very clear that the reporting of monthly payments is optional and all Discover student loans originated by Discover do not report this number.

Elan claims that my Experian report has a number in there for the monthly payments! And this number is 3.5 times what I'm actually paying. I contacted Experian (I have a personal credit report subscription with them) and they say there is no way we could have possibly sent a monthly payment, the only way they have a number is by calculating it themselves using an assumed interest rate and loan term. When I call back Elan, they claim they got this number from Experian. If I ask them for a copy of my own credit report so I can dispute it with Experian, they refuse and tell me to contact Experian for a copy. They don't have the ability to comprehend that Experian is telling me they don't have this number and requesting them for a copy will result in the same!

I've had this issue with both Bank of America and Chase credit card applications in the past, but they are way smarter! They know how to differentiate between a number that is from the credit report and one that they've calculated themselves! Bank of America called me themselves and said we want to clarify this assumed number and Chase immediately corrected it upon contacting them.

This is what happens when an incompetent company processes credit card applications for a company like Fidelity. I would never apply for a Fidelity card again. The result of this process is a lot of frustration and an unnecessary credit enquiry on my report.

Reason of review: Poor customer service.

Preferred solution: Deliver product or service ordered.

Elan Financial Services Cons: Horrible customer service.

Location: Cambridge, Massachusetts

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Guest

I was considering a Fidelity Rewards Card. However, after reading all the complaints about Elan Financial Service I decided to stay with Chase which has a great customer service staff.

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