American Express Watch

American Express: Poor Investment!

2011-09-13T03:12:00.000-07:00

American Express hands off accounts to the likes of GC Services and West Asset Management.

Neither organization appears to be capable of proper debt validation. As a result, many debts are not paid.

American Express is losing money as a result. In addition, it is a documented fact that GC Services' dishonest collection practices cause them to lose in court. It is not known if GC Services looks to American Express for reimbursement.

Given the implosion of the financial services sector, it would seem that a prudent investor would divest any holdings in American Express just as soon as possible!

GC Services and West Asset Management

2010-01-23T15:08:00.001-08:00

American Express' collection agency of choice is GC Services.

But, GC Services breaks the law. Consumers join in class action lawsuits, and GC Services returns the accounts to American Express.

American Express' second choice is West Asset Management. West Asset Management impersonates American Express, but very transparently.

American Express and GC Services

2009-09-10T07:49:00.000-07:00

It is something of a mystery.

For years, American Express, usually thought of as a reputable company, has used GC Services, almost always thought of as a disreputable company, to do its collections.

Now things are at a new low.

Here's a "bill" someone received from American Express. Well, it sure looks like a bill. But, read some of the things it says: "disregard the minimum due amount" (despite the fact that a minimum payment is requested) and "contact your collection agency". Well, it is really their collection agency.

Now, this person has joined in one of the class action lawsuits against GC Services. GC Services now refuses to take payments (yay).

They called American Express. American Express pled ignorance of the lawsuit or problems with GC Services.

So, the person is back to dealing with American Express, despite the "bill" which really isn't one?

American Express, by the way, received a bailout.