In 1985, Sears announced that it would begin to issue Discover Card nationwide to consumers. Their corporate offices are in Delaware.
Address: PO Box 17019, Wilmington, DE, 19850
Discover Card and its issuing bank, Greenwood Trust, operate primarily in consumer credit card services but also offer business credit cards along with consumer, home, and student loans.
Most of Discover’s credit cards cease accruing additional interest after the account is “charged off” from their company. This typically happens about 6-7 months from the date of the first delinquency. Depending on a consumer’s financial situation, it is possible to setup payback arrangements for a delinquent account directly with Discover (assuming the account has not “charged off”). One of their programs is a “re-age” program whereby they will discontinue adding any additional interest or fees so long as the consumer adheres to a strict monthly payment plan.
While Discover may refer a consumer account for the third party collection, they almost exclusively use Zwicker & Associates P.C. to collect on debts for them.
Should a Discover account be placed with Zwicker & Associates there are two things the consumer should know pre-litigation:
The likelihood that a lawsuit will be filed soon is extremely high;
The chance of obtaining a settlement for less than 80% of the balance is almost non-existent.
If at any time a Discover account is placed with Zwicker & Associates P.C. and a lawsuit has been filed against you, it is recommended you immediately seek legal counsel.
In 2012, the Consumer Financial Protection Bureau announced an enforcement action, along with the FDIC (Federal Deposit Insurance Corporation), against Discover Card. Allegedly they were charging customers for “junk credit insurance, debt cancellation, and credit monitoring products.” The enforcement action further states that the customers never actually purchased the services but were still charged for them. Discover Card paid a penalty of $14 million and was required to refund over $200 million to its customers.