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May 26, 2004
Credit card companies still out to get you
MSNBC reports on a new survey by Consumer Action that shows credit card fees are rising.
They also reported on a practice called "universal default":
Another troubling finding, Sherry said, was the increased use of a controversial practice known as "universal default" by the credit card issuers. Banks now regularly check their customers' credit reports for signs of late payments on any of their bills. In fact, credit reporting agencies now offer daily account reviews, with names like “notification services,” and “risk triggers,” to alert credit card firms of any late payments. Any reported late payment can be used to trigger increased credit card interest rates, even if all payments to the card issuer are up to date.
If your credit card company engages in this practice (regardless of whether it affects you), consider canceling that card.
Posted by glyphic at May 26, 2004 02:38 PM