Credit Card Center Advertiser Disclosure†
06-18-2008 05:53 PM
The Federal Trade Commission today announced the filing of a lawsuit charging CompuCredit Corporation and its wholly-owned debt collection subsidiary, Jefferson Capital Systems, LLC, with deceptive marketing practices in selling credit cards to consumers in the subprime market.
The FTC’s complaint charges both defendants with violations of the FTC Act and Jefferson Capital with violations of the Fair Debt Collection Practices Act (FDCPA). Today’s action is the result of a coordinated investigation of the defendants’ marketing practices by the FTC and the Federal Deposit Insurance Corporation. In a related action, the FDIC has issued notice of administrative charges against CompuCredit and two banks that issued credit cards marketed by CompuCredit.
“It is important for all consumers – including those in the subprime market – to have access to credit card products. But the marketing of these products must be truthful; it should not – and cannot – be misleading about the true costs and terms of the credit card,” said Lydia Parnes, Director of the FTC’s Bureau of Consumer Protection.
As stated in the FTC’s complaint, CompuCredit markets credit cards, primarily through direct mail solicitations, under various brand names, including Aspire, Aspire A Mas, FreedomCard, Tribute, Imagine, Majestic, Aspen, Emerge and Fingerhut Credit Advantage. These cards generally fit into three categories:
06-19-2008 02:48 PM
06-19-2008 09:21 PM
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* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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