Reply
Moderator Emeritus
HappyDays
Posts: 7,326
Registered: ‎06-18-2007

Re: New credit laws you'd like to see enacted...

[ Edited ]
Give Your Elected Officials Your Opinion
 

 
 
 


Message Edited by HappyDays on 06-30-2007 06:06 PM

Message Edited by HappyDays on 06-30-2007 06:07 PM
Frequent Contributor
jenkins
Posts: 278
Registered: ‎04-29-2007

Re: New credit laws you'd like to see enacted...

good stuf

Starting Score: 643
Current Score: 657
Goal Score: 700


Take the FICO Fitness Challenge
Member
cj0203
Posts: 8
Registered: ‎06-11-2007

Re: New credit laws you'd like to see enacted...

Congress may actually be doing something about credit practices - it is in committee right now - read AND WRITE YOUR REPS!!!! Rep. Carl Levin - Michigan - has already started the ball rolling... "Two weeks (may 2007) ago Levin and others introduced a bill that would, in part, bar companies from charging interest on debt paid by the due date, cap penalty interest-rate increases, prohibit interest from being charged on late fees or over-the-limit fees and prohibit late fees if a card-issuer delays crediting a payment." http://www.washingtonpost.com/wp-dyn/content/article/2007/05/23/AR2007052301498.html?sub=new It's a start... Now to work on the credit bureau side of things. The bill also would not allow one credit card to boost your rates because you were late on another - BOA does that a lot. My parents and my best friend had interest rate boosts based on changes on their credit reports when they had never been late to BOA. This has got to stop! They are hoping that you can't pay off the cards and they got you stuck. Both my parents and my friend paid their cards completely off & then BOA came begging back to offer them both a lower rate to reopen. Dumb bleeps...

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+