@Anonymous wrote:
Hey everyone, I got a letter today from Barclay's credit card out of the blue that says that they will be modifying my card account's terms and conditions. One of the changes taking place in September this year is that if my statement balance is less than $28, the minimum payment due will equal the statement balance on the monthly statement. Whereas if a particularly month's statement balance is greater than $28, the minimum payment due will equal the greater of $28 or the total 1% of the Principal Balance. These new minimum payment calculations are kind of confusing me, has anyone else gotten these notices, or something similar recently?
In addition, another change (this one also taking place in September) they mentioned was that from time to time, they would start collecting or requesting employment and income data from third parties in order for Barclay's to continue administration of my account. I wonder why they started collecting income and employment through third parties, could it be that they feel that people may not be so forthcoming about their finances, so they have to check, collect and verify this information with other parties?
Got my letter today as well. I don't care about higher late.returned payments, won't affect me, and ditto on the $28 min payment. But that paragraph stood out for me - who in the heck are these "third parties". Most employers won't confirm employment and especially won't confirm salary/wages without a signed form from you authorizing them to do so. Even most mortgage apps doesn't require employment/salary verification from an employer, W-2s and recent paystubs are enough. And the IRS won't release tax info without a signed form. I'm semi retired, took 'early retirement' Social Security a few years back when I turned 62 and work part time for my local county. The SSA sure as heck doesn't release Soc Sec payment amounts to "third parties", and the county is very strict about releasing any employee info.
So it made me curious who else would know about my employment & income other than the federal & local county government who don't release any info without my signed authorization? The CRAs usually have your employer info based on what you state on a credit app, but I wouldn't think that's terribly reliable. I'm not worried about any adverse action, I didn't grossly exaggerate income, I'm more concerned about how these 'third parties' obtain their info and how accurate.is their info they provide Barclays.
