Something has to be done about these “Credit Reporting Agencies.” From the days of paying a few cents extra for gas to use a credit card, to today where EVERYONE pays these fees which are much greater now.
The concept of “Instant Credit” where people are made to believe that they have to have it. The status Metric of “credit scores” and how it is all to easy for thieves to apply for credit in someone else’s name with a little information via “Credit Score” and “Instant Credit.”
The “Credit Reporting Agencies” are assisting the banks with predatory lending and Identity Thieves. Then they SELL all these “Products and Services” to allow access to the information. How is the information not your own??? Now they sell “Products and Services” to guard the info to prevent Identity Theft.
IF THEY OPERATED AS A RESPONSIBLE BUSINESS, THE INFORMATION WOULD BE GUARDED AND IDENTITY THEFT WOULD NOT BE SUCH A CRIME WAVE THAT IT IS, but what extra money would be able to be charged that way (rhetorical).
Showing posts with label banks. Show all posts
Showing posts with label banks. Show all posts
Sunday, November 1, 2009
Friday, August 21, 2009
Banks to lose $12B a year from new regulations
Some regulations were approved against greedy banking malpractices. By simply "playing (more) fair" they give up $12 BILLION they were essentially stealing from their customers.
One such practice was looking at your credit report and seeing another bank lowered your credit limit OR you were one day late on another credit card ( lowering your "credit score" as much as 50 points!). They call it a general default even when they know late payment and especially lowered credit limit are NOT default. Not even incrementally, changing the rate from 7.99% to 28.99%.
The sad thing is they will keep stealing this money from you until early 2010 when the new regulations go into effect, giving them plenty of time to find new ways to steal from you.
They get 3-6% of every purchase even if you pay off the amount in full each month.
Another theft they will not be able to do anymore is double-cycle billing where the average daily balance is magically bloated to get them more interest and compound interest, ..., ... , and then interest an extra month after you pay it off.
~Channing Humphries (originally posted on my MySpace blog December 21, 2008)
One such practice was looking at your credit report and seeing another bank lowered your credit limit OR you were one day late on another credit card ( lowering your "credit score" as much as 50 points!). They call it a general default even when they know late payment and especially lowered credit limit are NOT default. Not even incrementally, changing the rate from 7.99% to 28.99%.
The sad thing is they will keep stealing this money from you until early 2010 when the new regulations go into effect, giving them plenty of time to find new ways to steal from you.
They get 3-6% of every purchase even if you pay off the amount in full each month.
Another theft they will not be able to do anymore is double-cycle billing where the average daily balance is magically bloated to get them more interest and compound interest, ..., ... , and then interest an extra month after you pay it off.
~Channing Humphries (originally posted on my MySpace blog December 21, 2008)
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