Surprise jumps in credit rates bring scrutiny
Jennifer Bayot reports in the New York Times on credit card issuers adjusting fees based upon updated information regarding cardholder creditworthiness.
A provision now built into most card agreements allows the companies to reset anyone's interest rate based on the size and status of other debts. And improvements in information technology and a change in federal law have spurred card companies in the last couple of years to check their customers' data regularly, not only when they review applications or notice missed payments.
Stumble It!
Add your comment... (note that all comments are reviewed before they're published)