Will Capital One Revise Policies in Credit Card Agreement?

Very few people ever read their credit card agreement, but there has been a public outcry over the fine print in Capital One's agreement with their cardholders. The updated contract says that Capital One "may contact you in any manner … Continue reading

CFPB Studying Arbitration Clauses in Financial Services Agreements

New research from the Consumer Financial Protection Bureau shows that arbitration clauses are commonly used by large banks in credit card and checking account agreements, but almost 9 out of 10 clauses allow banks to prevent consumers from participating in … Continue reading

LowCards.com Weekly Credit Card Update–November 8, 2013

MasterCard 3rd-Quarter Net Rises 14% on Increased Purchases MasterCard said third-quarter earnings rose 14% as spending on its credit and debit cards continued to grow. MasterCard, like its larger rival Visa, operates a payments network that processes transactions made on … Continue reading

CFPB Planning Tougher Rules on Debt Collectors

The scrutiny continues to increase on the debt collection industry. Today, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking to upgrade the regulations governing debt collection. It is asking for public and business feedback before proposing … Continue reading

Bizarre Ways to Hurt Your Credit Score

We all know that having an unpaid bill could result in a lower credit score. This makes sense. What you might not know is that an overdue library book or a rental car reservation could have an impact on your … Continue reading

CFPB Fines and Bars Leading Firm Over Debt Settlement Fees

The Consumer Financial Protection Bureau today fined one of the country's largest debt settlement payment processing companies $1.376 million for allegedly helping other firms collect millions of dollars from consumers in illegal upfront fees. Meracord LLC and its CEO, Linda … Continue reading

LowCards.com Weekly Credit Card Update–July 31, 2013

Why Stolen European Credit Cards Cost Five Times as Much as U.S. Ones European hackers accused of selling stolen data only collected about $10 for each stolen American credit card number, according to an indictment from federal prosecutors. But European cards … Continue reading

The CFPB’s Accomplishments in its First Two Years

The Consumer Financial Protection Bureau is celebrating its two-year anniversary with much calmer waters ahead. The CFPB has been the center of political firestorms ever since it was originally formed. Republicans first opposed Elizabeth Warren as the head of the … Continue reading

JP Morgan Chase Reveals Errors in Debt Collection Lawsuits

According to a recent report in the Wall Street Journal, JP Morgan Chase has made significant errors in debt collection lawsuits against its consumers. The reports spawn from an internal review that was leaked from JP Morgan showing that the … Continue reading

LowCards.com Weekly Credit Card Update–July 12, 2013

Is a Store Credit Card Right for Your Wallet? Store credit card offers sound tempting but smart shoppers should consider taking the application home and scrutinizing the terms and conditions before deciding whether to apply for the credit card. For … Continue reading

CFPB Cracks Down on Debt Collectors

Today, the Consumer Financial Protection Bureau is intensifying its efforts to stop unlawful and abusive debt collection practices. The CFPB will begin notifying banks, payday lenders, finance companies and other lenders that they will be held accountable for unlawful conduct … Continue reading

California Sues Chase Over Debt Collection Practices on Credit Cards

California Attorney General Kamala Harris filed an enforcement action against JPMorgan Chase last Thursday, alleging that the bank used illegal debt collection methods, such as robo-signing, against approximately 100,000 California credit card consumers from January 2008 through April 2011. "Chase … Continue reading

Battle on Cordray’s Nomination Continues Along Party Lines

The re-nomination of Richard Cordray as Director of the Consumer Financial Protection Bureau remains a political hot button. Cordray can be confirmed by majority vote in the Senate, but a minority of 40 Senators can block an agreement to hold … Continue reading

LowCards.com Weekly Credit Card Update–February 8, 2013

California Supreme Court Makes it Easier for Apple, Online Businesses to Collect Personal Data A divided California Supreme Court ruled that online merchants such as Apple and Ticketmaster can require consumers to furnish personal information to make credit card purchases. … Continue reading

Credit Card Data Makes Up Majority of Your Credit Report

A study released today by the Consumer Financial Protection Bureau shows that credit reports are dominated by a consumer's credit card history. The report also showed that debt collection items generate the highest rate of disputes. The CFPB analyzed 2011 information … Continue reading

Dealing with Credit Card Debt Collectors

It is becoming more common for cardholders who have fallen behind on credit card debt to be taken to court as issuers explore every option to collect any outstanding balance. Dealing with collections is stressful, and it is beneficial for … Continue reading