Credit Card Companies Pulling Back from Universal Default Policies

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00004439-credit-card-companies-pulling-back-from-u/

By Kathy Chu, USA TODAY

Credit card issuers are pulling back from the controversial practice of raising customers’ interest rates because of missteps with other creditors.

Under so-called universal default policies, issuers can raise an interest rate if a card holder pays a mortgage or utility bill late, their credit score drops or they inquire about a car loan. Nearly 45% of credit card issuers had universal-default policies earlier this year, up from 39% two years ago, says advocacy group Consumer Action.

For this complete story, please visit Credit Card Companies Pulling Back from Universal Default Policies.

Credit Card Companies Pulling Back from Universal Default Policies

Unknown Author

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