• I am a homo. That is a good thing. I am a liberal. That is a good thing.
    Everyone is godless. I belong to the minority that has figured this out.

Partial Listing of Bush Regime Policies Obama Has Continued Or Expanded

Get the Facts on Obama's Wealthcare Plan for the HMOs and Health Insurers

About Me, Me, Me!

I am the epitome of evil to the Religious Right....OK, so is at least 60% of the U.S. population.

Followers!

Blog Archive!

Labels!

Kucinich Fights to Protect Credit Scores from the Banksters

Posted by libhom Thursday, November 05, 2009

photo of KucinichFrom Rep. Dennich Kucinich's 10/30/09 press release: (Hat Tip to Dandelion Salad)

Congressman Dennis Kucinich (D-OH) sent a letter Comptroller of the Currency, Mr. John Dugan, requesting an investigation of the effect on consumer credit scores of some bank practices in advance of the enactment of the Credit Card Accountability Responsibility and Disclosure Act.

Consumer credit scores, originally developed to measure a consumer’s creditworthiness, have become much more influential in a consumer’s life. Credit scores are now used in writing insurance policies and even in determining employability. Kucinich is concerned that some practices, such as charging “inactivity fees” for unused credit, have the potential to damage consumer credit scores.

“Consumers who have worked hard to maintain a healthy credit score will be faced with an unfair choice: they can either pay a new annual fee to maintain available credit levels and the healthy credit score that comes along with it, or cancel unused cards, lose their creditworthiness, and pay higher interest rates on loans,” writes Kucinich in the letter.

“It is simply outrageous that at a time when the American people are being encouraged to increase their savings and spend more responsibly, some credit card companies are preparing to punish their customers for doing precisely that.”

Full Press Release Including Letter

The banksters have been going crazy with ripoffs so they can keep paying their upper management enormous salaries and bonuses in spite of those executives mismanaging the banks. Sadly, Congress and the Obama administration are doing too little to protect consumers from this thievery.

3 comments

  1. Getting too many credit inquiries on your credit report can become an issue with your credit score. http://www.RemoveMyCreditInquiries.org is a site I found that is ran by a non-profit that can remove credit report inquiries for $10. They also appear to remove late comments as well. I use them to tidy up my credit.

     
  2. phil Says:
  3. That's a great idea, but Kucinich never seems to get anything through.

     
  4. The system is seriously out of control.

     

Search!



Facebook Fan Box!


More Links!





blogarama - the blog directory