California Attorney General Says Watch Out for These Credit Card Traps

Many credit card issuers have sent solicitations in the mail which advertise in large bold print favorable credit terms and seemingly low interest rates. These solicitations are not always fairly presented, and they may contain hidden terms. You should always read the small print and the terms and conditions before you agree to accept or activate a credit card. Be mindful of the following:

Blank Checks from Your Credit Card Issuer Carry Risks and Costs

Those blank “convenience checks” from your credit card company offer a quick way to write yourself a loan, pay bills or transfer other loans to your credit card account. But be aware that the use of a convenience check is a “cash advance” that comes with high costs and other potential pitfalls.

New Credit Card Law and freecreditreport.com

The new credit card law (Credit Card Act of 2009) brings freecreditreport.com under clear FTC rulemaking authority. The provision will require, in nine months, that any radio or TV ad for this over-priced subscription credit monitoring product or similar product will have to include the following words: “This is not the free credit report provided for by Federal law.”

Credit Repair: These Facts Can Keep You Out of Hot Water

Everyday, companies target people who have poor credit histories with promises to clean up their credit reports so they can get a car loan, a home mortgage, insurance, or even a job – after paying a fee for the service. The truth is that no one can remove accurate negative information from your credit report. It’s illegal.

Data Breach at UC-Berkeley – 160,000 Records

The University of California-Berkeley acknowledged that hackers breached a database of the university’s health system records, including 160,000 names and Social Security numbers.

UC Berkeley said it was notifying the people affected about possible identity theft or fraud.

Credit Card Accountability, Responsibility, and Disclosure Act

Connecticut Senator Chris Dodd, the Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today hailed Senate passage of his legislation to put an end to the abusive, misleading, and deceptive practices employed by credit card companies.  Dodd’s Credit Card Accountability, Responsibility, and Disclosure Act was approved by a vote of 90 to 5, and will now be sent to the House of Representatives for consideration.