This Week In Credit Card News: Fixing Your Credit Report Errors, Consumers Pay Mortgages Again

May 30 2014, 12:28pm CDT | by

Correcting Your Credit Report Gets Easier

You just got more of a say in fixing errors on your credit report because Equifax, Experian, and TransUnion have changed their complaint systems to let people dispute mistakes in greater detail. Now when you provide documents, the agencies have to forward that material to the creditor, letting you state your full case. The creditor then has to fix any errors with all three agencies. [CNN Money]

Consumers are Back to Paying Mortgages Ahead of Credit Cards

Americans are putting their mortgages ahead of their credit cards when they pay the bills, reversing an unusual pattern that had developed after the housing bust. As home values plunged during the downturn, consumers began to default on their mortgages while continuing to make credit card payments. [The Wall Street Journal]

Will the Apple iWatch be a Revolutionary New Payment System?

The Apple Worldwide Developers Conference begins on June 2 and one of the latest rumors has an Apple iWatch with an NFC chip being introduced at this conference.This might not sound like a big deal, but it could be the start of the largest revolution in financial payments since the credit card. [LowCards.com]

The Ripple Effects of Rising Student Debt

A collection of studies shows the burden of student debt may well cause people to make different decisions than they would otherwise–affecting not just individual lives but also the entire economy. It appears that people with student loans are less likely to start businesses of their own. Areas with higher relative growth in student debt show lower growth in the formation of small businesses. [New York Times]

Visa, MasterCard Renew Push for Chips in Credit Cards

Visa and MasterCard are renewing a push to speed the adoption of microchips into U.S. credit cards in the wake of recent high-profile data breaches, including this week’s revelation that hackers stole consumer data from eBay’s computer systems. They say it’s time to offer U.S. consumers the greater protections microchips provide by joining Canada, Mexico and most of Western Europe in using cards with the more advanced technology. [Associated Press]

CARD Act Fixed Many Abusive Practices, But Not All

The Credit Card Accountability, Responsibility, and Disclosure Act was signed into law five years ago and has since shed light on the once opaque pricing structure that allowed credit card companies to put the screws on customers. However, it has failed to prevent credit card companies from peddling useless debt-protection products and murky promotional financing deals. Industry lobbying resulted in carve-outs for bank-issued debit cards and prepaid debit cards, which continue to have minimal consumer protections. [Boston Globe]

MasterCard Takes Steps to Boost Cardholder Security

MasterCard said it has taken steps to boost security for its cardholders. MasterCard said all of its credit, debit, prepaid and small-business cards issued in the U.S. will now come with the company’s identity theft resolution assistance, which helps cancel missing cards and alert credit reporting agencies. Additionally, the program helps detect whether customers’ personal data have appeared online. [The Wall Street Journal]

Nordstrom Said to Gauge Banks Interest in Its Credit Cards

Nordstrom has begun reaching out to potential buyers including Capital One and Toronto-Dominion Bank to gauge their interest in purchasing their store-branded credit card portfolio. The retailer has also approached Citigroup and JPMorgan Chase. [Bloomberg]
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LowCards.com Weekly Credit Card Rate Report

Based on the 1,000+ cards in the LowCards.com Complete Credit Card Index, the average advertised APR for credit cards is 14.45%, slightly lower than last week’s 14.47%. Six months ago, the average was 14.42%. One year ago, the average was 14.27%. [Lowcards.com]

Provided by LowCards.com

 
 

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