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]
/>

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

 
 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

Apple and GT Part Ways
Apple and GT Part Ways
The Cupertino company has parted ways with their sapphire provider
 
 
Apple Turns To Crowdsourcing For Maps
Apple Turns To Crowdsourcing For Maps
The company is working hard to improve their Maps App
 
 
Apple’s Mac Sales Are Back
Apple’s Mac Sales Are Back
Their recent earnings show that computers are coming back
 
 
Cook Talks to the Chinese Authority on the Security of User Data on iCloud
Cook Talks to the Chinese Authority on the Security of User Data on iCloud
The Apple CEO has a conversation with the high Chinese officials regarding the iCloud user data security threat
 
 
 

Latest from the Network

Second MERS case reported in Qatar
Doha, Oct 23 (IANS) A 43-year-old man in Qatar has tested positive for Middle East Respiratory Syndrome (MERS) in the second confirmed case of the deadly virus in 10 days, media reported Thursday. The patient had...
Read more on Business Balla
 
Two people die in Pakistan bomb blast
Islamabad, Oct 23 (IANS) At least two people were killed and 12 others injured in an explosion that took place in Pakistan's Balochistan province Thursday, media reported. The bomb was planted on a motorcycle, Dawn...
Read more on Politics Balla
 
Trott extends contract with Warwickshire till 2017
London, Oct 23 (IANS) England batsman Jonathan Trott, whose mental issues led to his abrupt departure from last winter's Ashes tour, has confirmed his successful comeback to competitive cricket by signing a new three-...
Read more on Sport Balla
 
Srikanth, Kashyap big movers in BWF rankings
Kuala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest Badminton World Federation (BWF) rankings released Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Alvin Stardust dead
London, Oct 23 (IANS) English singer Alvin Stardust died after a short illness. He was 72. Stardust's manager confirmed the news about his demise Thursday, reports mirror.co.uk. He was recently diagnosed with...
Read more on Celebrity Balla
 
Indian man reunited with family after 40 years
Dubai, Oct 23 (IANS) An Indian man, who had disappeared from his hometown in Kerala nearly 40 years ago, has been found by his family at a hospital in Dubai in the UAE, a newspaper report said. Now in his 60s, Abdulla...
Read more on Politics Balla
 
Srikanth, Kashyap, Saina rise in world rankings
Kala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest released Badminton World Federation (BWF) rankings Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Flintoff signs for Big Bash side Brisbane Heat
Brisbane, Oct 23 (IANS) Former England captain and all-rounder Andrew Flintoff, who retired from international cricket in 2009, Wednesday confirmed that he will play for Brisbane Heat in the Big Bash League (BBL) this...
Read more on Sport Balla
 
OPEC daily basket price falls again
Vienna, Oct 23 (IANS/WAM) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) closed at $81.94 a barrel Wednesday compared to $82.09 Tuesday, the OPEC Secretariat said. The new OPEC...
Read more on Business Balla
 
Lopez to sign multi-million dollar deal?
Los Angeles, Oct 23 (IANS) Singer-actress Jennifer Lopez is reportedly in the final stages of securing a multi-million dollar deal to perform in Las Vegas. The 45-year-old is being offered $350,000 per show at The...
Read more on Celebrity Balla