Banks’ Manipulating Debit Payment Policies to Rack Up Overdraft Fees
In an apparent effort to recoup some of the losses suffered under enactment of new financial reform laws, some banks are manipulating the order in which they process bank account transactions to maximize the number of overdraft fees they can charge customers. Here’s one of the scenarios reported by irate bank customers: Say you have $500 in [...]
read moreScorecards, Buckets and Points, The Anatomy of a Credit Scoring Model
On August 25th, 2010 I hosted a coaching call with credit expert John Ulzheimer. This was one of our best coaching calls because we continued to break new ground on credit scoring models. The following is some more information regarding the inner working of scoring models or, as John calls it, “The anatomy of a [...]
read moreCredit Card Roulette
The term “credit card roulette” can have a few meanings. One is listed in the Urban Dictionary as “A game of chance to decide which person pays for a restaurant meal. Every party contributes a credit/debit card into a hat and the waiter/waitress removes one card at time. The last card removed pays the entire [...]
read moreHow Do Credit Cards Affect Your Credit Score?
The final phase of the Credit CARD Act went into effect this week. New credit card regulations protect consumers from the most egregious practices in the credit card industry. With the new rules has come a tightening of credit card application requirements and implementation of new fees as card issuers seek to limit their potential [...]
read moreWhat Final Phase of Credit Card Act Means for Consumers
Yesterday, on August 22, 2010, the final phase of the 3-part Credit CARD Act of 2009 went into effect. February saw the bulk of changes mandated by Congress in the way banks manage credit cards, but the final phase of the CARD Act includes some significant changes that will impact consumers. Credit repair professionals say the [...]
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