Tag Archives: Credit Cards

70 Million Americans Report Stolen Data

by Donna Tapellini, Consumer Reports

While some of those incidents may have resulted from stolen credit cards or other crimes, many stemmed from data breaches. And, as a slew of widely reported breaches last year showed, not only online shoppers are at risk. According to Consumer Reports’s survey, 79% of those notified of a data breach were told by a brick-and-mortar store or a financial institution. Just eighteen percent said the problem originated with an online retailer. Read More ›

AB 886 (Chau) Protects Uber Passenger Privacy

SACRAMENTO – Assembly Bill 886 (Chau, D-Monterey Park) will protect the sensitive personal information and credit card records of passengers using transportation network companies (TNCs) such as Uber. Read More ›

Credit Card Issuers Shouldn’t Bully Customers Into Arbitration Clauses

by David Lazarus, Los Angeles Times

[The Consumer Financial Protection Bureau] study found that as many as 80 million U.S. credit card customers are subject to arbitration clauses. The study showed that arbitration is much better for businesses than for consumers. Only 20% of cases resolved in consumers’ favor from 2010 to 2011 resulted in relief being paid, according to the study, while 93% of cases resolved in favor of companies led to payments. More strikingly, the study found that when consumers prevailed in arbitration, they were awarded an average of 57 cents for every dollar claimed. But when companies prevailed, they received 98 cents on the dollar. Read More ›

Credit-Reporting Companies Agree To Major Changes To Reduce Errors

by Jim Puzzanghera, Los Angeles Times

The nation’s three largest credit-reporting companies have agreed to make it easier for consumers to correct mistakes, as well as to wait longer to list unpaid medical bills to allow more time for insurance payments, according to a government settlement announced Monday. The changes are designed to … Read More ›

‘Anonymized’ Credit Card Data Not So Anonymous, Study Shows

by Seth Borenstein and Jack Gillum, The Associated Press

The study shows that when we think we have privacy when our data is collected, it’s really just an “illusion” … . The use of so-called “big data” has been a lucrative prospect for private companies aiming to cash in on the trove of personal information about their consumers. Retail purchases, online web browsing activity and a host of other digital breadcrumbs can provide firms with a wealth of data about you – which is then used in sophisticated advertising and marketing campaigns. Read More ›

3 Ways To Track Down Your Old Debts

by Gerri Detweiler, Credit.com

Pregnant woman worrying over bills

When you’re on a mission to clean up your credit, there’s one task that may prove more difficult than you’d think: figuring out who you owe. That’s especially true if some of your debts are old, and have been sold by your creditors to collection agencies. These debts may be bought and sold multiple times, and some even remain in limbo for months or years. Tracking down the owner of a debt so you can pay it sometimes proves challenging. Here are three ways to find your debts so you can resolve them, along with three crucial things you need to understand when you do. Read More ›

Staples Confirms 1.16 Million Cards Breached In 115 Stores

by Laura Northrup, Consumerist

Computer screen data

Staples says that about 115 of its stores were hit in this breach, out of a total of 1,400 stores in the chain. (If you’re wondering whether your local store appears on the list, you can download a PDF here.) … Staples says that its investigation shows that customer payment information that may have been stolen includes cardholder names, card numbers, expiration dates, and card verification codes. Read More ›

CFPB: College Credit Card Agreements On Decline; Debit, Prepaid Card Agreements Increase

by Ashlee Kieler, Consumerist

Now, instead of signing onto agreements for the more regulated credit cards, [banking institutions and colleges] are focusing on debit and prepaid cards, which generally have fewer consumer protections. In fact, a report from the Government Accountability Office earlier this year found there were at least 852 schools that had agreements with companies to market debit or prepaid cards to students in 2013. Read More ›

Why You Should Think Twice About ‘Buy Now, Pay Interest Later’ Deals

by Herb Weisbaum, Today

About half the retailers that offer some sort of financing program offer deferred interest plans, according to a recent survey by CardHub.com, a credit card comparison website. The report, Retailers with the Sneakiest Financing Offers, concludes that this is a “decidedly misleading and potentially harmful financing option.” Card Hub CEO and founder Odysseas Papadimitriou says these deferred interest offers are completely different from credit cards that offer zero percent interest on new purchases for a certain amount of time. Miss a payment on the credit card and you only pay interest on the unpaid balance – it’s not retroactive. Read More ›

‘Tis The Season For Store Credit Cards, But Tread Carefully

by Herb Weisbaum, Today

There are several reasons why so many stores want you to have their card. Marshal Cohen, a nationally-respected retail analyst at The NDP Group, told TODAY these cards build customer loyalty and create a sizeable cash flow. “A retailer can actually make good money on the interest,” he said. “Remember, Americans aren’t great at paying off their credit card balances.” One new credit card will probably have a small negative impact on your credit score. That shouldn’t be a problem unless you plan to apply for a loan in the next few months. Read More ›