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Do You Know? Consumers Are Dealing With Credit Card Disputes

Are consumers willing to pay for their Credit Card Disputes? Let’s say that you have some issues with your card. You notice that a company sent your credit card statement asked if you thought your statements were in error. You did your research before you agreed to let them.

Consumers can take the lead and seek help from a credit counselor. These companies can work with you to resolve your Credit Card Dispute. Creditors can also talk to creditors directly, by phone, for five days. After you discuss your dispute with your creditors, the bureau may call you back up to 180 days and negotiate a settlement that will include lower interest rates.

On the other hand, all too often, some creditors keep profiting by skimping on important information. Here’s a look at how some creditors used their position to their advantage:

Phony Offers

The creditors at the National Consumer Credit Program, a division of the United States Public Service Organizations, started offering a simple financial tool. They offered 0% interest for a fixed term, which exceeded two years. They offered 0% for a few years, and then the offer was discontinued. When customers applied for the credit card without having ever had a penny spent, the interest rate was charged at 20 percent. When customers applied for credit without ever having had a penny spent, the interest rate was charged at 35 percent.

For instance, the creditors managed to locate a lender who kept tabs on their credit card balance. They offered to pay only 20 percent as low as they could go for the term of the offer. When customers were paying 25 percent late or on their earlier due dates, the balance was charged at 36.5 percent. The interest rate on credit cards did not even begin to climb. Again, the creditors managed to find an applicable lender, when customers were having difficulty with their payments.

The creditors started offering a 0.00 percent balance transfer rate for a term of six to nine months; for people with no credit history, this plan might not be long at all. So, the creditors didn’t have to pay up a customer who had paid off his high APR just days before. After one hundred and fifty customers in six months, the debt was paid off for twelve.

If your Credit Card Dispute involves an interest rate as low as 0.00%, it is advisable to contact your creditor immediately. Prompt, professional, and legal action is a must to stop the predatory practices of these companies. They prey on people with bad credit history, and they do it with little to no cost. If you can, you may be on your own.

Do You Know The Difference Between A Bad Credit Card and Good Credit Cards?

Have you ever considered opening up that dreaded “dating site” at your computer or mobile phone and reading all of the personal information it contains?

According to the 1999 Personal Identification Verification Standard (PIN), which was developed by Experian and maintained by Verifier Solutions, you may only be required to provide your credit and bank details in a two-by-four blank. This means that you won’t be asked to fill a long list of personal information, such as your name and social security number, that passes through the scanner. You’ll have to submit all of the information you want. That’s right – credit card numbers, banks accounts, telephone numbers, and other personal information. This new security measure was designed to keep hackers out of the business of personal information.

Not all PIN scans are alike

As with everything, there are some differences between the three main types of Verifier Solutions scans used in this article. (You’ll find out more about these differences, in detail.)

PIN Verification

PIN Verification scans use simple mathematical procedures to correctly identify information contained in handwriting. The process is very similar between both Verifiers, TransUnion and Equifax. The biggest difference, though, is that PIN Verification scans also use a different procedure under Secured Verification.

In general, a PIN scan involves counting up all digits from the previous checking account number. This way NUMBER from your credit card is in alphabetical order.

Beware, though, that some PINs might include an expiration date. So you may be required for a new PIN once every few years. That means your old old one has expired and there’s no longer a good chance that you’ll be able to use your new one. Plus, some obsolete bank and other names might not be as widely known as they should be.