Loved to pick up an LA Times today (can't find the link though-- it was a Bloomberg News story) and read the headline:
Lenders Faulted for Giving Incomplete Credit Picture
Withholding how close borrowers are to their limits is misleading, senators say at a hearing.
The article goes on to describe how Cap 1 and "other lenders" came under criticism for failing to show the true credit limit.
"Some senators and consumer advocates said not disclosing the remaining credit may give the false impression that consumers have borrowed their full amount of credit and hurt their chances of getting additional credit from other companies"
FINALLY!!! This is one of my pet peeves (my culprit is Citi Aadvantage)
Let's hear it for Sen. Richard C. Shelby (R-Ala) who had the guts to tell Cap 1 that they are "gaming the system to prevent its customers from appearing like worthwhile marketing targets to your competitors"
People are catching on!!! The article says that the Senate Banking Committee is reviewing policy as it is considering renewal of the FCRA. 'SENATORS SUGGESTED THAT LENDERS SHOULD BE REQUIRED TO REPORT ALL RELEVANT INFORMATION TO COMPANIES THAT PREPARE CREDIT REPORTS"
We are being heard, people! I am going to post this under another header with hopes that more people will read it.
Let's do everything we can to support this effort!!