To: The Washington State House, The Washington State Senate, and Governor Jay Inslee
Credit Score Abuses
Limit penalties on credit cards to 3 months without confirmation of contact with customer.
Make it unlawful for credit card companies to put anything on your credit card without written permission.
Make it unlawful for credit card companies to put anything on your credit card without written permission.
Why is this important?
Although I believe we need a credit scoring system to allow banks to make appropriate loans and good credit customers to achieve lower interest rates, I believe there are serious problems with the current system. The following are recommendations to make the credit system more equitable:
..Do not allow credit card companies to put anything on your credit card unless specifically authorized in advance.
..Allow your credit card to automatically expire after three months of non-payment.
The reason is that many people relocate to find other jobs or out of the country and items are placed on their cards and then for 6 month the penalty and interest increase. In my case an $80 credit card charge for a ride to the airport to re-locate out of the country ran up to $850 with no notification. Now the credit card company will not remove it from the credit agency even if we pay the $850.
We are talking about people who have good credit but destroyed by the credit card company with not remedy leading to huge losses in potential purchasing power and a slower economy. And it seem like usury to me.
..Do not allow credit card companies to put anything on your credit card unless specifically authorized in advance.
..Allow your credit card to automatically expire after three months of non-payment.
The reason is that many people relocate to find other jobs or out of the country and items are placed on their cards and then for 6 month the penalty and interest increase. In my case an $80 credit card charge for a ride to the airport to re-locate out of the country ran up to $850 with no notification. Now the credit card company will not remove it from the credit agency even if we pay the $850.
We are talking about people who have good credit but destroyed by the credit card company with not remedy leading to huge losses in potential purchasing power and a slower economy. And it seem like usury to me.