Universal Default: BOA & Discover
Money.cnn.com reports today:
“Two of the nation’s top five credit card companies automatically increase cardholder interest rates when their customers’ credit scores drop, according to an investigation that will be the subject of a U.S. Senate subcommittee hearing Tuesday.
According to the report, Bank of America (BAC) Card Services and Discover Financial Services (DFS) monitor credit reports and use “universal default” clauses in customer contracts to justify raising interest rates, even for customers with a good payment history with their companies.” (emphasis added)
And what is Universal Default?
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