« Massachusetts Credit Card Issuers Interest Rates | Lawyers
BBB Warn Scams Credit Card Fees and Interest Rates
The Better Business Bureau today is warning consumers that starting next month, banks will be increasing credit card rates and fees "before a new set of laws designed to protect consumers will go into effect in February." The new set of laws refers to the Credit Card Accountability, Responsibility, and Disclosure Ac that Pres. Obama signed May 22, 2009.
The Jan. 14 BBB press release explained consumers might have forgotten about this action because the government approved it eight months ago. The increased rates might force consumers to search for lower rates, but the BBB wants to ensure consumers are guarding themselves against "scammers using these increases as an opportunity to steal personal information from those looking for better rates."
BBB CEO and President Steve Bernas said, "Ironically, the increases banks are instituting because of upcoming consumer protection laws are being used by scammers as an opportunity to steal consumer identity information and use it to commit fraud later on."
What's an example of a typical scam? A consumer receives a call from an organization promising lower credit rates and the caller claims to need personal information such as a social security number or a bank account number.
According to Bernas, "Consumers should never give personal or financial information on the telephone unless they initiate the call, and know and trust who they are talking to."
Abogados January 15, 2010 08:13 AM | Hipotecas | Preguntas Para Abogados
