Have you never paid your credit card bill late? Have you never gone over your credit limit? Do you pay the entire statement balance each month? Do you use your rewards card - and collect the rewards? Are your credit rating and your FICO scores rated "excellent?"

Then you, my friend, may be a "deadbeat."

That doesn't sound like my definition of a deadbeat, and I'll bet it doesn't fit yours either. But the credit card issuers have a different way of looking at things.

They think you're a deadbeat because they aren't making any money from you. All they get is the fee from retailers when you use the card. They get no interest payments and no fees from you - and they're giving you back rewards on top of it!

They'd like you a whole lot better if you carried a balance so they could collect interest each month, and if you'd pay a day late now and then they'd be pleased. They'd get to collect a fee. The same holds for going over the limit. Of course they want you to pay your bill, but if you mess up just a little now and then, it adds to their profits.

Why do you care about the label they give you? Because you're apt to be punished for it. That means you need to start watching all the notices that come from your credit card issuer - even when they look like junk mail, read them. Be on the lookout for lowered credit limits, higher interest rates, the cancellation of any cards you don't use regularly, changes in the terms of your agreement, and a set of new fees.

The card issuers are already gearing up to stem the losses they'll face when the "Credit Cardholder's Bill of Rights" goes into effect in February. And they're looking to their most creditworthy customers to take up that slack.

One practice that is predicted will put an end to the "free float time" you currently enjoy. Instead of paying interest only if you carry a balance from month to month, they may begin charging interest on each purchase the day it is made.

Experts are also predicting that all cards will carry annual fees or monthly access fees. They may also charge "inactivity fees" if you don't use your card in a given month or other set period of time.

Be alert and for God sake pay attention to your credit report and credit scores. These Laws could strip your credit score and you wont even know it.


http://www.creditscorecowboy.com

http://www.articlesbase.com



 

It’s one of the country’s fastest growing crimes – but how do you stop someone from stealing your personal details and using them to get credit in your name? There are a number of ways in which you can help to defend yourself – and your finances – from identity fraud.

The electoral roll is used by lenders to verify that you live where you say you do - if you’re already registered, an identity thief will be unable to register in your name. If you haven’t already done so, protect yourself by contacting your local council to register to vote.

An unidentified or suspicious transaction is often one of the first signs of ID fraud. Ensure you thoroughly check your credit card and bank statements for unusual entries. Your credit report

can also indicate that someone is using your identity to apply for credit, so check it regularly for applications you didn’t make or accounts you didn’t open. You can view your free credit report online by signing up to a credit monitoring service

that will alert you every time there’s a change that could indicate fraud.

If you have had key items stolen, such as credit cards or your passport, report these to the police and any other relevant organisations in order to warn them of potentially fraudulent activity in your name. Thieves may also intercept mail to steal vital information so if any of your mail is going missing, notify the Post Office immediately, and ensure you have mail forwarded when you move.

If you go away on holiday, arrange for your post to be collected regularly to avoid it being stolen and used to commit Identity theft.

An old catalogue with your name, address and account number on it could be useful to fraudsters so ensure that you don’t throw away anything containing personal information that could be used to steal your identity. If in doubt, shred it. Also avoid carrying important documents around unless you really need them. Your passport, driving licence and payment cards can all be used by criminals, so make sure they are kept in a safe place.

Several criminal ploys exist to get hold of your personal details, including cold calls and unsolicited e-mails, so be wary of sharing confidential information with anybody. This includes PINs, bank account details and passwords.

What’s more, steer clear of opening attachments to unsolicited e-mails or visiting dubious-looking web sites - they could contain a virus that will steal important data from your hard disk. Always make sure your computer is protected by installing the latest security patches and anti-virus software on your computer. Increasingly popular social networking sites are ideal for Identity thieves as they can use personal details such as your full address, date of birth, children’s and pet’s names to obtain your password or PIN.

In summary, to protect yourself from ID thieves, use the tips above to ensure that you keep your confidential information secure and stay on top of ID fraud by checking your credit report on a regular basis.

The appeal by eight banks against the decision of the High Court regarding whether or not the OFT have the authority to deal with the fairness of bank charges has been thrown out.

The judges also told the banks that they could not take the case to the Lords for a further appeal but it is almost certain they will ignore this and ask the House of Lords for permission to make a further appeal against this decision.

The hundreds of thousands of claims frozen will remain this way until the investigation by the OFT is concluded

The OFT were said to be pleased with Appeal Court ruling, they were quoted as saying "We expect to reach a final decision on fairness later this year,"

One of the arguments by the banks was that the banks customers do not have protection under the Unfair Terms in Consumer Contract Regulations (UTCCR) the court found that consumers do have protection under the UTCCR as they are not part of the core or essential bargain between a consumer and their bank,

Master of the Rolls, Sir Anthony Clarke, dismissed the appeal, he said the four Appeal Court Judges had now come to the same conclusion as High Court Judges on the issue of the OFT's jurisdiction, he also told the banks they should now allow the OFT to decide whether the banks charges were fair or not he then dismissed their request for a further appeal.

The Banks Next Move

Regardless of the High Court decision and the Appeal court agreeing with this decision the British Bankers' Association (BBA) still believe the Regulations do not apply to bank charges, a spokesman was quoted as saying

"The banks continue to believe that the Regulations do not apply to these type of charges,"
"The banks will apply to the House of Lords for permission to appeal the Court of Appeal's decision.
"The banks will work with the OFT to ensure the next stages in the test case process are progressed as quickly as possible,"

The Case
The banks argument in the original High Court case was that the overdraft charges are not covered by the 1999 Unfair Terms in Consumer Contract Regulations (UCCR) the High court dismissed this claim and ruled that consumers do have protection through these regulations.

The three Appeal Court Judges agreed with the High Court ruling and dismissed this claim, Sir Anthony Clarke said "We have unanimously concluded that the application should be refused," he also said "The issues should now be resolved by an OFT assessment of fairness,"

The banks requested leave to make a further appeal which Sir Anthony denied, the banks are ignoring this and applying to the House of Lords directly requesting permission for a further appeal.

Many organisations and individuals who have been campaigning against the bank charges have spoken out about the ruling and the general consensus regarding the decision is the same, all agree with the High Court and Appeal Court decision and agree the Office of Fair Trading (OFT) should now be allowed to continue with their investigation.

History

In the Summer of 2007 the Financial Services Agency (FSA) put a waiver in place allowing the banks not to deal with all the claims that had been submitted for bank charges pending the outcome of the test case between the OFT and eight banks, also a stay was put in place on all County Court proceedings associated with the recovery of banks charges, Sir Anthony Clarke said "it is sensible that the stay on county court proceedings should remain in place until a final decision on fairness of bank charges was made."

The Deputy Head of Civil Justice has sent a letter to the County Courts inviting them to continue with the stay until a conclusion has been reached by the OFT or the House of Lords. There are around 65,000 claims on hold at County Courts in England and Wales.


Consumer Advice

If the OFT eventually rule that the charges are unfair it is estimated that banks will be paying out billions of pounds in returned bank charges. Most campaigners and companies dealing with reclaiming bank charges recommended people with excessive bank charges who have not already submitted a claim should submit one as soon as possible to ensure they are somewhere near the front of the reclaim queue it is estimated that 378,000 claims have already been and that the banks are holding a further 971,000 claims

In 2006 the Office of Fair Trading ruled that credit card charges were unfair, since then hundreds of thousands of people have reclaimed these charges as they are not affected by the waiver put in place for the bank charges.

There are Companies such as www.chargerefund.com and www.bankrebate.com willing to submit your claim on a no win no fee basis which of course means you are in a no lose situation as you only pay them if you get paid

Roy Smith
http://www.articlesbase.com