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Loopholes Consumers Need to Know, Credit Solutions Educates On New Credit Card Law
Dallas, TX – Mar. 3, 2010 – The Credit Card Accountability, Responsibility and Disclosure (CARD) Act, designed to provide new credit card protections to consumers, went into effect on Monday, Feb. 23. Although the Credit CARD Act is a step toward consumer protection, consumers are still vulnerable to a few ambiguities.
Debt settlement market leader Credit Solutions continues its role as consumer financial advocate by advising clients and consumers to watch out for loopholes in the new credit card laws.
Consumers should be aware of the following:
- Creditors cannot raise the interest rate on a consumer’s existing balance during the first year unless they are 60 days late on a payment, but if consumers are over 60 days late on a payment, there is no limit on the interest rate card companies are allowed to charge.
- Consumers with accounts older than a year must be given 45 days notice before a rate increase; however, many consumers will be unable to pay off their debt in 45 days. With no interest rate limit, this could be costly.
- Credit card companies may also switch a consumer’s fixed interest rate to a variable interest rate. Variable rates go up and down with the prime rate, which is at a record low. This means, consumers’ interest rates will eventually raise when the Federal Reserve adjusts the prime rate.
- The over-the-limit fee may have been eliminated, but creditors can create new penalties and fees on existing cards. For example, they may add charges to receive a paper statement, fees if a card is inactive even if there is no balance or a new annual fee.
- Credit card companies may also lower your credit limit or close your account with no warning.
The best way for consumers to protect themselves is to read and save all ‘Change of Term Notices’ that come in the mail, advises Credit Solutions.
For more information on the Credit CARD Act, visit www.federalreserve.gov/consumerinfo.
About Credit Solutions
Market leader Credit Solutions is recognized by the American Business Awards for the "Best Customer Services Department in Financial Services." A charter policy partner of the United States Organization for Bankruptcy Alternatives (USOBA), Credit Solutions is certified by BSI Management Systems for USOBA best-practice compliance. Since its 2003 inception, Credit Solutions has assisted more than 250,000 U.S. customers in becoming debt-free, settling more than $1.2 billion total of consumer debt.
For more information, visit www.creditsolutions.com. En español: http://espanol.creditsolutions.com. Follow us on Twitter at www.Twitter.com/smartsavingtips.
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Credit Solutions Renews ISO 9001:2008 Certification, Confirming Dedication To Quality
Dallas, TX – Feb. 18, 2010 – After a thorough in-house, two-day audit, Credit Solutions has been awarded its third ISO 9001:2008 certification in accordance with The International Organization for Standardization (ISO), the world’s largest developer and publisher of international business operating standards.
BSI Management Systems, an independent quality system certification body, conducted the audit and evaluated Credit Solutions’ Quality Management System. Credit Solutions’ sales, customer service and settlement operations are audited every six months to ensure they are continuing their commitment to the international standards of excellence. For consumers, conformity of products and services to international standards provides assurance about their quality of service, security of their financial data and overall reliability.
“This certification confirms our commitment to providing the highest quality to our customers and verifies we are, in fact, the industry leader,” said Credit Solutions CEO Doug Van Arsdale. “Our employees work hard to ensure client satisfaction by maintaining superior quality in operations and process-driven excellence.”
Since its 2003 founding, Credit Solutions has settled over $1 billion in unsecured customer debt and has managed over $2.5 billion of unsecured consumer debt for 250,000 U.S. clients nationwide.
About ISO
ISO (International Organization for Standardization) is a network of the national standards institutes of 160 countries, one member per country from all regions of the world, with a Central Secretariat in Geneva, Switzerland, that coordinates the system. The non-governmental organization forms a bridge between the public and private sectors, enabling consensus on solutions that meet both the requirements of business and the broader needs of society. "ISO" is derived from the Greek word, isos, meaning "equal." For details, visit www.iso.org.
About Credit Solutions
Market leader Credit Solutions is recognized by the American Business Awards for the "Best Customer Services Department in Financial Services." A charter policy partner of the United States Organization for Bankruptcy Alternatives (USOBA), Credit Solutions is certified by BSI Management Systems for USOBA best-practice compliance. For more information, visit www.creditsolutions.com. En español: espanol.creditsolutions.com. Follow us on Twitter at www.Twitter.com/smartsavingtips.
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Top Ten Things To Know About The New Credit Card Reform From Debt Settlement Leader Credit Solutions
Dallas, TX – Feb. 17, 2010 – Debt settlement market leader Credit Solutions, in continuing efforts to empower consumers through financial education, offers a straightforward guide to the new credit card rules.
The Credit Card Accountability, Responsibility and Disclosure (CARD) Act, designed to provide new credit card protections to consumers, will go into effect on Feb. 22, 2010.
New rules regarding disclosure:
• Creditors must send a notice 45 days before making significant changes to the terms on a consumer’s card, including increasing interest rates and changing certain fees. When making changes to the terms, they must give you the option to cancel the card.
• They must also disclose the time period and total interest it will take to pay off the credit card balance if only minimum payments are made.
New rules regarding rates, fees and limits:
• Creditors may only increase a consumer’s rate in the first 12 months if the consumer is 60 days late paying their bill or an introductory rate has ended.
• A consumer’s interest rate may be raised after the first 12 months, but the new rate only applies to new charges.
• Over-the-limit fees may only be charged if you opt-in for over-the-limit transactions.
• Application fees and annual fees cannot total more than 25 percent of the initial credit limit.
• Without a cosigner, consumers under 21 can only sign up for a credit card if they can show they are able to make payments.
New rules regarding billing and payments:
• Creditors must send credit card bills at least 21 days before payment is due, and the due date must be the same date every month, no earlier than 5 p.m.
• A consumer’s payment is applied to the highest interest balances first.
• Interest charges can only be imposed on balances in the current billing cycle.
For more information on the Credit CARD Act, visit www.federalreserve.gov/consumerinfo.
About Credit Solutions
Market leader Credit Solutions is recognized by the American Business Awards for the "Best Customer Services Department in Financial Services." A charter policy partner of the United States Organization for Bankruptcy Alternatives (USOBA), Credit Solutions is certified by BSI Management Systems for USOBA best-practice compliance. For more information, visit www.creditsolutions.com. En español: http://espanol.creditsolutions.com. Follow us on Twitter at www.Twitter.com/smartsavingtips.
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‘Credit Solutions Cares’ Steps Up To The Plate As North Texas Food Bank Struggles To Feed
Dallas, TX – Feb. 15, 2010 – Credit Solutions, the debt settlement leader, continues to provide support to the North Texas Food Bank (NTFB) and DFW community during a time when food banks are overwhelmed and aid is greatly needed.
A new national study, Hunger In America, shows a growing number of hungry families in North Texas due to the current economic situation. Unable to keep up with this severe increase in hunger, NTFB was $900,000 short of its 2009 goal. As part of their ongoing support, Credit Solutions is holding four volunteer events with the North Texas Food Bank in February.
“During this recession, people’s eyes have been opened to how great the need is in our community,” said NTFB President Jan Pruitt. “Once they see the thousands of hardworking parents, senior citizens and children going hungry every day, right here in our own backyard, I know our community will continue to respond.”
Credit Solutions employees have responded by volunteering every month at the North Texas Food Bank, an organization that relies heavily on the help of volunteers to run its operations. Through the company’s Credit Solutions Cares program, Credit Solutions employees gave 556 hours and over 3,000 pounds of food to the North Texas Food Bank in 2009.
“Our employees feel very fortunate to have the opportunity to give back to their community,” said Community Affairs Manager Michelle Granado. “They love to volunteer with the North Texas Food Bank because they know they are making an impact on the lives of their neighbors in the DFW area.”
In 2009 alone, Credit Solutions employees have given over 7,000 hours to 50 organizations and raised over $16,000 for 23 DFW community nonprofits on behalf of the Credit Solutions Cares program. For more information of the Credit Solutions Cares program, please visit www.creditsolutionscares.com.
About North Texas Food Bank
The North Texas Food Bank (NTFB) is a nonprofit hunger relief organization that distributes donated, purchased and prepared foods through a network of feeding programs in 13 North Texas counties. Each month, agency pantries distribute food to more than 50,000 families and on-site meal programs serve 435,000 meals/snacks. To learn more about NTFB, visit www.ntfb.org.
About Credit Solutions
Market leader Credit Solutions is recognized by the American Business Awards for the "Best Customer Services Department in Financial Services." A charter policy partner of the United States Organization for Bankruptcy Alternatives (USOBA), Credit Solutions is certified by BSI Management Systems for USOBA best-practice compliance. For more information, visit www.creditsolutions.com. En español: http://espanol.creditsolutions.com. Follow us on Twitter at www.Twitter.com/smartsavingtips.
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View all 2009 press releases...
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