Credit card companies rule out non profit customers
July 21, 2009 – 5:54 pmAccording to credit card news today, credit card companies are turning on customers who dont turn a profit. Good quality customers who use credit cards responsibly may be being targeted by credit card companies using personal data.
According to comparison sites, a number of borrowers with exemplary credit ratings and high incomes are being turned down by card companies this year. The news follows a shift in data sharing legislation, with companies now able to exchange personal data about their customers.
This data should be used purely to lower debt risks for individuals, and not for commercial reasons. However, consumer groups believe that this is not the case. Consumer Focus expert Ed Mayo reportedly commented:
” Credit card providers seem to have given their game away. By refusing credit to consumers with excellent scores, they appear to be measuring something other than risk. We need to know if the rules are being flouted and if peoples information is being used inappropriately. Consumers need reassurance and its up to the Financial Services Authority to look into this.”
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