Archive for July, 2006

As the search on the Internet continues for others feeling rather disappointed in Credit One, I found the story of a person who also discovered Credit One Representatives are rude. Most amazing, is the person wanted to close the account and was given the same garbage about a charge for paying over the phone or Internet.

Your credit report is one of the most important documents. This report is used by companies to determine the interest rate they charge for loans. You can save thousands in interest charges on car and home loans by simply taking care of this credit report.

What do you do if something goes wrong? Read Building a better credit report from the FTC.

Section 1: Explains your rights under the Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act.

Section 2: Tells how you can legally improve your credit report.

Section 3: Offers tips on dealing with debt.

Section 4: Cautions about credit-related scams and how to avoid them.

Section 5: Offers information about identity theft.

Section 6: Lists resources for additional information.

Protect yourself from fraud and bad banking practices by understanding the English word “closed” does not mean the credit card account is terminated. People (and the bank) can continue to use the credit card. For example, Credit One will continue to charge a fee, despite the card being closed. Some credit companies will even honor subscription accounts even though the account is closed.

Be careful to keep track of all of your credit card accounts, including open and closed.

Consumers need to pay attention to credit card services provided by companies. For example, companies that do not accept payments over the Internet are not consumer-friendly. This lack of service should be a danger signal to everyone. The lack of Internet services suggests the company does not have avenues for resolving billing conflicts quickly. Be careful.

If you are having credit problems then you are not alone. In fact, your problems may be made worse by credit card companies that have poor Internet policies. For example, Credit One will charge users $5.95 each time they pay their credit card balance over the Internet. Yes, you are charged for paying them on time. This fee will be added to your account. If you attempt to pay this $5.95 the next month, you cannot pay it over the Internet. Instead, you must send a check. If you fail to send the fee then you will be charged a $29.00 late fee and your credit report will be dinged.

Be very careful to understand this policy. You have charged nothing and you have not used the credit card. Yet, you will owe the company $34.95 for no reason.