WINNERSLOSERSCredit cardholders4 of 19The new financial reform legislation contains a host of benefits for credit cardholders. The newly created Consumer Financial Protection Bureau will keep an eye on the industry, listen to and act on credit cardholders' complaints, and police credit card disclosure of terms and conditions to make sure they're clear."(The bureau) will be able to react and stop bad practices in the credit card industry before they become pervasive," says Kathleen Day, spokeswoman for the Center for Responsible Lending in Durham, N.C.The act also requires credit card companies to provide cardholders with a free copy of their credit score whenever they take an adverse action such as raising a cardholder's interest rates.« Back to Financial Regulation. s="height20"> Related Articles:Fed's monetary policy toolboxHelp for mortgage borrowers?Financial meltdown: Credit cardsHow safe is your bank?Related Links:Types of banking institutionsSafe places for cashHow the economy affects youCommon mistakes in a bad economy advertisement
The new financial reform legislation contains a host of benefits for credit cardholders. The newly created Consumer Financial Protection Bureau will keep an eye on the industry, listen to and act on credit cardholders' complaints, and police credit card disclosure of terms and conditions to make sure they're clear.
"(The bureau) will be able to react and stop bad practices in the credit card industry before they become pervasive," says Kathleen Day, spokeswoman for the Center for Responsible Lending in Durham, N.C.
The act also requires credit card companies to provide cardholders with a free copy of their credit score whenever they take an adverse action such as raising a cardholder's interest rates.