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Financial reform: winners and losers

Credit cardholders
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Credit cardholders

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.


 

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