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Support this bill!!

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Basically prohibits credit card companies from increasing credit card interest rates based on negative information:

S. 2655 (a) In General- No credit card issuer may use any adverse information concerning any consumer, including any information contained in any consumer report (as defined in section 603) or any change in the credit score of the consumer, as the basis for increasing any annual percentage rate of interest applicable to a credit card account of the consumer under an open end consumer credit plan, or to remove or increase any introductory annual percentage rate of interest applicable to such account.

http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=109_cong_bills&docid=f:s2655is.txt.pdf

‘‘Credit Card Reform Act of 2006 S.2655’’

What you need to do is email your Congressman and let them know you support it.

To email your Senator:

http://www.senate.gov/general/contact_information/senators_cfm.cfm

To email your Representitive:

http://www.house.gov/writerep/

Here is some suggested text (but edit at will:)

Finally, a bill I can support! I just wanted to let you know that I am urging you to vote for and support this bill, ‘Credit Card Reform Act of 2006 S.2655’. Currently, a credit card company can raise interest rates on existing cards based on negative information on credit reports, even if the payment history on the card in question has been flawless. The passing of S.2655 would prevent this.

Right now, a company can change any of the terms of credit card agreements at will, and this is unjust and un-American. I am tired of the credit card company gouging consumers time and time again with no restrictions. Please help the debt-ridden American public.

'Bout time!

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Link is not working at this end.. but from reading it I think it's time CCs stop their abuse!

I recently experienced that with Orchard.. I've never been late, pay more than the amnt. due and always on time~yet they raised my APR b/c they do random credit checks!

Ridiculous!!

Is there away to actually find out what this bill is called..I'd like to find out more about it and when does it go into effect?

Thanks Kristy for the great find! :lol:

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Link is not working at this end.. but from reading it I think it's time CCs stop their abuse!

I recently experienced that with Orchard.. I've never been late, pay more than the amnt. due and always on time~yet they raised my APR b/c they do random credit checks!

Ridiculous!!

Is there away to actually find out what this bill is called..I'd like to find out more about it and when does it go into effect?

Thanks Kristy for the great find! :lol:

Same with me Girl!~

Here I am thinking I am doing sooooo well with paying back on time and more than what is due and end up with higher rates! :evil: Many people do not notice when their rates are raised and what if your're an ID theft victim???? Glad this issue is on the table! :)

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OK, fixed the link. This is just a bill. You know the old School House Rock song:

"I'm just a bill and I'm sittin' here on capital hill.....

...and I know I'll be a law someday! but today I am still just a bill"

What you need to do is email your Congressman and let them know you support it. What would need to happen is that the Senate passes it and then the House would need to pass it as well. Then Bush needs to sign it.

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Thanks a lot.... This is great and I'll make sure I'll do it!!

We really need a break from all these CC abuses!! :evil:

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I was wondering if anyone else has heard from the representative after sending an email? If so, did they ask you some questions?

If the truth was known, they were probably calling to make sure I was a live body 8-)

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... and if I don't support it? Credit scores usually correspond to someone's financial situation. If their credit score is dropping, they're probably adding some baddies. I'd rather the CC companies pull more money from these people than from me.

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You do realize that Admins post above is over 4 years old??

Edited by Savoir
typo

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