Judge Rules Swipe Fees “Inappropriately” High

Retailers and credit card companies have been battling over swipe fees for years now with consumers unfortunately caught in the middle. On the one side, banks claim that retailers are violating consumers’ rights by charging more to pay with credit card than cash. On the other side, retailers claim that swipe fees are cutting into small business’ profits and driving up costs.

This week, however, a federal judge ruled in favor of retailers, saying that swipe fees were “inappropriately” high. Judge Richard J. Leon had some strong words for the banks and credit card companies as well as the Federal Reserve Board which had allowed swipe fees to rise up to as much as 24 cents per transaction.

In a prepared statement, the top lawyer for the National Retail Federation praised the ruling and chastised the Federal Reserve Board for “fail[ing] to heed Congress’ call to see fee standards that were ‘reasonable’ and ‘proportional’ to the actual cost of a transaction.” The Retail Industry Leaders Association also welcomed the ruling as an “opportunity to ensure the law is finally implemented as intented,” going on to say that the Federal Reserve had “muted the law’s intended benefits.”

At My Credit Specialist, we want our readers to be financially healthy, which includes having the best credit score possible. Getting that prime credit score is tough, but we help you along the way with credit tips, consumer alerts, and our credit restoration services. To get the most out of My Credit Specialist’s services, be sure to like My Credit Specialist on Facebook, following My Credit Specialist on Twitter, and subscribing to My Credit Specialist on YouTube! If you want to learn more about our credit restoration services, go to http://www.mycreditspecialist.com and find out if it is the right choice for you!

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Credit Card Skimmers: How to Spot and Avoid Them

Credit card skimmers are becoming easier to install and harder to spot, creating a real problem for consumers and law enforcement alike. A recent news story from CBS affiliate KESQ, however, offers a few tips for consumers who want to protect themselves from credit card thieves.

For readers unfamiliar with credit card skimming, a criminal places a device over top of an ATM, a credit card reader at a gas pump, or another publicly accessible credit card reader. As customers swipe their credit or debit card, the skimmer grabs and saves the card’s information. The criminal will usually find a spot to watch the scanner and write down PIN numbers for debit card users.

How do you avoid being a victim of this scam? First off, always use your credit card for these types of transactions. Credit cards typically have more safeguards in place so that even if someone steals the card, the cardholder will not be held liable for purchases. Debit cards typically don’t have these protections. Once the money is gone, it’s gone.

Second, check the card reader for anything unusual. If it looks like it has been tampered with, you might not want to use your card. Also, these skimming devices are built to be quickly installed and uninstalled, so if the card scanner itself is loose, contact the vendor and the proper authorities.

Finally, keep a close eye on your credit card transactions. Take 5 minutes every day to review any card charges online, and report anything that you do not recognize. Also, most credit card companies have alert systems available for cardholders. If there is an unusual charge, they will call or text you to verify the charge. Contact your credit card company and ask if you are currently enrolled for this service.

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Is Poor Credit Affecting Your Insurance Rates?

If you are planning to renew your insurance policy anytime soon, it might be a good idea to check your credit report first.

In the United States, 47 out of the 50 states have allowed insurance companies to review a customer’s credit when they first apply for a new auto, renter’s, or homeowner’s policy. All 47 states except Alaska also allow the insurance companies to review the customer’s credit when they renew the policy, but that might change soon. Alaska’s Senate Labor and Commerce Committee have advanced a bill that would allow insurance companies to review credit when renewing a policy.

Should insurance companies be allowed to check a customer’s credit? It is certainly a debate worth having. For now, however, the law in most states allows them to do it, so consumers need to be aware of what is on their credit report and pro-active in correcting any mistakes. Credit report errors could result in a higher insurance premium rate, and consumers could be paying more than they need to.

Do you know what’s on your credit report? Call My Credit Specialist today at 1-866-565-6500 or go to http://www.mycreditspecialist.com to learn more about credit restoration and if it is the right choice for you. You can also get daily credit tips and consumer alerts by liking My CreditSpecialist on Facebook, following My Credit Specialist on Twitter, or subscribing to My Credit Specialist on YouTube!

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My Credit Specialist – Now On Google+ Communities!

We are excited to announce that My Credit Specialist is now on Google+ Communities! When you join our community, you can get the latest news and tips from My Credit Specialist, give us feedback, and connect with other My Credit Specialist fans and customers!

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