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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My Credit Specialists
My Credit Specialist Inc. was created to help people improve their credit health and financial lifestyle. We strive to ensure the best possible results for our clients while enlightening through credit education. We are dedicated to making sure our clients are first priority. The Fair Credit Reporting Act (FCRA)states that anyone with incorrect, inaccurate or unverifiable items on there credit reports have the right to dispute them to be deleted.
Thursday, August 1, 2013
Friday, May 17, 2013
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.
Want more spending and credit tips? Be sure to like My Credit Specialist on Facebook, follow My Credit Specialist on Twitter, and
subscribe to My Credit Specialist on YouTube! Also, go to http://www.mycreditspecialist.com and find out if credit restoration is the right choice for you!
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Friday, March 22, 2013
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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Tuesday, January 8, 2013
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!
Click here to check out our Google+ Community!
Friday, November 16, 2012
3 Steps to Protecting Your Online Shopping Sprees
The holiday season is here with Thanksgiving next week and
Christmas just around the corner, which means one thing: Black Friday sales. Many
stores are now offering exclusive deals online as well as in their physical stores,
and consumers will be spending big bucks from online stores which brings up
questions of keeping personal information safe. What can you do to keep your
credit card information out of the hands of hackers and criminals?
Firstly, make sure to always shop from trusted online
vendors. If you haven’t shopped from a website before, do a little research.
Read reviews for the website, and if anything seems sketchy, don’t give out
your credit card information.
Second, be vigilant. We encourage our readers to always
review their bank and credit card statements for anything that looks out of
place, but during the holidays, this simple step is even more important.
Dispute any suspicious charges right away, and if you believe someone has
stolen your credit or debit card information, contact your bank or credit card
company immediately.
Finally, do not save your credit card information on
websites. Most websites let you set up a profile and save credit cards on your account
to make purchases more convenient, but when you can, don’t save any credit card
information. Not only will you protect your credit card information from
hackers but you will also cut down on impulse buys. In the time it will take
you to pull out your credit card and type in the information, you will have
thought about whether this is a good purchase or not.
Want more spending tips this holiday season? Check out My
Credit Specialist on Facebook, Twitter, and YouTube! Also, go to http://www.mycreditspecialist to learn
more about credit restoration and whether it is the right choice for you!
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Monday, September 24, 2012
Cordray: Change Credit Card Rules for Stay-at-Home Parents
For years, credit card restrictions have discriminated against
stay-at-home parents who do not bring in enough income to get approved, even if
their spouse has sufficient income. The Consumer Financial Protection Bureau is
hoping to change that.
CFPB Director Richard Cordray announced last week that they
would be proposing a new rule where credit card eligibility would be based on
household income instead of individual income. If the rule is put into place, more
stay-at-home parents with strong credit would be eligible for credit cards.
At My Credit Specialist, we are very excited about this change.
It is unfair for a stay-at-home spouse to be denied for a credit card, even if
they have stellar credit and their spouse brings in enough income. Besides, it
is important for both spouses to have a strong credit history if they ever need
a loan of any kind in the future. Using a credit card responsibly and paying it
off is the easiest way to build a credit history. Hopefully this rule will be
put into place and more Americans will have access to credit.
Want more spending and credit tips? Be sure to like My Credit Specialist on Facebook, follow My Credit Specialist on Twitter, and
subscribe to My Credit Specialist on YouTube! Also, go to http://www.mycreditspecialist.com and find out if credit restoration is the right choice for you!
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Friday, July 6, 2012
Credit Card Processors Halt Processing for Medicinal Marijuana
At My Credit
Specialist, we are not anti-credit card. Some financial experts want
everyone to cut up their credit cards, but we encourage responsible
credit card usage. Buy a cup of coffee, buy lunch, or pick up another
expense that you can afford to pay back right away.
There are few
times when we are reporting on places where you cannot use your
credit card, but as it so happens, credit card processors are cutting off their services to California medical marijuana dispensaries. They
have been under pressure from the federal government for awhile, but
they officially stopped processing payments after Sunday, July 1.
Before going
further, My Credit Specialist does not take an official stance on
medical marijuana. Our interest in this story is merely how it
affects the American consumer and credit card usage. That being said,
what does this mean for people who use medicinal marijuana? Well,
they will have to pay for their cannabis entirely in cash which
activists claim will make patients a target for thieves. Besides
that, the federal government is interfering in statewide laws, making
it clear that medicinal marijuana will not be respected as a state's
issue. The biggest problem is that this action sets a precedent that
the federal government can kill a good or service by putting pressure
on the credit card processors. An overly zealous federal government
could bring about a second prohibition or discourage consumers from
purchasing a good or service by making it cash-only.
We are curious
what our readers think about this issue. Do you think the federal
government is right to discourage marijuana usage, or are they infringing on
state's rights and credit card processors' freedoms? Leave a comment
below and tell us what you think! You can keep up with the latest
news from My Credit Specialist by liking My Credit Specialist on Facebook and following My Credit Specialist on Twitter. Also, go to
http://www.mycreditspecialist.com
to learn more about the credit restoration process and whether it is
the right choice for you!
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