We support reforms to the financial marketplace to curb bad practices by banks and lenders.
Credit Cards
A comprehensive credit card law is now in place that will help end the tricks that trap consumers in high-cost credit card debt. You can learn more about these key rights below. Click here to see when different provisions of the law go into effect.
The new credit card law includes these consumer protections:
Restricts all interest rate increases during the first year
Restricts interest rate increases on existing balances
Increases notice for rate increase on future purchases
Preserves the ability to pay off on the old terms
Requires fair application of payments
Provides sensible due dates and time to pay
Protects young consumers
Restricts issuance fees on fee harvester cards
Requires enhanced disclosures
Places limits on fees and penalty interest
Requires banks to review rate increase every six months
Establishes gift card protections
Click here to read a full summary of the Credit Card Legislation.
Read the Federal Reserve Board’s Tips on the new Credit Card Law.
Publications
- North Carolina
Eligibility: All Consumers
Fees: No fees for identity theft victims with a valid report or complaint with a law enforcement agency. All others pay $10 to place the freeze, lift it temporarily, or remove it altogether.
Effective date of law: December 1, 2005
Permanent freeze remains until removal requested by consumer.
Copy of North Carolina’s security freeze law
Instructions for using North Carolina’s security freeze law from NC’s Attorney General - New York
Eligibility: All consumers.
Fees: No fees for identity theft victims. All others can place the freeze for free the first time it is used. These consumers pay $5 to lift it temporarily or remove it altogether. If they wish to re-start the freeze after it is removed, they pay a $5 fee.
Effective date of law: November 1, 2006
Permanent freeze remains until removal requested by consumer.
Copy of New York’s security freeze law
Instructions for using New York’s security freeze law - New Mexico
Eligibility: All consumers.
Fees: No fees for identity theft victims with a copy of police or investigative report
and for residents over 65 years of age. All others pay $10 to place a freeze and $5 to lift it temporarily or remove it altogether.
Effective date of law: July 1, 2007
Permanent freeze remains until removal requested by consumer.
Copy of New Mexico’s security freeze law
Instructions for using New Mexico’s security freeze law - New Jersey
Eligibility: All consumers
Fees: No fee to place the first security freeze. $5 fee to lift the freeze temporarily, remove it altogether, or to have PIN reissued.
Note: Consumers are also permitted to make such requests directly to consumer reporting
agencies via secured electronic mail.
Effective date of law: January 1, 2006
Permanent freeze remains until removal requested by consumer.
Copy of New Jersey’s security freeze law
Instructions for using New Jersey’s security freeze law from NJ’s Dept of Banking and Insurance - New Hampshire
Eligibility: All consumers
Fees: No fees for identity theft victims who submit a copy of a police report, investigative
report, or complaint to a law enforcement agency. All others pay $10 to place the freeze, lift it temporarily, or remove it altogether.
Effective date of the law: January 1, 2007
Copy of New Hampshire’s security freeze law
Instructions for using New Hampshire’s security freeze law - Nevada
Eligibility: All consumers
Fees: No fees for identity theft victims who submit a police report. All others pay $15 to place the freeze, $18 to lift it temporarily or remove it altogether. $20 to lift it temporarily for a specific creditor.
Effective date of law: October 1, 2005
Permanent freeze remains until removal requested by consumer.
Copy of Nevada’s security freeze law
Instructions for using Nevada’s security freeze law - Nebraska
Eligibility: All consumers.
Fees: No fees for identity theft victims and minors. All others pay a one time $15 fee to place the freeze. No fee for lifting the freeze temporarily or removing it altogether.
Effective date of law: September 1, 2007
Note: Security freeze automatically expires after 7 years from date of placement.
Copy of Nebraska’s security freeze law
Instructions for using Nebraska’s security freeze law - Montana
Eligibility: All consumers.
Fees: No fees for identity theft victims. All others pay $3 to place the freeze or to lift it temporarily. $5 to have PIN reissued. No fee to remove the freeze altogether.
Effective date of law: July 1, 2007
Copy of Montana’s security freeze law
Instructions for using Montana’s security freeze law from Montana’s Department of Justice
Instructions for using Montana’s security freeze law - Missouri
Missouri is one of the few states that has not passed a law requiring the availability of the security freeze.
Eligibility: All Consumers
Fees: No fee for identity theft victims. All others pay $10 to place, temporarily lift, or remove the freeze altogether.Consumers may use the voluntary program.
Security Freeze Instructions for Equifax
Security Freeze Instructions for Experian
Security Freeze Instructions for TransUnion - Mississippi
Eligibility: Identity theft victims with a police report, investigative report or complaint filed with a law enforcement agency.
Fees: $10 to place a freeze for identity theft victims. All others pay $10 to place, temporarily lift, or remove the freeze altogether.
Effective date of law: July 1, 2007
Permanent freeze remains until removal requested by consumer.
Copy of Mississippi’s security freeze law
Instructions for using Mississippi’s security freeze lawNon-ID theft victims may use the voluntary program.
Security Freeze Instructions for Equifax
Security Freeze Instructions for Experian
Security Freeze Instructions for TransUnion
Press Releases
- CU teams up with Montana Attorney General on ID theft protection
Lawmakers urged to give consumers the right to freeze credit files.
- Should Spanish speakers also enjoy the right to free credit reports?
Read CU’s letter to credit reporting agencies and the
news release from Puerto Rico - Consumer groups ask questions for new Fed chair nominee
Banking panel should question Dr. Bernanke on commitment to consumer policies
- Credit reporting agencies reject a step to help hurricane survivors
Six national consumer organizations renewed their call on the consumer reporting agencies Equifax, Experian, and TransUnion to take stronger measures to help survivors who are undergoing major economic disruption caused by Hurricane Katrina.
- NJ Governor signs ID theft protections into law
New Jersey consumers get some of the toughest safeguards in the nation
- Katrina aftermath: Be careful when giving to charities online
Increasingly common email scam used to obtain your personal information, steal identity
- Connecticut Governor signs identity theft bill into law
Law requires notice of data security breaches and gives consumers the right to freeze credit files.
- Illinois Governor signs identity theft protections into law
Laws require notice when data security is breached & give consumers security freeze rights.
- Colorado consumers get powerful new identity theft protection
New law gives consumers the right to freeze crooks out of credit files.
- Senate Committee to Consider ID Theft Issues at April 13 Hearing
Senator Feinstein introduces bill to require national notice of data security breaches.
Blog Posts
- Consumer Colleague AFFIL Highlighted
AFFIL gets a huge shout out in the Florida Sun Sentinel
- Advanta Sign of the Times as Small Businesses Struggle
Small business owners are feeling the pressures of the recession and the recent CARD Act offered no relief.
- A Historical Look at the Credit Card
Guest Blogger Arone Silverman
As far back as the late 1800s, consumers and merchants exchanged goods through the concept of credit, using credit coins and charge plates as currency. It wasn’t until about half a century ago that plastic payments as we know them today became a way of life.
- Deadbeats Become Target Market
Guest Blogger Arone Silverman
Deadbeats may once again become the target audience for credit-card marketing.
- Q&A- The Credit Card Legislation
You asked your questions last week, here is a compilation of the Q&A.
- Advanta Closing Down Small Business Credit Card Accounts
According to reports from small business owners maybe that isn’t such a bad thing.
- How will the credit card reforms help you?
How will the new credit card reform passed and signed by the President last week help you with specific problems or complaints about your card? We’re waiting to answer your questions.
- When do the credit card protections go into effect?
Time line for Credit Card Protection Effective Dates
- Financial Literacy or Die
ABC will be airing a “hip” special called “Unbroke: Everything You Need to Know About Money,” on May 29 9-10 PM. “BOOM, That’s Math All Over Your Face!”
Whatever works is cool with us. - Are the Banks getting traction in their spin cycle?
On the front page of the New York Times the Banks claim that giving you the deal you signed up for is actually bad for you. We call bogus on their scare tactic!
News Articles
- Study: Credit card late fees much higher
Unfair or confusing credit card practices take advantage of working families
- Guest Opinion: Have you had your identity stolen yet? Source: Billings Gazette (Saturday September 16, 2006)
Montana consumers will have a way to stop thieves from opening fraudulent accounts using stolen information if state lawmakers pass a security freeze law.
- Anti-ID theft measure lets consumers freeze credit accounts Source: Arizona Daily Star (Saturday March 11, 2006)
Consumers Union says Arizonans would pay too much for the proposed “security freeze.”
- Editorial: Credit protection Source: St. Petersburg Times (Tuesday January 17, 2006)
The Florida state legislature should create an optional security freeze so Floridians can protect themselves against identity theft and credit card fraud.
- Connecticut Governor signs ID theft law Source: Insurance Journal (Sunday July 10, 2005)
Under a new law signed by Governor M. Jodi Rell, consumers in Connecticut will have the right to put a security freeze on their credit files to prevent identity thieves from opening new credit accounts in their names.
- States scramble to protect data Source: Washington Post (Saturday April 9, 2005)
Lawmakers in numerous states around the country are considering bills to give consumers the right to put a security freeze on their credit files to keep identity thieves from opening new accounts in their names.
- Editorial: Freeze identity theft Source: Seattle Times (Tuesday March 15, 2005)
The Seattle Times editorializes in favor of legislation to allow Washington State residents to put a security freeze on their credit files to thwart identity thieves.
Worried about retirement?
The stock market has been unusually volatile, plunging hundreds of points, creeping back, only to plunge again. It is hard to stay disciplined about saving when every dime you’ve invested can evaporate in a day.
What is your biggest concern about your own retirement? We want to hear from you.
Where to complain
Online, by mail, phone or fax... Agencies need to hear from you!