A simple law to reign in the Credit Card companies - Expedient, effective and fair.

[percussivemadness]

Make it illegal for them to report to the credit rating agencies.

Simple and would end the extortion overnight.

Can`t be that difficult to pass.

[Double T]

1. Hardcore regulation and rules is the ONLY way to control these heinous criminals..........

in suits. NO one in the DNC (Do Nothing Congress) has the balls or guts to challenge these crooked SOBs. As long as bribing our congressional representatives is legal, forget about getting anything of substance done for the credit card consumers.

[percussivemadness]

2. The credit card companies only means of control is the ability to damage consumer`s credit ratings

Remove that, remove all previous submissions to people`s credit reports, watch them come into line. Its very difficult to threaten someone when you don`t have the means to hurt them.

Harcore regulation has its place, but it is also cumbersome and lengthy. This is a 2 line law that would stop them in their tracks whilst the stricter regulation was being drawn up...

[Double T]

4. Didn't take long for our government to empty the coffers over at the Treasury........

to save these wretched financial institutions from complete ruin. If the DNC (Do Nothing Congress) wanted to get this done, they could. Fact of the matter is the DNC doesn't give a crap about the credit card consumer that is going into complete ruin.

[truedelphi]

3. Gawd! I love this idea. Very simple and effective.

The major crooks and swindlers just got so many trillions from us that it makes no sense to say who is good or who is bad via the means of a credit rating system.

[TwixVoy]

5. WTF? Why would you do this?

Tell me the benefit to honest people.

Credit cards do NOT harm your credit report UNLESS you let them go to collection status (usually six months with out paying them). Late payments are ONLY reported to the CRAs if they are 30 days past due.

So what is the benefit for all of us who aren't seriously past due on our accounts and have positive history building up?

[hack89]

6. A truly stupid idea

the core of my excellent credit rating is a very long history of using credit card responsibly. That credit rating has saved me a lot of money in lower interest rates and other favorable credit terms.

The credit card companies have done me and countless other responsible users no harm.

[percussivemadness]

7. a truly stupid response, if you don`t mid me saying

Your credit rating is based on your ability to pay. However, when you enter into an agreement with a credit card company, and they arbitrarily increase your rates or reduce your credit limit, and you may be the son of god or something and shit gold judging by your pretentiousness and overbearing arrogance, but I know a lot of good business people who are having their credit scores affected not because they have missed a payment, but because the credit card companies have decided in their infinite wisdom, to cut their cred rates. Furthermore, if I decide to close my credit card account, it effects my credit rating. However, credit ratings should be based on your ability to pay, therefore, by removing debt from your debt portfolio, logically, you should be able to borrow more.

No you want the extortion to continue because it hasn`t affected you yet.

You know, one thing I hate more than stupid people, is stupid arrogant people, just like you.