Surprise jumps in credit rates bring scrutiny

Jennifer Bayot reports in the New York Times on credit card issuers adjusting fees based upon updated information regarding cardholder creditworthiness.

A provision now built into most card agreements allows the companies to reset anyone’s interest rate based on the size and status of other debts. And improvements in information technology and a change in federal law have spurred card companies in the last couple of years to check their customers’ data regularly, not only when they review applications or notice missed payments.

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