Clock Cleaners

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Tuesday, June 17, 2008

FTC: Here to protect consumers, after it protects business

I'm a little annoyed with the Federal Trade Commission for pulling the plug on their credit card review service for consumers. Months ago, when visiting their website, I found a comprehensive spreadsheet of available banks offering credit cards. The spreadsheet compared all the important details - APR, hidden fees, credit report rating necessary to acquired the card, et cetera.

Apparently it's all been yanked - now they just have tips for choosing cards. Why take this information down? If it's out of date, it should be updated. If there's no funding to update it, it should be marked as historical, but not deleted. I hope the reason is not because the FTC is more interested in protecting predatory lenders than consumers.

The FTC talks about avoiding credit card fraud, too, but I had a laugh at this instruction:

Carry your cards separately from your wallet, in a zippered compartment, a business card holder, or another small pouch.

Wait - a wallet is a "small pouch" with "compartments" and "card holders". They just defined a wallet for you to put your cards in, while telling you not to put your cards in your wallet. ...so I should just carry two wallets? ...and I should put a sign on one pocket telling pickpockets that I prefer if they steal the neutral wallet? good tip. Thanks, FTC.

I had my cards stolen by a thief once who made some charges to my account and used my identity to get credit on a number of purchases. You know what my biggest problem was? My bank decided I wasn't honest with them when I reported my card stolen, so they didn't follow the proper practices that would protect me. Instead they decided I had just lost my card, and issued a new one. Thanks, Wells Fargo. Customers love when you call them liars and don't take security seriously.

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