“If you make a couple of late payments on a new card with an introductory rate, ... your annual percentage rate could jump as much as 15 percentage points.”
“Lenders are increasingly using risk-based pricing to make loans. If you don't find out your credit score, check your credit report and correct mistakes, you're going to be totally in the dark, and run the risk of paying far higher interest rates on loans.”
“If a consumer is paying late, or not making credit card payments, they know that before it hits a credit report. The only thing this might be a safeguard against is some kind of fraud -- and my understanding is that the credit reporting agencies have safeguards.”
“We would have preferred the new rates be phased in over a year or two, so consumers had a chance to adjust to it. It's going to be sticker shock, especially because it hits right after Christmas.”
