How Credit Card Companies And Credit Repair Firms Deceive Consumers
There are many credit card companies and repair firms these days that are fake and deceive customers. These are called scam companies. But the customers can complain the FTC and the FTC ensures protective and strict measures against the scam deals these companies make. For example: the FTC has taken charges against a company called the CompuCredit for using deceptive methods to receive money from the customers.
CompuCredit is known for issuing sub-prime credit cards. These are also known as credit cards for people who have a bad credit. They do so as they know that people with bad credit history would not get any opportunity from a reliable and well known company, so they take advantage by providing these customers with scam deals.
1) This company was charged fro deceptive marketing of their Visa cards as they did not disclose the total fee deduction to the customers. They created a fee based Visa with $300 fee on which they charged different types of fees.
2) They gave their customers a limit of up to $3,250 but they did not disclose that they would withheld the card for 90 days. They monitored the spending of the consumer in the first 90 days and depending on their purchase reduce their spending limit.
3) CompuCredit along with Jefferson Capital marketed a debt transfer visa program to consumers with a charged-off debt. They offered that the customers charged off debt would be transferred to their account but they did not give the card until around 50 percent payment on the charged off debt.
WAYS TO AVOID SCAM OR DECEPTIVE MARKETING
1) You must not forget to read the fine prints issued by the company. They might take a longer time to read and also difficulty to read but if you want to keep yourself free from scam and deception then taking the trouble of reading the fine prints is worth taking.
2) You must be aware of the attractive and eye catching headlines used in advertisements for example “as low as”. The more emphasize they have on their heading, the more it shows they need customers very badly.
3) In order to get rid of deceptive marketing, you must make sure that you research about the product that you intend to buy. If you have a complete research then no attractive headline will be able to deceive you.
4) Be sensible, real and pragmatic and don’t give heed to offers that are too good to be true.
With all these sensible steps taken, you will ensure not to fall for any scam or deceptive marketing site. But if however you fall for one then complain the FTC about it and they will surely take a strict measure against them.
Similar Posts:
- How to Get your Credit Card Application Approved Faster
- Six Most Common Myths about Credit Card Debt
- Phantom Debts
- Credit Card Debit Advice
- How to Payoff Credit Card Debt Faster?
