By Kathy Chu, USA TODAY
Credit card issuers are pulling back from the controversial practice of raising customers’ interest rates because of missteps with other creditors.
Under so-called universal default policies, issuers can raise an interest rate if a card holder pays a mortgage or utility bill late, their credit score drops or they inquire about a car loan. Nearly 45% of credit card issuers had universal-default policies earlier this year, up from 39% two years ago, says advocacy group Consumer Action.
For this complete story, please visit Credit Card Companies Pulling Back from Universal Default Policies.
