Ok, who thinks credit scores needs to be regulated after this story from Mother Jones.
TODAY'S TWO MINUTES HATE....Here's the latest reason to hate credit card companies: Shop at Wal-Mart, obviously a sign of financial distress, and your credit limit gets lowered. Hallelujah!
This is from American Express, which has now decided to hunker down and simply lie about their habit of doing this. Compare and contrast the following news accounts. When Kevin Johnson returned from his honeymoon last year he got a letter from Amex saying, “Other customers who have used their card at establishments where you recently shopped have a poor repayment history with American Express.”
That is the most absurd abuse of credit scores I've heard in a while. Profiling what people buy should simply not be part of any score to determine whether they will pay their bill or not.