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Anchor:
THE CREDIT CRUNCH HAS SOME CONSUMERS FEELING LIKE THE BANKS ARE STICKING IT TO THEM. CHANGING CREDIT LIMITS, INCREASING INTEREST RATES AND CLOSING ACCOUNTS ALL WITH LITTLE TO NO NOTICE. 7 ON YOUR SIDE'S ROSS MCLAUGHLIN HAS BEEN GETTING CALLS FOR HELP AND STEPS IN.
Ross McLaughlin:
THE GOVERNMENT'S NEW "CREDIT CARDHOLDERS BILL OF RIGHTS" COULDN'T COME AT A BETTER TIME AND BANKS BETTER PAY ATTENTION. THEY CAN'T HAVE IT BOTH WAYS. LOOKING FOR A HAND OUT FROM THE GOVERNMENT WHILE CLOSING THE DOOR ON CONSUMERS..JUST LISTEN TO THIS AMERICAN EXPRESS STORY.
Story:
"My card is American Express."
BIG NAMES.. TO CREATE BIG BUSINESS..BUT WHAT ABOUT THE LITTLE GUY..
HERE'S ANNA GIBSON'S STORY.
Anna Gibson/American Express Customer:"American Express this is ridiculous."
ANNA GIBSON DOESN'T RUN WITH ANIMALS..SHE DOESN'T MAKE MOVIES....SHE WORKS IN AN OFFICE AND PAYS HER BILLS ON TIME.
Anna Gibson/American Express Customer:"I have good credit, I've never been late on a payment, never missed a payment."
UNTIL NOW..HER CARD WAS AMERICAN EXPRESS.
Anna Gibson/American Express Customer:"I will cancel my American Express I will never us it again ever."
WHY? BECAUSE OF AMERICAN EXPRESS CONVENIENCE CHECKS. SHE SAYS FOLLOWED THE RULES TO CONFIRM HER CREDIT.. WROTE TWO CHECKS, TOTALING 1225 DOLLARS BUT THEY WERE RETURNED NSF BECAUSE AMERICAN EXPRESS CHANGED THE RULES.. REDUCING HER CREDIT FROM 6 GRAND TO 2500.
Anna Gibson/American Express Customer:"I think it's wrong, something needs to be done this is ridiculous."
SOMETHING IS BEING DONE..THE GOVERNMENT IS CLAMPING DOWN. SOME BIG CHANGES.. CREDIT CARD COMPANIES WILL NOW BE REQUIRED TO GIVE 45 DAYS NOTICE ON CHANGES TO YOUR ACCOUNT.
GIVE CONSUMERS REASONABLE TIME TO PAY...BUT THAT'S NOT UNTIL 2010..ANNA NEEDS HELP NOW.. SO A QUICK FAX TO AMERICAN EXPRESS OUTLINING HER CASE APPLIES THE NEEDED PRESSURE..IN DAYS.
Anna Gibson/American Express Customer:"Great."
HER CREDIT HAS BEEN RESTORED..AND AMERICAN EXPRESS WILL PAY ALL PENALTIES AND FEES INCURRED.
Anna Gibson/American Express Customer:"Without you guys I wouldn't have got anywhere."
Ross McLaughlin:
AMERICAN EXPRESS WON'T TALK ABOUT ANNA'S ACCOUNT WITH US, EVEN THOUGH SHE GAVE THEM SIGNED PERMISSION, BUT SHE SAYS THEY TOLD HER THERE WAS AN UPTICK IN HER CREDIT SCORE IN THE LAST SEVERAL DAYS WHICH IS WHY THEY FIXED THE PROBLEM. SHE BELIEVES IT WAS THE "7 ON YOUR SIDE FACTOR" BECAUSE HER CALLS HAD GOTTEN HER NOWHERE AND THAT'S WHY SENATE BANKING CHAIRMAN CHRIS DODD WANTS TO GO FURTHER WITH LEGISLATION.. BANNING PRACTICES LIKE "ANYTIME.. ANY REASON" CHANGES TO CREDIT CARDHOLDERS' ACCOUNTS.
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