CARD Act, Debit Card Rules & New Credit Score Legislation Survey Results

By Credit.com

Credit.com May 2010 Survey

The Credit Cardholders Bill of Rights is now law, but according to Credit.com's latest survey, more than 43% of consumers (also 43% in February) said their card company still made one or some combination of the following changes to a credit card account:

Increased their interest rate 23% (27% in February survey)
Increased their minimum payment due 17% (15% in February survey)
Increased their fees 15% (19% in February survey)
Lowered their credit limit 14% (13% in February survey)
Changed due date 12% (11% in February survey)
Reduced their rewards program 10% (11% in February survey)
Closed their account 7% (11% in February survey)

Debit Card Overdraft Fees

This summer a new ban on overdraft fees on debit cards and ATM transactions will become law. A new survey by Credit.com found that more consumers would consider "opting in" to overdraft protection just avoid the possible embarrassment of being declined at the register for not having enough money to cover their purchase.

The study found:

48% would “opt-in” to overdraft protection
47% would not “opt-in” to overdraft protection

Fair Access to Credit Scores Act

In light of the new push by lawmakers to give consumers better access to their credit score, Credit.com's survey found that 1/2 of consumers have either never checked their credit report or haven’t checked it in more than a year.

The study found:

49% of consumers have checked their credit report in past year
33% have not checked their credit report for more than a year
18% have never checked their credit report

Pre Employment Credit Screening

Employers have the right, with your permission, to check your credit report as part of background screening for employment. A number of lawmakers are interested in banning this practice. A new survey from Credit.com found the following:

58% agree with a proposed ban on this practice
37% are OK with allowing this practice to continue

This national telephone poll was conducted for Credit.com by GfK Custom Research North America from April 30 to May 2, 2010. A total of 1,011 interviews were completed, with roughly 510 female adults and 501 male adults. The margin of error is +/- 3 percentage points for the full sample.