Response by American Express about "Where You Shop" credit profiling

American Express forum. Talk about AmEx credit cards like Blue, Gold, Platinum, Centurion, and more.
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bozell
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Postby bozell » Sun Feb 08, 2009 4:21 am

this should be illegal


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The Fuzz
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Postby The Fuzz » Mon Feb 09, 2009 4:43 pm

Why? I mean honestly... we don't have a constitutional right to borrow money from anybody. If I want to loan a perfect stranger money then I can set any model for assessing risk that I want as long as I operate within the ECOA and FCRA and a few other lending laws. Nowhere in those laws does it say that you can't restrict credit based on spending paterns that indicate high risk borrowers. In fact it is quite the opposite. The USA PATRIOT Act is another great piece of legislation that has forced banks to be more particular about who they lend to. If anything I'd say the law is on the side of lenders in this particular case. It is unfortunate, but it is also the world we live in.

1bootcamp
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Postby 1bootcamp » Sun Feb 15, 2009 9:26 pm

Illegal is a strong word but yes they should do some sort of disclosure to cardmembers to let them know they are doing this first and last I checked, Amex never did that.

bozell
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Postby bozell » Thu Feb 19, 2009 3:21 am

why should it be illegal? because credit card profiling is deceiving and wrong. anything that is deceiving like that should be illegal it is deceptive to the customer.



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