Dear Senator/Representative ___________________,
I am highly concerned and disconcerted regarding the credit practice of Universal Default. A practice that allows credit card companies to decide that if you’re late on a payment of any debt (and on other factors), that the creditor that you may have never been late in paying can still raise your interest rate to 30 percent or more.
This is an unacceptable and unfair predatory practice; and as a citizen and a constituent I demand that you do something about it.
Creditors are able to do this based on being allowed to access customer credit reports, which are made available to them due to credit laws that allow them access to this information. Under the same principles of law that allows them this access to our personal information, the people have the right through there elected representatives to refuse this undo, unilateral change of contract terms via this practice.
This abusive method of taking advantage of consumers is a patently unfair and unwarranted trade practice; and it is bad faith contracting. It is simply a way for the Haves in this country to prey on the have-nots and the powerless. There is no viable cost or expense reason why a creditor should exorbitantly raise the interest rate of a person who is paying their bill on time to that creditor.
I ask that the Senate Banking, Housing, and Urban Affairs committee and the House Committee on Financial Services bring legislation to the floor of their respective houses banning this unjust attack on the citizenry; and that you personal support such legislation.
Thank you,
______________________________
Your Signature
