Consumers were finally allowed this week to testify in favor of a proposed Credit Cardholders’ Bill of Rights without being forced to sign waivers allowing their creditors to release private financial records to the public. The three cardholders who testified lambasted their credit card companies for penalizing them even though they abided by their cardholder agreements.
Credit Card Victims Muzzled, Ordered To Release Financial Histories Before Sharing Their Experiences
Four credit card victims were ordered to sign waivers allowing their creditors to release their private financial records to the public before they could testify before the House Financial Services Committee. The consumers had flown in from across the country to share their stories at a hearing on the Credit Card Bill of Rights, but credit card companies insisted—and Republicans and Democrats agreed—that it would only be fair to release documents like credit scores and a list of recent purchases in order to rebut the consumer’s claims. “Fair is fair,” Congressman Spencer Bauchus (R-AL) barked, as he defended the absurd request. Ultimately, the consumers didn’t testify, but one invitee, Steven Autrey, released his prepared statement, which slams creditors for their abusive and predatory business practices.