Americans who want to shop for the lowest rate credit card don't always have great ways to do so. Make it simpler to compare, switch, or refinance your credit card. We will be paying close attention to such industry-wide practices that challenge fair competition. 6 This helped them obscure the repayment behavior of their customers, making it more difficult for other issuers to offer competitive pricing to customers. For example, in 2020, the CFPB uncovered that, over the course of 2014, major players in the credit card industry started withholding information that they previously reported to the credit bureaus about borrower repayment patterns and still do to this day. When an industry has a small number of major players, it can be common to see parallel, anticompetitive shifts in business practices. Uncover unfair, anticompetitive practices. Here are three ways that the CFPB will focus on ensuring a more fair, transparent, and competitive credit card market: Even small improvements in this market can have significant impacts on American families. Given the outsize role that credit card debt plays for many households, the CFPB is looking to ensure that there is robust and fair competition in the credit card market. Indeed, from 2015 to 2019, the average assessed interest rate on credit cards increased by more than 20% (from 13.7% to 16.9%). 4 Compared to other forms of widely accessed credit, credit cards have interest rates that are relatively expensive for consumers. Just eight big financial players control 70% of the total balances of the market-and the credit card business is often a significant contributor to their bottom line. Account fees (e.g., monthly service, overdraft) may apply to Wells Fargo account(s) with which you use Zelle ®.While the credit card market is enormous, it is among the more consolidated markets for consumer financial products. Your mobile carrier's message and data rates may apply. For more information, view the Zelle ® Transfer Service Addendum to the Wells Fargo Online Access Agreement. To send or receive money with a small business, both parties must be enrolled with Zelle ® directly through their financial institution’s online or mobile banking experience. Payment requests to persons not already enrolled with Zelle ® must be sent to an email address. The Request feature within Zelle ® is only available through Wells Fargo using a smartphone. Neither Wells Fargo nor Zelle ® offers a protection program for authorized payments made with Zelle ®. For your protection, Zelle ® should only be used for sending money to friends, family, or others you trust. Transactions between enrolled users typically occur in minutes. checking or savings account required to use Zelle ®. Enrollment with Zelle ® through Wells Fargo Online ® or Wells Fargo Business Online ® is required. Wells Fargo and Fair Isaac do not provide credit repair services or advice or assistance with rebuilding or improving your credit record, credit history, or credit rating.įICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.Ģ. Wells Fargo and Fair Isaac are not credit repair organizations as defined under federal and state law, including the Credit Repair Organizations Act. Wells Fargo looks at many factors to determine your credit options therefore, a specific FICO ® Score or Wells Fargo credit rating does not guarantee a specific loan rate, approval of a loan, or an upgrade on a credit card. Please note that the score provided under this service is for educational purposes and may not be the score used by Wells Fargo to make credit decisions. Availability may be affected by your mobile carrier’s coverage area. Eligible Wells Fargo consumer accounts include deposit, loan, and credit accounts, but other consumer accounts may also be eligible. You must be the primary account holder of an eligible Wells Fargo consumer account with a FICO ® Score available, and enrolled in Wells Fargo Online ®.
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