As you read today’s article, imagine yourself in the shoes of Dr. Tom, a diligent bank customer who, like millions of us, has encountered the frustrating problem of poor customer service at every major bank in the country.
We all have a question: When was the last time that we saw a story about the dangers of narcotics on the evening news, only to be met with a commercial encouraging their use? Now, for a moment, imagine instead of a warning not to use drugs, you see a commercial urging you to use powerful credit cards that can ruin your finances if not managed properly.
Many of us have received preapproved credit cards in the mail with literature that says, “To activate, make a purchase of up to X dollars.” Credit card issuers want us to make frivolous purchases we cannot afford and accumulate debt that we cannot pay off.
- They want to lure us into taking on debt that we cannot manage.
- They also make it easier for us to get more credit cards when we already have debt.
- The more debt we have, the more credit cards we are offered.
But what if you have no credit card debt? Perhaps you pay off monthly charges in full and have no other debt because you wisely said “no!” to taking on debt of any kind.
Dr. Tom, a 30-year bank customer, created a problem for himself when he received a preapproved credit card with an offer to sign up for 75,000 miles for airfare. He had a perfect payment history, but he was turned down.
- He spoke with a customer service rep, who told him that the credit bureaus had no record of him or his payments to the credit card company.
- He escalated the issue to a supervisor, but was met with the same response.
- He was eventually told that he would have to wait a month for the bank to report his payment history to the credit bureaus.
Dr. Tom was frustrated by the bank’s response, but he did not give up. He contacted the bank’s customer complaints unit and explained his situation to a representative.
| Bank Employee | Response |
|---|---|
| Customer Service Rep | Told Dr. Tom that the credit bureaus had no record of him or his payments to the credit card company. |
| Supervisor | Told Dr. Tom that he would have to wait a month for the bank to report his payment history to the credit bureaus. |
Dr. Tom’s experience highlights a critical issue with the way credit card companies handle customer payment histories.
“Nobody cares. Common sense is not a job requirement at this bank,” said Dr. Tom.
Fortunately, Dr. Tom’s persistence paid off. After contacting the bank’s customer complaints unit, he received a new credit card in the mail.
The moral of the story is clear: while many credit card companies report their customers’ payment histories to the credit bureaus, they are not legally required to do so. This lack of transparency can lead to frustration and financial difficulties for customers like Dr.
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