New Federal Reserve website could help those in credit card debt

May 25, 2010/0 Comments/in Credit Cards /by Debtmerica

Credit card info to be stored on Fed website A new website run by the Federal Reserve will serve as a clearinghouse for all credit card plan details for companies that serve over 10,000 customers, allowing consumers looking to consolidate debt to have easy access to important information.

More than 300 credit card companies have plans listed on the website, which went live on Monday. The Federal Reserve says that, in addition to looking up information on plans they already participate in, consumers can compare different credit card offers to find the ones that are most appropriate to their situation.

The Federal Reserve added that the database will be updated once every three months, meaning that that new information will be added to the site on August 2.

The database was created as a part of the Credit Card Accountability, Responsibility, and Disclosure Act of 2009, and is among many measures in that law that attempts to crack down on what are seen as deceptive practices by credit card companies. Another law, currently in reconciliation between the House and the Senate, could place further curbs on large issuers like Visa and MasterCard.

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