2008-07-10

Is Big Brother Lowering Your Credit Because of Your Drinking?

As part of tending to our personal finances, I’ve paid some attention to my FICO score (and my wife to hers), but I quite frankly haven’t been thinking very hard about what else “lenders, insurers, and other financial firms” might be using to determine how to set our interest rates, credit cards, or insurance premiums.

The article, “Your Lifestyle May Hurt Your Credit,” in the June 30, 2008 issue of BusinessWeek, gave me a bit of a wake-up call in describing what one credit card issuer is allegedly doing:

The FTC claims that CompuCredit didn't properly disclose that it monitored spending and cut credit lines if consumers used their cards at certain places. Among them: tire and retreading shops, massage parlors, bars, billiard halls, and marriage counseling offices.

So—try to save your marriage at the expense of having your credit lines lowered?

Scary stuff.

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