13 Quotes by Ken McEldowney

Lenders are increasingly using risk-based pricing to make loans. If you don't find out your credit score, check your credit report and correct mistakes, you're going to be totally in the dark, and run the risk of paying far higher interest rates on loans.

If a consumer is paying late, or not making credit card payments, they know that before it hits a credit report. The only thing this might be a safeguard against is some kind of fraud -- and my understanding is that the credit reporting agencies have safeguards.

I think people expect government agencies to protect their personal financial information more than private industry. As this shows, that's not the case. They're just as sloppy.

We would have preferred the new rates be phased in over a year or two, so consumers had a chance to adjust to it. It's going to be sticker shock, especially because it hits right after Christmas.

Consolidation makes it easier for these anti-consumer policies to take hold.

There's no reason for someone to have a bounce-protection plan. Seek out the overdraft-protection plan.

This is not brain surgery. This is common sense. I'm baffled. I really am.

The banking industry has become so competitive that there are widespread free accounts out there with no conditions whatsoever.

That's a safety issue. There is no question about that.