Credit card reform

Since democrats like new laws they should be for this too. I propose that all companies that have your credit card number on their computers have to purge them after 30 days if you havent used it by then.

That way if they are hacked, in most cases your credit card number wont be on the computer. The example that I think of is Target. Someone hacked their computer and millions of credit card numbers were stolen. There is simply no reason for a company to have your credit card number on their computers for years.

 

Why 30 days? There isn't any need for them to store the card numbers unless the consumers are given the choice. Clear my damn number as soon as the purchase have been approved.

 

I would prefer less regulations not more. Every regulation adds a cost. If this is important enough to the consumer they can choose not to patronize companies that hold their info.

 

Idon't see any reason for such a rule, and it would be a big pain in the butt in any case if I had to re enter all that information every time I made a hotel reservation or bought something online.

Yes, I have had my credit card # stolen. By waitresses in a casino, not by some hacker.

 

The first logical thing Logical1 has ever posted. Totally agree there is no need for a company to keep CC data on customers. Once the charge is processed the CC data should be expunged.

 

Perhaps but why would we need a federal law over that? Wouldn't that be a free market decision?

 

"Hello, Chase...yes I'd like to pay my bill please".

"We have no record of you owing us anything because we don't even know you have a credit card since we had to purge our records.....who are you again"?

"Um...nevermind, have a wonderful day".

 

It's not just retail vendors that have your credit card info. it's banks,payment agencies like paypal,credit rating agencies etc,etc they keep them on file to speed up financial transactions,asking them to remove them would require much longer waits at the checkout line.

 

Clearly not as companies keep holding onto data despite all of the data breaches that have occurred.

 

They have found that the public does not penalize them for it. In fact many demand it for convenience. This is not a federal issue but a consumer issue.

 

OK? You seem to not know the difference between credit card record purchase records and and customer records for credit card companies.

We are talking about companies like amazon, who have a history of undersecuring the card records for people who choose to save their credit card information for future purchases

 

Not a bad idea. I just wish that companies would actually comply with DSS standards, and stop letting their business units be lazy. I stopped allowing folks to keep my card numbers on file a really really long time ago....

 

That makes sense to me

 

How would you know which ones those are? If a company has a point of sale, how would you know that they aren't keeping that transaction long term for resolution purposes? Ie, when you go back to a store, and they are able to return the transaction to your card on used from the initial transaction. If you never do a return, how do you know a company isn't storing the transaction? Answer, you don't.

 

Sure - I have no problem with that. there should be an option for people to either choose to have their information kept or not.

 

Wait for the California data privacy laws to fully take effect.....

 

I'm just jumping in here so I will start with @Pants post
cc: @logical1

I'd recommend that all people organize by district and party to set up their own financial coops, credit systems,
so what we invest in business plans can be deducted from taxes.
Earn the interest on your own loans or debts to rebuild local programs in your own communities.
Stop giving that money to outside corporations, including federal govt or party candidates
and start investing capital, including labor income AND debts, into local management
where you have local control.

Not only do you solve the problem of which entities have your personal information,
but we can separate benefits and terms of marriage, and health care, etc.
using our parties to set up collective membership pools.

So we decide our own terms for ourselves, democratically,
and invest our money where our mouths are without conflict with people of other groups and political beliefs.

 

PS @logical1 as for consumer protection, I would consult with Ralph Nader and follow the model programs he designed that became law.

I would use that to seek and issue credits owed to taxpayers from
political leaders and govt expenditures for which members of the public are owed reimbursement for debts and damages.
If the money owed as debts is not there, we should set up a system of tracking credits, like each state having its own Reserve.
Then taxpayers and complainants can receive credits even while cases are still pending, and collections or settlements are in progress.
Then we can take those credits or reimbursements and pay for our own community programs.

I would base such a program on the Green Party system of independent labor backed currency, (see www.ithacahours.com or www.paulglover.org)
but using the amount of debts and damages as the collateral on the credit and currency per case, and based on the OSHA system
of using a summarized code to issue citations or complaints, and host hearings to resolve and correct abuses or violations including any costs owed.

So I would ask for Ralph Nader and Paul Glover to be consultants on a national system per party and per state to redress grievances
on govt and corporate abuses, and to settle and collect reimbursement from wrongdoers on behalf of taxpayers.

 

We are not talking about the credit card companies themselves. Try to keep up.

 

I dont know any company with an over 90 day return policy

And many are less than 90 days

 

This is true. It doesn't mean that your transaction is removed from their data.

 

Hmmm, so why won't the hackers just hack the credit card companies then?

Does it actually matter where they hack?

lol

 

Why don't you show me an instant where a credit card company have been hacked and get back to me.