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Low credit scored consumers might have been duped into obtaining the Aspire Visa Credit Card, then are charged up to $297 of the $300 credit limit in mandatory first year fees.
Investigation Source
- California
Investigation Scope
Category Information
Investigation Topics
- Misrepresentation
- Over Charge
- Excessive or Unauthorized Fees
- Credit Score
- Deceptive And Misleading Billing Practices
- Unwarranted Interest Changes
- Subprime Credit Card
Products or Services
- Visa
- Aspire Visa Credit Card
Injury Type
- Monetary Loss
Investigation Details
Investigation and pending class action lawsuit against CompuCredit Corp. and Columbus Bank and Trust for pushing high-fee Aspire Visa credit cards on consumers with low credit scores.
The class action complaint alleges that the cards are marketed as a way to "rebuild your credit", but that mandatory fees eat up approximately $257 of the $300 credit line by the end of the first year. The complaint was brought on behalf of California residents and alleges violation of the California UCL and the Credit Repair Organizations Act.
The class action complaint alleges that the cards are marketed as a way to "rebuild your credit", but that mandatory fees eat up approximately $257 of the $300 credit line by the end of the first year. The complaint was brought on behalf of California residents and alleges violation of the California UCL and the Credit Repair Organizations Act.
Defendant Details
| Name (Stock Symbol) | Brief Description |
|---|---|
| CompuCredit Corporation (CCRT) | CompuCredit Corporation provides credit and related financial services and products to underserved consumer credit market. It operates in four segments: Credit Cards, Investments in Previously Charged-Off Receivables, Retail Micro-Loans, and Auto Finance. |
| Columbus Bank and Trust Company | Columbus Bank and Trust Company is a bank located in Georgia. |