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.
Name (Stock Symbol)
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.
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