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- Universal_default abstract "Universal default is the term for a practice in the financial services industry in the United States for a particular lender to change the terms of a loan from the normal terms to the default terms (i.e. the terms and rates given to those who have missed payments on a loan) when that lender is informed that their customer has defaulted with another lender, even though the customer has not defaulted with the first lender.This is a phenomenon that dates from the mid-1990s. Credit card companies included universal default language in their cardholder agreements at that time, due to increasing deregulation of the industry. Today, approximately half of the banks that issue credit cards have universal default language. However, since the inception of these provisions, most credit card companies have not enforced them regularly or systematically.Every year since at least 2003, Congress has considered several bills to curb abusive credit card practices, including universal default provisions. In the meantime, the Office of the Comptroller of the Currency issued a stern advisory letter to the credit card industry regarding several of the most egregious practices. Most credit card companies have not responded to the letter.In 2007, Citibank became the first bank to voluntarily eliminate its universal default provision.In 2009, most forms of the practice were outlawed in the United States.".
- Universal_default wikiPageExternalLink credit.
- Universal_default wikiPageID "2183979".
- Universal_default wikiPageLength "7184".
- Universal_default wikiPageOutDegree "26".
- Universal_default wikiPageRevisionID "677027174".
- Universal_default wikiPageWikiLink Adverse_selection.
- Universal_default wikiPageWikiLink Annual_percentage_rate.
- Universal_default wikiPageWikiLink Cartel.
- Universal_default wikiPageWikiLink Category:Credit_card_terminology.
- Universal_default wikiPageWikiLink Category:Ethically_disputed_business_practices.
- Universal_default wikiPageWikiLink Category:Finance.
- Universal_default wikiPageWikiLink Credit_CARD_Act_of_2009.
- Universal_default wikiPageWikiLink Credit_card.
- Universal_default wikiPageWikiLink Credit_history.
- Universal_default wikiPageWikiLink Credit_limit.
- Universal_default wikiPageWikiLink Default_(finance).
- Universal_default wikiPageWikiLink FIFO_and_LIFO_accounting.
- Universal_default wikiPageWikiLink Financial_services.
- Universal_default wikiPageWikiLink Fraud.
- Universal_default wikiPageWikiLink Interest_rate.
- Universal_default wikiPageWikiLink Interest_rate_index.
- Universal_default wikiPageWikiLink Loan.
- Universal_default wikiPageWikiLink Office_of_the_Comptroller_of_the_Currency.
- Universal_default wikiPageWikiLink Price_fixing.
- Universal_default wikiPageWikiLink Price_gouging.
- Universal_default wikiPageWikiLink Risk-based_pricing.
- Universal_default wikiPageWikiLink Risk_premium.
- Universal_default wikiPageWikiLink Virtuous_circle_and_vicious_circle.
- Universal_default wikiPageWikiLinkText "Universal default".
- Universal_default wikiPageWikiLinkText "universal default".
- Universal_default wikiPageUsesTemplate Template:Citation_needed.
- Universal_default wikiPageUsesTemplate Template:Credit_cards.
- Universal_default wikiPageUsesTemplate USA.
- Universal_default wikiPageUsesTemplate Template:Outdated.
- Universal_default wikiPageUsesTemplate Template:Refimprove.
- Universal_default wikiPageUsesTemplate Template:Reflist.
- Universal_default subject Category:Credit_card_terminology.
- Universal_default subject Category:Ethically_disputed_business_practices.
- Universal_default subject Category:Finance.
- Universal_default hypernym Term.
- Universal_default type Card.
- Universal_default type Term.
- Universal_default comment "Universal default is the term for a practice in the financial services industry in the United States for a particular lender to change the terms of a loan from the normal terms to the default terms (i.e. the terms and rates given to those who have missed payments on a loan) when that lender is informed that their customer has defaulted with another lender, even though the customer has not defaulted with the first lender.This is a phenomenon that dates from the mid-1990s.".
- Universal_default label "Universal default".
- Universal_default sameAs Q7894122.
- Universal_default sameAs m.06t56k.
- Universal_default sameAs Q7894122.
- Universal_default wasDerivedFrom Universal_default?oldid=677027174.
- Universal_default isPrimaryTopicOf Universal_default.