Household HSBC Watch

While discussing the FACT Act: “HSBC advises consumers to check their credit report at least once every six months to catch any inaccuracies.” One study by the National Association of State Public Interest Research Group shows that almost 25 percent of all credit reports have errors serious enough to result in a denial of credit. If you notice any unfamiliar creditors, unauthorized transactions, unusual inquiries or other incorrect and suspicious information on your credit report, this may be a red flag indicator that you may be a victim of identity theft.

“The irony is HSBC, through their subsidiary Household International, has more incorrect, phantom, questionable, inaccuracies, and hair-raising discoveries than the national average” said Household - HSBC Watch, a consumer watchdog organization. “They are slow do do anything about it” said the group.

Loretta Abrams, vice president of community development and consumer advocacy for HSBC, an international banking and financial services firm, said the law will help guard against identity theft and credit report errors. Abrams received her bachelor’s degree from the University of Illinois at Chicago and attended the University of Michigan’s Ross School of Business. She and her husband, Jesse, live in Glen Ellyn, Ill. Abrams was asked to discuss the FACT Act for The Ledger’s Five Questions.