Household HSBC Watch

A former Buy Buy executive is now CEO of Circuit City, as Circuit City turns from losses to profitability. That’s one CEO that knows not to align his Circuit City customers with predatory credit cards and predatory lending. The Best Buy credit card is managed by Household Internaitonal but the new name of […]

Following a similar move by HSBC merchant Saks, General Motors said yesterday it will restate its financial statements for 2001 because they were overstated by about US$300 million ($444 million) to $US400 million.

Accounting errors led to the wrong figures for net income from continuing operations, which were overstated by 25 per cent to 35 […]

When considering recent issues with General Motors, identity theft and the GM credit card, combined with the high cost of fuel and slowdowns in the auto industry, one must ask if General Motors is considering the sale of General Motors Acceptance Corporation and GMAC’s residential mortgages. Intelligent minds conclude that GM would not turn […]

Wednesday, August 10, 2005 - Freddie Mac - The Federal Reserve System’s (Fed) Beige Book (a periodic report on economic conditions across the twelve Fed districts) indicates that the strength of residential real estate markets is widespread, with the exception of the seventh and ninth districts (covering the states of North Dakota, South Dakota, Iowa, […]

“Balance transfers may not be used to make payments to any Beneficial or HSBC credit card including any GM Card, Corvette MasterCard, Union Plus Credit Card, Household Bank or Orchard Bank credit card, or to pay a loan made by any other HFC, Beneficial or HSBC company.” See their terms here. That […]

The national “do not call” list is welcomed by consumers and almost eliminates annoying interruptions at dinner. But Household International, and in one case their credit card merchant CompUSA fought consumer activists favoring “do not call” legislation in the early formative years. Examples:

“I received calls from Warrantech (an extended warranty company) after I […]

HSBC will be able to fund credit-card loans at lower costs, since its credit standing is better. HSBC Finance has a AA- rating from Fitch, the third highest. Metris has a B-rating, the 16th highest. “It’s a competitive market, and Metris was really at a disadvantage because of their funding costs,’’ Fitch […]

Still reeling from Household International’s GM Card data loss, HSBC must now contend with Bank of America’s acquisition of MBNA - the largest credit card operation in North America. Bank of America bought MBNA while HSBC is still trying to absorb their purchase of former disgraced predatory lender Household International. There is no […]

By John Leyden, Published Thursday 23rd June 2005 10:13 GMT: An undercover reporter was able to buy the details thousands of UK banking accounts, password particulars and credit cards numbers from crooked call centre workers in India, The Sun reports.

The paper says one of its journalists bought details of 1,000 UK banking customers from […]

June 20, 2005 — Lately the trend in reports to Household – HSBC Watch has been “HSBC NV is on my credit report.” People are asking “What is this company and why are they checking my credit?” We can tell them the history of Household’s acquisition by HSBC, but we can’t tell why […]