Household HSBC Watch

To watch General Motors go from the heyday of muscles cars in the 1960’s to the troubled company they are now hurts diehard General Motors fans. Consumer advocates wrote to GM when predatory lender Household Retail Services was contracted to handle the GM credit card. GM didn’t care then, but they do care […]

On May 26, 2005, more news about General Motors (GM) and their troubles added fuel to the fire. GM already tasks predatory lender Household International, now called HSBC Finance Corporation, with processing and handling the GM credit card. Missing records and identity theft issues were traced to the GM card. “Our point […]

The handwriting is on the wall and the stigma may soon be with certain merchants. Back when Household International was the nation’s top predatory lender, merchants would sign private label credit card agreements with Hosuehold, sacrificing their customers to a predator. Then HSBC bought Household International. One merchant even petitioned the court […]

Thursday, June 09, 2005, 0743 GMT [Dow Jones] West LB sees HSBC Holdings (HBC) acquisitions of Neiman Marcus credit card for $640M as a positive, albeit of little impact. “This is in line with their group strategy; they’ve got a sizeable cards portfolio with some 50 million cards around the world in issue, and they […]

While overall mortgage delinquencies dropped in the first quarter of 2005, subprime delinquencies rose. Advocates at Household - HSBC Watch explained that one factor may be, under international accounting rules, that HSBC (formerly Household International) Finance Corporation is required to report home mortgages correctly for the first time in years. “During their transition […]

More than 785,000 Americans learned that they may have been the subject of identity theft in the last three months. HSBC, a U.K. bank, recently informed 180,000 of its customers that information the company kept on them had been exposed to potential criminals. Consumer advocacy organization Household - HSBC Watch said recent complaints on […]

News accounts detailing how credit card data might have been stolen from Polo Ralph Lauren shoppers are overblown, said Tom Nicholson, vice president of public relations for HSBC North America. Information on 180,000 credit card shoppers might have been in jeopardy, Nicholson said. HSBC North America, which offers General Motors-branded MasterCards to consumers, […]

GM’s stock fell to $30.50 in pre-market trading March 16, 2005, on the Inet electronic brokerage network. If that price were to extend into regular trading it would represent the lowest point in more than 12 years. Stiff competition in vehicle sales and links to troubled and predatory Household International through the GM Card […]

According to a Reuters report, Interpublic Group of Cos. Inc. said on March 15, 2005, it would defend its advertising account with General Motors Corp. , which has put its ad business, estimated to be worth at least $2.8 billion, up for review.

According to consumer advocates at Household - HSBC Watch, which monitors predatory […]

Recent complaints sent to watchdog organization Household - HSBC Watch indicate poor sales figures for General Motors are linked in part to disgruntled customers who have a GM credit card. Backed by HSBC, which is the new name of former troubled predatory lender Household International, customers report that service is poor and attitudes are […]