Household HSBC Watch

Our headlines screamed: “HSBC posts Boscov payment one day late” and “HSBC loses customer for Boscovs due to late payment processing” and “Boscovs and HSBC Forgets To Mail December Bill.” Now Boscov’s has filed for bankruptcy. The formula is simple: When a merchant signs a contract with HSBC for credit card […]

Carrick MollenKamp of the Wall Street Journal follows HSBC closely. His recent article “HSBC a canary in US mortgage mine” appeared on 12 November. It is interesting to note that HSBC helped to start the entire worldwide credit crisis. “…HSBC said souring sub-prime-mortgage loans had forced the bank to add nearly $US2 […]

Many suspect a racketeering case will eventually include electronics retailer Best Buy and HSBC. At issue is ongoing compensation to Best Buy due to payments HSBC says are “late” when in fact they are not. However, Best Buy is already wrapped up in a racketeering case, this time with Microsoft. In the […]

Shares of HSBC Holdings have extended their four-month losing streak amid concern that a crisis in the U.S. mortgage industry will erode earnings this year. HSBC’s stock has fallen every month since November, when the bank — the largest in Europe — said bad debts in the United States were rising. The stock fell […]

A nightmare for homeowners everywhere might be in the near future as HSBC Finance Corporation bought Champion Mortage’s portfolio recently. You may remember HSBC Finance by their old name - Household International - and the nation’s largest predatory lending settlement. Or perhaps you recognize the from racketeering charges with their high interest rate […]

North America’s retail services business (NYSE:HBC) has extended its long-term agreement with Art Van Furniture to provide a private label credit card program. Ranked 12th in Furniture Today magazine’s “Top 100 U.S. Furniture Stores,” Art Van operates 29 stores in 28 cities throughout Michigan.

Since 1980, HSBC and Art Van have partnered to offer Art […]

WASHINGTON — Watch what you sign if you have your taxes done by a commercial tax preparer. The Internal Revenue Service is proposing a change in privacy protections that consumer groups say would allow your financial information or even copies of your return to be sold to data brokers and marketers. Currently those […]

Typically the introduction and maintenance of a private-label card is more of a financially driven decision that means lower credit processing fees and more money made off of each transaction. A review of merchants in the HSBC Finance Corporation Household International private label card program indicate many are in financial trouble. The decision to […]

“I have seen other companies pursue this strategy in the past, but I see it at a decreasing rate,” said Gary Hawkins of Hawkins Strategic. “It seems fewer are pursuing private-label credit cards today. Retailers just have not seen the relationship return from it.” “Private-label credit cards rarely capture more than 10 percent of […]

Household - HSBC Watch has learned of layoffs within Metris now that HSBC owns the company. Jacksonville Florida and White Marsh Maryland locations of Metris have seen layoffs. In addition, the Metris skip tracing and debt waiver department received notice that their last day will be May 12th. Look for other […]