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Capital One can come to your house or job to collect late credit card payments

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Do you read the fine print when signing up for a credit card? Most people don't, but there are times where you might wish you did.

An article in the Los Angles Times highlighted an often over looked fine print from Capital One in their credit card agreement. The statement notes that they "may contact you in any manner we choose" and the "contacts" include but are not limited to calls, emails, texts, faxes or what they note as a "personal visit." Capital One also makes note that in order to obtain delinquent payment, they could show up "at your home and at your place of employment."

The negative backlash left Capital One in a position to clarify the difference between late payments on their credit card and those who are late on a secured loan from a bank following a purchase of a high priced vehicle. The bank notes that the agreement sent to those who sign up for a credit card is the same as those who receive a loan from the bank.

Portion of the statement by Capital One:

"Capital One does not visit our cardholders, nor do we send debt collectors to their homes or work...

"We're considering creating two separate agreements given this language doesn't apply to our general cardholder base."

So while it doesn't appear that Capital One will be kicking down your door for a late credit card payment, they might very well still harass you over the phone and you might not even know it's them.

"We may modify or suppress caller ID and similar services and identify ourselves on these services in any manner we choose."

There might not be any real solution to banks writing the rules considering how often they lobby in Washington to get the rules set in their favor, maybe Americans should just go back to stuffing cash under their mattress.



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