About: Universal default

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An Entity of Type : yago:WikicatEthicallyDisputedBusinessPractices, within Data Space : dbpedia.org associated with source document(s)
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Universal default is the term for a practice in the financial services industry in the United States for a particular lender to change the terms of a loan from the normal terms to the default terms (i.e. the terms and rates given to those who have missed payments on a loan) when that lender is informed that their customer has defaulted with another lender, even though the customer has not defaulted with the first lender. In 2007, Citibank became the first bank to voluntarily eliminate its universal default provision. In 2009, most forms of the practice were outlawed in the United States.

Attributes	Values
rdf:type	yago:Abstraction100002137 yago:Act100030358 yago:Activity100407535 yago:Event100029378 yago:Practice100410247 yago:PsychologicalFeature100023100 yago:YagoPermanentlyLocatedEntity yago:WikicatEthicallyDisputedBusinessPractices
rdfs:label	Universal default (en)
rdfs:comment	Universal default is the term for a practice in the financial services industry in the United States for a particular lender to change the terms of a loan from the normal terms to the default terms (i.e. the terms and rates given to those who have missed payments on a loan) when that lender is informed that their customer has defaulted with another lender, even though the customer has not defaulted with the first lender. In 2007, Citibank became the first bank to voluntarily eliminate its universal default provision. In 2009, most forms of the practice were outlawed in the United States. (en)
dcterms:subject	Ethically disputed business practices Credit card terminology Financial services in the United States
Wikipage page ID	2183979 (xsd:integer)
Wikipage revision ID	1000695390 (xsd:integer)
Link from a Wikipage to another Wikipage	Price gouging Annual percentage rate Risk-based pricing Default (finance) Interest rate Ethically disputed business practices Credit CARD Act of 2009 Credit card Credit history Credit limit Fraud Credit card terminology Loan Financial services in the United States FIFO and LIFO accounting Price fixing Risk premium Adverse selection Financial services Office of the Comptroller of the Currency Cartel Vicious cycle dbr:Interest_rate_index
Link from a Wikipage to an external page	https://www.pbs.org/wgbh/pages/frontline/shows/credit/
sameAs	Universal default Universal default Universal default Universal default
dbp:wikiPageUsesTemplate	dbt:Citation_needed dbt:Globalize dbt:Multiple_issues dbt:Refimprove dbt:Reflist dbt:Outdated dbt:Credit_cards
has abstract	Universal default is the term for a practice in the financial services industry in the United States for a particular lender to change the terms of a loan from the normal terms to the default terms (i.e. the terms and rates given to those who have missed payments on a loan) when that lender is informed that their customer has defaulted with another lender, even though the customer has not defaulted with the first lender. This is a phenomenon that dates from the mid-1990s. Credit card companies included universal default language in their cardholder agreements at that time, due to increasing deregulation of the industry. Today, approximately half of the banks that issue credit cards have universal default language. However, since the inception of these provisions, most credit card companies have not enforced them regularly or systematically. Every year since at least 2003, Congress has considered several bills to curb abusive credit card practices, including universal default provisions. In the meantime, the Office of the Comptroller of the Currency issued a stern advisory letter to the credit card industry regarding several of the most egregious practices. Most credit card companies have not responded to the letter. In 2007, Citibank became the first bank to voluntarily eliminate its universal default provision. In 2009, most forms of the practice were outlawed in the United States. (en)
gold:hypernym	Term
prov:wasDerivedFrom	wikipedia-en:Universal_default?oldid=1000695390&ns=0
page length (characters) of wiki page	7278 (xsd:nonNegativeInteger)
foaf:isPrimaryTopicOf	wikipedia-en:Universal_default
is Link from a Wikipage to another Wikipage of	Credit card Credit card interest Fine print Keith Ellison
is foaf:primaryTopic of	wikipedia-en:Universal_default

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