UK Money News
27th February 2008
Lender breaks a few Eggs in credit card row
Credit card provider Egg has come under fire from an MP following its decision to cancel credit cards for many of its customers.
The lender confirmed that it had decided to cancel credit cards for 161,000 customers, saying it was looking to crack down on potential credit problems.
However, Labour MP Nigel Griffiths said that some customers who had a largely unblemished credit record were unfairly targeted and sought a meeting with the company.
He told BBC Radio 4's Today programme how he had been inundated by letters from Egg customers on this point saying complainants included doctors and those at the high end of the earning spectrum.
"One I received yesterday was from someone in the City who said last year he made £1 million and he's got £100,000 worth of shares in the Citibank group that owns Egg and he's absolutely outraged, was the word he used, that he should be told he's any sort of credit risk," he explained.
"These people then go on to spend £10, £20, £30 to check with Experian or one of the credit card groups to find out they're a triple A rating, ie - that they're no risk at all."
"Egg has got a lot of explaining to do," he went on, adding: "Egg's job now is to prove to us that they've got an honest intention in this."
The credit card company has so far refused to reinstate customers, claiming that it is simply trying to limit its risk.
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