[caption id="attachment_1263" align="aligncenter" width="500" caption=" "]Photo by Silver 7 Photography[/caption]

It's been a long nine months since the CARD Act was signed into law, but the wait is finally over. Today is the day! The Credit Card Accountability and Disclosure Act of 2009 is now officially in effect.

Unfortunately, there's nothing really new and exciting to talk about. Everyone, including myself, has beaten this topic to death for almost a year now. However, I just couldn't let the day pass by without at least mentioning the significance of the new rules taking effect.

] What would you do for a whopping $1.00 of new credit from your credit card issuer? Hmmmmm...let me see—nothing? You certainly wouldn't agree to move old charged-off debt to a new credit card just so you could start making payments and paying interest again, right? That would be absurd! That is, unless you were tricked into doing so.

Photo by Andres Rueda[/caption] It's always annoyed me that we can't pay our taxes with a credit card for free. I mean, come on—it's 2010, and I still have to cut a check or set up a direct debit to the IRS each year. It just seems so old fashioned. I would much rather use my credit card to pay online, rack up rewards points, and enjoy having an extra 30 days or so before coughing up the cash to pay my balance in full. Wouldn't you?

Photo by Photos8.com 2010 already looks like it's shaping up to be the year of ever-expanding fees for credit cardholders. While legislators are still celebrating and patting themselves on the back for passing the CARD Act of 2009, consumers, on the other hand, haven't experienced much to be happy about at all. Credit limits continue to get slashed, interest rates are on rise, and credit issuers are resurrecting old fees or adding new ones in an effort to recapture lost profits.

[caption id="attachment_1107" align="alignleft" width="207" caption=" "]Photo by dbking[/caption]

It's been ten months since I first wrote about Experian ending it's partnership with Fair Isaac. Since then, consumers have been unable to purchase their FICO scores based on Experian's data, while lenders' access to the scores has remain unchanged.

The fact that individuals can only purchase two of their FICO credit scores while lenders can still access all three has not only outraged consumers across the country, but also many consumer advocacy groups and representatives in Congress. If any credit bureau wants to sell their credit scores to lenders, consumers should have the ability to purchase those same scores too. It's only fair, right?  There needs to be a level playing field between consumers and creditors.