After years of debate the bankruptcy bill looks to finally be on its way to becoming law, much to the delight of credit card lenders that have seen high delinquencies and chargeoffs-due in equal parts to the recession and anticipation of the bankruptcy bill's passage.
But at least one lender has found a way to trim credit-related attrition without the help of legislation, and in the subprime market no less. The lender is Midwest Cards, which has used a product called Appro to reduce attrition among its riskiest customers by two-thirds by keeping track of changes in their payment patterns in real time. The product has also allowed the lender to cherry-pick customers …
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