Is Paypal becoming the internet’s “Thought Police?”
KEY TAKEAWAYS
- A credit score is a number that depicts a consumer’s creditworthiness. FICO scores range from 300 to 850.
- Factors used to calculate your credit score include repayment history, types of loans, length of credit history, debt utilization, and whether you’ve applied for new accounts.
- A credit score plays a key role in a lender’s decision to offer credit and for what terms.
- The three main U.S. credit bureaus (Equifax, Experian, and TransUnion) may each calculate your FICO score differently.
Next time you’re clicking through one of those impossibly long and impenetrable legal disclaimers to a company’s terms of service, it may be time to look closer.
A new policy in PayPal’s fine print triggered a storm of outrage over apparent plans to impose, starting on Nov. 3, a hefty fine of $2,500 any time one of its 429 million consumers and merchants expressed what the corporate brass deems to be misinformation.
PayPal quickly apologized over the weekend for what it called “confusion,” claiming it was all just an error but not before a deluge of criticism from several high-profile individuals—including its former president, David Marcus.
Marcus took to Twitter to say the new Acceptable Use Policy (AUP) was an “insanity” that forced him to come forward and criticize his previous employer, where he worked for three years from 2011 after former PayPal owner eBay acquired a company he founded and joined it with the payments service.
“PayPal’s new AUP goes against everything I believe in,” he posted on Saturday. “A private company now gets to decide to take your money if you say something they disagree with.”
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