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(Plain Dealer file)
CLEVELAND, Ohio -- Many people get nostalgic with the start of a new year. It's a time to look back. This week, I'm looking back more than a year -- I'm looking back over a couple of decades to see how much things have changed when it comes to our money and our financial information.
For those who've been following our coverage of unexplained data overages among Verizon customers, I'm eagerly awaiting the day when wireless companies must spell out on your bill the exact websites or phone apps you used that consumed data. That day will come.
For now, I'll take comfort in remembering the progress we've made in recent years. Remember when:
- Our Social Security numbers appeared on our pay stubs.
- You couldn't get your credit score no matter how much you paid or begged. (FICO creator Fair Isaac Corp. in March 2000 even took action against an online lender, E-Loan, after E-Loan provided applicants with their credit scores.)
- You could get refinance mortgages for 125 percent of your home's value.
- You had to pay $4.95 a month to your bank for online bill payment connected to your checking account.
- People didn't realize how dangerous debit cards can be.
- Credit card companies could raise your interest rate on existing balances for absolutely no reason except that they wanted to make money.
- Banks didn't have to give homebuyers a simple disclosure form that spelled out the interest rate and costs of their proposed mortgage within three business days after they applied for the loan. And banks didn't have to provide another disclosure of final terms three days before closing -- not the day of. (These changes occurred just 15 months ago.)
- You had to have your Social Security number on your driver license or bring your Social Security card with you when conducting business at the BMV.
- You couldn't access your checking or debit card statements online.
- You had to pay about $8 if you ever wanted a copy of your credit report before federal law mandated free credit reports once a year.
- You had to go to a bank to deposit a check -- you couldn't deposit checks via your cell phone in about 60 seconds.
- Credit card companies could charge you a late fee if your payment hadn't arrived by 8 a.m. on the due date.
- You couldn't get your bank to issue you an ATM-only card if you didn't want a debit card with the MasterCard or Visa logo.
- You could get approved for a mortgage without having a job or other documentable income.
- It took four or five days or longer for a check to clear your bank.
- You couldn't temporarily freeze your credit or debit card if you misplaced it, and then unfreeze it just as easily.
- A good interest rate for a mortgage was 10 percent.
- 18 year olds with no job could get credit cards with big spending limits.
- A bank's go-to secret question for you was your mother's maiden name.
- Banks weren't allowed to own real estate title companies or invest in mortgage investments.
- You got hit with a fee -- maybe $30 or more -- if you tried to make a purchase that exceeded your credit card spending limit. It didn't matter whether the charge went through or not. Bam! $30 for trying. This still stuns me.
Murray is The Plain Dealer's personal finance writer. Because of the volume of requests, she cannot help everyone who contacts her.
To reach her: moneymatters@plaind.com
On Facebook: MurrayMoneyMatters
On Twitter: @teresamurray
Previous columns online: cleveland.com/moneymatt