Backdating in pros and cons of dating older man
There are a number of theories on why American Express made this change (something to do with trying to keep Costco cardholders – which makes little to no sense to me).
The most likely reason is that they were either receiving pressure from regulators, consumer reporting agencies or even other financial institutions.
That being said, I now have multiple reports from readers who’s cards have reported to the credit bureaus after this March 21st, 2015 date and they have all stated that their cards were not backdated to their original member since date.
The value of the data found in credit reports is dependent on their accuracy (which is kind of scary given that one in five people’s reports could contain errors that cause them not to be extended credit), obviously American Express reporting a date other than the actual opening date isn’t accurate so you can see why companies would want this change made.
This is a bit of a nuisance as opening a new American Express card was always an easy way to boost your average age of accounts for those that had a long history with American Express.
But even if there is no crime committed (for example, if the backdating was accidental so that there was no (“not my deed”) or the rule in Pigot’s Case such that in the eyes of the courts, the document is treated as though it does not exist.
However, such doctrines are normally limited to situations where one party backdates the contract without the knowledge or consent of the other.