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Sham Alert: CFPB Sues to Stop Business “Built on Duping Consumers”

A red-hot Consumer Financial Protection Bureau (CFPB) is taking on another bad actor. The latest: a lawsuit against a company that allegedly tricks consumers into signing-up for what they may think is a use-anywhere credit card but is in fact a paper membership card that can only be used to buy from the company, Union Continue Reading

Posted by Christina Tetreault in CFPB, Credit, Credit Cards | No Comments »

CU and Others Urge Feds to Protect Students During Sale of For-Profit College Campuses

Corinthian Colleges, the for-profit college chain that operates Heald, Everest and WyoTech campuses, has made the headlines a lot lately for their financial troubles and questionable college programs – not to mention being sued by the CFPB recently for its student loan practices.  Now they’re poised to sell 56 of their failing campuses – but Continue Reading

Posted by Suzanne Martindale in Credit, Student Loans | No Comments »

CFPB Sues Sprint for Mobile “Cramming” Charges

Sprint customers, rejoice:  if you’ve been getting annoying little charges on your mobile phone bill, for stuff you didn’t ask for, you may be getting relief.  Today, the Consumer Financial Protection Bureau (CFPB) announced that it’s suing Sprint for illegally billing wireless consumers tens of millions of dollars in unauthorized third-party charges. According to the Continue Reading

Posted by Suzanne Martindale in Mobile, Payments | No Comments »

CFPB Says Medical Debt Scars One in Every Five Credit Reports

The Consumer Financial Protection Bureau has unveiled some surprising new numbers in its latest report on medical debt: one out of every five credit reports is harmed by medical debt that’s considered past due, and medical debt accounts for about half of all debt in collections. Making matters worse, there are no uniform standards for Continue Reading

Posted by Maureen Mahoney in CFPB, Credit Reports | No Comments »

CFPB Takes Action to Shut Down Illegal Student “Debt Relief” Scams

Big news today from the CFPB! – they are putting an end to two student “debt relief” scams that illegally tricked borrowers into paying upfront fees for federal loan benefits. The CFPB, in a joint filing with Florida’s Attorney General, shut down student debt relief company College Education Services and separately filed a lawsuit against Student Loan Continue Reading

Posted by Suzanne Martindale in CFPB, Credit, Student Loans | No Comments »

Tis the Season for Giving or Getting Gift Cards – What You Need to Know

From a few dollars on a piece of plastic to hundreds of dollars sent via an email, text message or mobile app, gift cards are popular presents this time of year. So popular, in fact, that 85% of shoppers plan to give at least one gift card this year. But did you know that while Continue Reading

Posted by Christina Tetreault in Gift Cards, Payments | Comments Off

$22 Million Refund for Victims of Credit Score “Gotchas”

Some much-needed relief is in store for consumers who have fallen for “free” credit score come-ons. On Thursday, the Federal Trade Commission (FTC)  announced that it, along with the Ohio and Illinois Attorneys General, would require three companies to give $22 million back to consumers for allegedly misleading them into signing up for credit monitoring services Continue Reading

Posted by Maureen Mahoney in Credit Reports | Comments Off

New Payment Cards Are Ahead

SF’s District Attorney Launches a Program to Make Sure Everyone’s Ready San Francisco’s District Attorney George Gascón wants to make sure that consumers and businesses understand smart card (sometimes called EMV or chip) payment technology. Consumers are vulnerable to fraud because crooks have learned how to outwit traditional credit and debit card security systems, and steal Continue Reading

Posted by Christina Tetreault in Credit Cards, Payments, Privacy, Security Breaches | Comments Off

Deputy Treasury Secretary calls for better student loan servicing

Student loan borrowers know all too well how tough it can be to get information or resolve issues with servicers that manage their loans after they leave school. Turns out, the Treasury Department is listening. In a speech given last week at the annual National Consumer Law Center conference, Deputy Treasury Secretary Sarah Bloom Raskin Continue Reading

Posted by Suzanne Martindale in Credit, Student Loans | Comments Off

Consumer Reports Releases 2014 Prepaid Card Ratings

Prepaid cards have rapidly become essential plastic. General purpose reloadable prepaid cards look and work like bank debit cards except no bank is required. Moreover, prepaid cards do not come with the federal consumer protections that consumers with bank debit cards enjoy. But consumers are choosing prepaid cards in ever growing numbers. Today, these cards are Continue Reading

Posted by Christina Tetreault in Payments, Prepaid Cards | Comments Off