Defend Your Dollars: Share this site! We support reforms to the financial marketplace to curb bad practices by banks and lenders.

CFPB Answers Our Letter About Possible CARD Act Violations at Schools

We recently told you about our investigation into whether colleges and universities with credit card marketing agreements were making their agreements available to the public.  Using information from the CFPB’s college credit card database, we contacted 10 schools with the largest active account volume that did not post their agreements or offer guidance for how Continue Reading

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

President Calls for “Student Aid Bill of Rights”

If you’ve got student loans, you know how complex and overwhelming the financial aid system can be – and how tough it is to navigate your way to the best options for paying for college.  Luckily, the President appears to be stepping up efforts to stop the madness. Yesterday, the Obama Administration announced a sweeping Continue Reading

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

Big Win for Consumers! Top Credit Bureaus to Improve Accuracy

It’s time for consumer advocates to take a much-deserved bow: after years of pressure, the top three credit bureaus have finally agreed to take real steps to improve credit reporting accuracy. Today, New York State Attorney General Eric T. Schneiderman’s office announced a settlement with Equifax, Experian, and TransUnion.  The three major credit bureaus have agreed Continue Reading

Posted by Maureen Mahoney in Credit | Comments Off

Leader of Mortgage Relief Scam Gets 24 Year Prison Sentence

Over the years, Consumers Union has spoken to countless homeowners who were duped by fraud artists who promised to rescue them from losing their homes to foreclosure.  Their stories are heartbreaking of how the scam artists preyed upon their desperate situation, took their money, and left them worse off. That’s why it is very good Continue Reading

Posted by Norma Garcia in Banking, Mortgages, Uncategorized | Comments Off

CU Says Colleges May Be Violating CARD Act; Will Colleges Respond?

In the 2000s, colleges and credit card companies got a lot of flack for entering into agreements to aggressively market credit cards to students on campus.  After the 2008 financial collapse, Congress passed the CARD Act – which, among other things, requires all schools with credit card agreements to make them available to the public. Continue Reading

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

More Millenials Still Living with Parents – Thanks to Student Debt

Things are supposed to be looking up these days – more jobs and economic growth are good news, right?  But there’s still a huge problem facing “millenials,” or people aged 25 to 34: student debt is making it harder for them to scrape together enough money to move out of the family basement. The New Continue Reading

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

Feds Get $480 Million in Relief for Corinthian College Students

This week brought big news for students who’ve attended the infamous Corinthian Colleges, which operate under the names Heald, WyoTech and Everest.  The Consumer Financial Protection Bureau (CFPB) and the Department of Education announced a $480 million deal with ECMC, the company that’s buying up several Corinthian campuses, to bring immediate relief to past and Continue Reading

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

Subprime Credit Card Company Ordered to Return Millions

Continental Finance Company, a company that markets credit cards to folks with dinged-up credit, agreed today to refund an estimated $2.7 million to tens of thousands of customers to compensate them for illegal fees and charges, according to a consent order Continental signed with the Consumer Financial Protection Bureau (CFPB). Continental credit cards carried annual Continue Reading

Posted by Christina Tetreault in CFPB, Credit, Credit Cards | Comments Off

Have You Received Your Free FICO Score?

Consumers are finally seeing substantial progress in the credit score market. They’ve long faced real challenges in getting the same credit score that their banks and lenders purchased when making lending decisions about them. But over the past year, millions of Americans have gained access to free, reliable credit scores. Recently, President Obama announced that more Continue Reading

Posted by Maureen Mahoney in CFPB, Credit, Credit Cards, Credit Reports | Comments Off

Thinking About a Reverse Mortgage? Californians Get New Protections in 2015

Wondering if a reverse mortgage is right for you?  Reverse mortgages are home loans that allow eligible homeowners, 62 years of age or older, to tap into their home equity.  While that friendly reverse mortgage salesperson can be helpful, the Consumer Financial Protection Bureau (CFPB) says you should not rely only on the advice you Continue Reading

Posted by Norma Garcia in CFPB, Credit, Mortgages, Reverse mortgages | Comments Off