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

CFPB Helps Consumer Successfully Resolve Credit Card Debt He Didn’t Owe

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Spanish-language assistance helps veteran with years-long problem in 30 days Higinio, a resident of Trujillo Alto, Puerto Rico, served in the American military for more than three decades. For years, Higinio got letters saying he owed a credit card debt which he had paid off. He said, “I felt powerless trying to solve this problem Continue Reading

Posted by Christina Tetreault in Uncategorized | No Comments »

Let the Consumer Financial Protection Bureau Continue To Do Its Job

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(Cross-posted from Consumer Reports Online in an article by Stephen Saltzman) On July 21, the Consumer Financial Protection Bureau will mark its fourth anniversary. The consumer financial watchdog, created by Congress in the wake of the financial crisis caused by shady mortgage lenders and Wall Street abuses, has done a lot for consumers in just Continue Reading

Posted by Defend Your Dollars in CFPB, Credit Cards, Credit Reports, Debt Collection, Debt Relief, Gift Cards, Mortgages, Payday Loans, Payments, Payroll Cards, Prepaid Cards, Student Loans | No Comments »

CFPB: Fixing Consumers’ Toughest Credit Reporting Issues

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When you find an incorrect item on your credit report, it’s not always easy to get it fixed. Fortunately, consumers have an advocate working hard on their side. For the past three years, the Consumer Financial Protection Bureau (CFPB) has been there to help consumers resolve their problems with financial services providers – from credit Continue Reading

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

CFPB Consumer Stories: Repaying Student Debt

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It’s the Consumer Financial Protection Bureau (CFPB)’s birthday this week – and they sure have been busy lately! As part of its mission to educate consumers about their rights, the CFPB has created some impressive and easy-to-use resources for consumers on a lot of money topics. When it comes to student loans, all too many Continue Reading

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

CFPB Fights Elder Abuse & Senior Scams

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Elder financial abuse is an under-the-radar problem, but one that can have enormous consequences for seniors and their families. According to the Consumer Financial Protection Bureau (CFPB), close to five percent of Americans over 60 were found to suffer from elder financial abuse by a member of their family in one year alone. Financial abuse Continue Reading

Posted by Maureen Mahoney in CFPB | No Comments »

FICO Expands its Free Credit Score Program to More Consumers

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Looks like consumer demand for more access to free credit scores is catching on: last month, Sallie Mae announced that it was joining FICO’s Open Access program, meaning that it will provide a free credit score each quarter to borrowers who take out “Smart Option” private student loans in the 2014-15 school year. According to Continue Reading

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

Watch-out for Student Loan “Help” That Does More Harm Than Good

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Illinois’ AG goes after companies trying to spring the debt settlement trap on student loan borrowers Student loan debt settlement companies’ advertisements say things like, “Your entire student loan can be forgiven” and “Stop wage garnishment.” But according to lawsuits filed today by the Illinois Attorney General, two companies making those claims aren’t helping consumers. Continue Reading

Posted by Christina Tetreault in Credit, Credit Cards, Debt Relief, Mortgages, Student Loans | No Comments »

Operation Choke Point Helps Crack Down on Scammers

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The Department of Justice (DOJ) is finally taking action against banks that allow fraudsters to operate. But the agency’s anti-scam effort is under attack. Under Operation Choke Point (OCP), the DOJ investigates financial services providers, like banks and payment processors, that continue to knowingly honor illegal transactions despite unambiguous signs of fraud. In January 2014, Continue Reading

Posted by Maureen Mahoney in Banking | No Comments »

Senate Dems Press Dept. of Ed. on Student Loan Servicers

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It’s no longer news that consumers with student loans are paying high interest rates and struggling to keep up with the financial burdens of going to college in today’s America.  But loan servicers – the companies that process payments and administer loans once borrowers are repaying them – are coming under increasing scrutiny for failing Continue Reading

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

CFPB Says It’s Going to Watch Out for Consumers’ Digital Assets

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The Wild West of decentralized crypto – also known as digital or virtual –  currencies may be getting a sheriff. As first reported by Bloomberg’s Carter Dougherty, the Consumer Financial Protection Bureau (CFPB) has committed to looking into the consumer protection issues around these protocols. U.S. lawmakers, government agencies and law enforcement have all taken Continue Reading

Posted by Christina Tetreault in CFPB, Payments | No Comments »