We support reforms to the financial marketplace to curb bad practices by banks and lenders.
Having a good credit score is more important than ever for consumers. Credit scores are used by many lenders when deciding whether to offer a mortgage, auto, credit card, or any other type of loan. Apartment rental companies and, in some states, insurance companies, will check credit scores as well. Still, a new survey, conducted Continue Reading
May
21
New Survey Points to Gaps in Knowledge about Credit Scores
Posted by Maureen Mahoney in Credit, Credit Reports
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May
17
Payday Loan Industry Needs Strong CFPB Oversight
Payday loans – the short-term loans with high fees that function as an advance on one’s paycheck – are a highly controversial financial product. While consumers easily can obtain these loans at a storefront lender or online, they can be very difficult to repay. Since many of the applicants aren’t able to repay the loans Continue Reading
Posted by Maureen Mahoney in CFPB, Credit
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May
17
CFPB en Español–New Spanish Language Website Launched
Good news this week from the U.S. Consumer Financial Protection Bureau (CFPB). The agency has just launched a Spanish language website which is a major development given the importance of the agency’s mission and its commitment to reaching out to all consumers. Given the growing number of Spanish speaking consumers in the U.S. and the Continue Reading
Posted by Norma Garcia in Banking, CFPB
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May
09
California AG Sues Chase for “Robo-Signing” in Debt Collection Cases
Today, the California Attorney General announced a lawsuit against JPMorgan Chase, the nation’s biggest bank, over its debt collection practices. The suit alleges that Chase engaged in widespread, illegal robo-signing, among other unlawful practices, to commit debt-collection abuses against approximately 100,000 California credit card borrowers over at least a three-year period. The AG claims that Continue Reading
Posted by Suzanne Martindale in Credit, Debt Collection
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May
09
CFPB, Senator Warren Urge Student Loan Reforms
This week, a new report by the Consumer Financial Protection Bureau found that student loan debt is having a long term damaging “domino effect” on the economy by making it even more difficult for young adults to purchase their first home, start a small business, and save for retirement. The report identifies a number Continue Reading
Posted by Suzanne Martindale in Credit, Student Loans
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4 Comments »
May
06
Help Protect Consumers from Credit Reporting Industry Abuses
It’s likely that many of our readers have tried to obtain a “free” credit score from one of the ubiquitous websites that market them, but discovered later that they inadvertently signed up for a credit monitoring service that automatically bills their credit or debit card each month. One soldier currently serving in Afghanistan recently fell Continue Reading
Posted by Maureen Mahoney in CFPB, Credit Reports
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May
06
CFPB Town Hall: Student Loans UPDATED
The Consumer Financial Protection Bureau is hosting a town hall on student loans. The hearing will take place on Wednesday, May 8 at 6 p.m. EDT (Eastern Daylight Time) in Miami-Dade County, Florida. The CFPB will confirm and announce the venue soon. The hearing will be held at: Miami Dade College Wolfson Campus Chapman Center, Room 3210 300 Continue Reading
Posted by Tim in CFPB
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Apr
25
Cordray Confirmation Needed to Improve Credit Reporting
Credit report errors have long plagued consumers, many of whom diligently work to establish a solid credit history, only to find their efforts derailed due to mistakes made by creditors or the credit reporting agencies (CRAs). These lapses have the potential to be truly damaging as more and more companies — from auto, mortgage, and Continue Reading
Posted by Maureen Mahoney in CFPB, Credit Reports
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Apr
19
Most Victims of Bank Wrongdoing Will Get $1000 or Less Under Settlement
Last week the Wall Street Journal reported some sobering news: The vast majority of borrowers being compensated for mortgage related abuses will get $1,000 or less, under a $9.3 billion dollar settlement between the U.S. and banks. If that were not bad enough, yesterday the New York Times reported that homeowners trying to cash their Continue Reading
Posted by Norma Garcia in Banking, Credit, Debt Relief, Mortgages
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Apr
18
Student Debt Fastest-Growing for Consumers Over 60
This week, the Chronicle of Education reported that older consumers are increasingly struggling with student loan debt. Many of these older borrowers thought they could increase their chances of getting decent jobs by earning an advanced degree later in life, but are struggling to make ends meet instead. In fact, according to data from the Continue Reading
Posted by Suzanne Martindale in Credit, Student Loans
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1 Comment »
