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$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 | No Comments »

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 | No Comments »

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 | No Comments »

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 | No Comments »

Debt Collectors Descend Upon Seniors–Thousands Complain to the CFPB

It seems like seniors are constantly being bombarded by products and practices that try to separate them from their money.  If it’s not another pitch for a reverse mortgage or an insurance product they might not need, it could be a phony debt collector trying to scare someone into paying for a debt they do Continue Reading

Posted by Norma Garcia in CFPB, Debt Collection, Seniors, Uncategorized | No Comments »

AmEx Initiative Is Trying To Make Mobile Payments More Secure

American Express today announced the creation of American Express Token Service, to help card issuers, retailers and others in payments to support tokenization, a more secure mobile payment technology. In payments, a token is a bunch of numbers that stand in for a consumer’s payment account information. When tokenization is in place, the token – Continue Reading

Posted by Christina Tetreault in Mobile, Payments, Security Breaches | No Comments »

Free FICO scores on the way for Citi cardholders

Great news for those of you with Citi credit cards: starting in January, Citigroup will begin giving its credit card customers a free FICO score – the very same one Citi uses to set interest rates. This will give consumers free access to an important tool to better manage their credit. Keeping a good credit Continue Reading

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

Executive Order Puts Federal Government Ahead Of Many Banks And Retailers In Moving to Chip and PIN

In response to the spate recent data breaches – Home Depot, Kmart and Dairy Queen have all reported breaches in the last month alone – President Obama announced a series of initiatives to improve consumer security on Friday. From a payments safety perspective, the most important is the Executive Order (EO) directing the federal government Continue Reading

Posted by Christina Tetreault in Uncategorized | No Comments »

CFPB Working for You: Student Loan Help for Volunteers

Do you dream of serving your country as a Peace Corps volunteer, but are worried that you won’t be able to pay back your student loans? The Consumer Financial Protection Bureau (CFPB) is here to help. About a quarter of American workers are involved in public service. Many of them have joined the military, volunteered Continue Reading

Posted by Maureen Mahoney in CFPB, Student Loans | No Comments »

Out For Their Piece Of The Pie?

The Most Important Thing You Need To Know About Apple Pay (And Any Other Mobile Wallet) American consumers make 73 payments a month, on average – and Apple, maker of the uber-popular iPhone, wants a piece of the action. That’s why Apple is launching its own mobile wallet Apple Pay on Monday October 20. Apple Continue Reading

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