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Outsmarting Thieves: Cutting Theft with a Smartphone Kill Switch  

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Smartphone thefts are out of control.  According to San Francisco’s District Attorney, such theft is a major problem in big cities—over fifty percent of the robberies committed in San Francisco, for example, are of mobile devices. How to remedy this? If you want to outsmart a thief, you have to think like one.  How do Continue Reading

Posted by Norma Garcia in Mobile, Privacy, Uncategorized | No Comments »

CFPB Working for You: Helping Young People Make Smart Financial Decisions

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It’s back to school time, and parents and kids are gearing up for a new year. But while kids may be getting great instruction in math, science, and writing at school, they don’t usually learn basic skills like how to manage a checking account or credit card. As the Consumer Financial Protection Bureau (CFPB) points Continue Reading

Posted by Maureen Mahoney in Banking, CFPB | No Comments »

CFPB Targets Auto Lender for False Credit Reports

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An estimated one out of every five Americans has a mistake on one of their credit reports, which have sadly become an all-too-frequent occurrence for consumers. But the Consumer Financial Protection Bureau (CFPB) is working to change that: it’s rebuking an auto lender for reporting faulty information to the credit bureaus for years. On Wednesday, the Continue Reading

Posted by Maureen Mahoney in CFPB, Credit, Credit Reports | 1 Comment »

UPS Ooops?! New Data Breaches Announced

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What You Should Do Now If Your Data Was Compromised Hot on the heels of the hospital security breach we commented on yesterday, shipper United Parcel Service (UPS) today announced that customers data – including credit and debit card numbers, and email and postal addresses  - was stolen from as many as 50 UPS stores. Continue Reading

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

Banks Fight Claims They Have “Secretive” Contracts with College Campuses

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Are you or someone you know preparing to go to college?  If so, you many find banks and other financial firms offering you student accounts for getting your financial aid or managing your money.   That’s because more and more colleges are entering into agreements with these firms to sell products to students on campus. The Continue Reading

Posted by Suzanne Martindale in Banking, Payments, Prepaid Cards, Student Loans | No Comments »

CFPB Working for You: New Report Shows How Overdraft Fees are like a 17000% APR Loan

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Consumers have made it clear: they’re fed up with overdraft fees. Unreasonable and high overdraft fees can be disastrous for consumers like James of Aliquippa, PA, who wrote to us: “[M]y bank has charged me in overdraft fees roughly $5,122.00 over the last 24 months . . .These are strictly overdraft fees charged by the Continue Reading

Posted by Maureen Mahoney in Banking, CFPB | No Comments »

Victory for Consumers! FICO Agrees to Ignore Paid Medical Debt in New Credit Score

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Finally, good news for consumers who have seen their credit scores plummet after an unexpected health crisis! The Fair Isaac Company (FICO) will not use any paid or settled debt in collections when calculating its new credit score model. And it will weigh unpaid medical debt in collections less in these scores than other types of debt that have gone Continue Reading

Posted by Maureen Mahoney in Credit Reports | No Comments »

CFPB Warns Consumers About Bitcoin and other Virtual Currencies

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Last June we wrote about how the CFPB would be paying closer attention to virtual currencies.  Today the CFPB issued a warning for consumers about risks of virtual currencies, such as Bitcoin, XRP, and Dogecoin.  The CFPB says consumers should be aware of potential risks with virtual currencies such as unclear costs, volatile exchange rates, the Continue Reading

Posted by Norma Garcia in CFPB, Payments, Uncategorized | No Comments »

CFPB Working For You: Empowering Low-Income Consumers

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It’s not unusual to feel bewildered when faced with complicated banking fee policies or pages of fine print when you’re trying to get a loan. Many consumers worry that they don’t have enough financial savvy to reach their goals. We’ve heard from frustrated consumers like Yolia of Washington, DC, who told us that money concerns Continue Reading

Posted by Maureen Mahoney in Banking, CFPB | No Comments »

Some Californians’ Prepaid Cards Getting New Legal Protections

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Is it a sign of good things to come from the CFPB? Some California consumers receiving child support deposited to prepaid cards are getting new protections thanks to a bill recently signed by California Governor Jerry Brown. For some consumers, a California state agency collects child support then directs it to the recipient’s account. AB Continue Reading

Posted by Christina Tetreault in Government Issued Cards, Payments, Prepaid Cards, Uncategorized | No Comments »