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

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 »

CFPB Defends Troops Against Predatory Lenders

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More proof that the CFPB is standing up for consumers: the CFPB has permanently stopped a lender that has been preying on soldiers and trying to evade regulators for years. The CFPB, along with 13 state attorneys general, took action against Colfax Capital Corporation and Culver Capital LLC, together called “Rome Finance,” for tricking servicemembers and other consumers Continue Reading

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

Prepaid Card or Pawn Complaint? The CFPB Is Ready to Help

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Since it began accepting consumer complaints in July 2011, the Consumer Financial Protection Bureau (CFPB) has helped hundreds of thousands of consumers resolve issues with loans, bank accounts, and other financial products. Now, it’s ready to help consumers with prepaid cards and non-bank financial products, such as pawn and car title loans, and credit repair Continue Reading

Posted by Christina Tetreault in Debt Relief, Prepaid Cards, Uncategorized | No Comments »

New Animated Video Series Helps Consumers Facing Debt Collection Lawsuits

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By Guest Blogger Marc Priester The debt collection industry has come under fire in recent years for using strong-arm tactics to get people to pay debts – whether they actually owe them or not.  Sometimes it’s the excessive phone calls and illegal threats.  In other cases, debt collectors use the court system to ratchet up the pressure. Last Continue Reading

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

Tackling Mortgage Problems: CFPB on Your Side

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Although foreclosures in the United States are down, many consumers seeking relief still have serious problems with their mortgage lenders and loan servicers. If you are a struggling homeowner and can’t get help from your bank or loan servicer, get the CFPB on your side.  The consumer protection agency, which celebrates it anniversary this week, is actively Continue Reading

Posted by Norma Garcia in CFPB, Credit, Mortgages | No Comments »

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 »