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CFPB Is Helping Consumers Check Their Specialty Credit Reports

Most consumers know that they can check their credit reports with the “big three” credit bureaus, Experian, Equifax, and TransUnion, once a year, for free, at annualcreditreport.com. But, there are dozens more companies that may collect and report important information about you – and it’s important to check those reports, too. (Note that these specialty agencies aren’t Continue Reading

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

“Big 3” Credit Bureaus Settle With 31 States Over Credit Reporting Mistakes

The top credit reporting agencies are going to have to pay up for their credit reporting mistakes! On Wednesday, 31 state attorneys general announced a settlement with Experian, Equifax, and TransUnion over credit reporting errors. Not only will they have to pay $6 million to the states, they will also have to take important steps to reduce errors. The Continue Reading

Posted by Maureen Mahoney in Credit, Credit Reports | No Comments »
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PayPal Behaving Badly?

CFPB Files Complaint Alleging Unfair, Deceptive and Abusive Practices   PayPal enrolled people in its credit program, known as Pay Pal Credit (formerly Bill Me Later), without their permission,  forced customers to use PayPal Credit even when they indicated they wanted to pay another way, failed to properly process payments, refused to honor and apply Continue Reading

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

Judge’s Ruling Finds Bank Misconduct in ’08 Crash

Last week there was an important court ruling against two banks from the Federal District Court in Manhattan related to the impact and role of the sales of securities backed by faulty mortgages in the housing crash of 2008.  The New York Times reported on this development. To give the ruling some context, recall that Continue Reading

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

Victory! Dept of Ed Proposes Tough New Rules for Campus Banking Products

Good news for college students! Today, the Department of Education announced proposed regulations to crack down on aggressive marketing practices and high fees associated with campus banking products. These accounts can be aggressively pushed onto students as the “preferred” option for receiving financial aid and managing money, only to end up nickel-and-diming students out of Continue Reading

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

ALERT! Wells Fargo Sued for Allegedly Opening Unauthorized Customer Accounts: 3 Things You Can Do

The Los Angeles City Attorney (Mike Feuer) on Tuesday filed a civil lawsuit against Wells Fargo alleging the bank opened up savings and checking accounts and issued credit cards in customers’ names, without authorization.  The lawsuit further alleges that Wells Fargo failed to inform customers of the alleged misuse of their personal information and did Continue Reading

Posted by Norma Garcia in Banking, CFPB, Credit, Credit Cards, Debt Collection, Privacy | Comments Off on ALERT! Wells Fargo Sued for Allegedly Opening Unauthorized Customer Accounts: 3 Things You Can Do

A Better Day for Mobile Pay? Google Wallet Adds FDIC Insurance

              Good news for consumers who store funds directly in a Google Wallet: your funds are will soon be protected by Federal Deposit Insurance Corporation (FDIC) Insurance, according to press reports. In general terms, deposit insurance makes sure that consumers don’t lose money if the bank where their money Continue Reading

Posted by Christina Tetreault in Banking, CFPB, Mobile, Payments, Prepaid Cards | Comments Off on A Better Day for Mobile Pay? Google Wallet Adds FDIC Insurance

Your Wallet on Four Wheels?

Could the ultimate mobile payment device be your car? Payments Source reports that financial technology providers, payment card networks, banks, car manufacturers and retailers are all thinking about ways to turn cars into wallets. For example, you could – maybe, someday – use your car to order a pizza from Pizza Hut and pay via Visa Checkout. Or Continue Reading

Posted by Christina Tetreault in Mobile, Payments | Comments Off on Your Wallet on Four Wheels?

Alert: Facebook’s New P2P Terms of Service Say You’re On Your Own If Things Don’t Work Out

In March, Facebook announced the launch of a payments feature for its Messenger application. It allows users to send each other money with just a message, just like this image from Facebook’s press release about this new service: In order for the transaction to go through, of course, you have to have money available to Continue Reading

Posted by Christina Tetreault in Banking, Mobile, Payments | Comments Off on Alert: Facebook’s New P2P Terms of Service Say You’re On Your Own If Things Don’t Work Out

FICO’s Plan to Extend Credit Access Could Harm Those it Claims to Aid

We received some concerning news from the credit-scoring company FICO last week. FICO announced the start of a pilot program to introduce a new credit score based on “alternative” data, such as utilities and phone bills. These types of bills typically have been included in consumers’ three major credit reports only when they have been written off or Continue Reading

Posted by Maureen Mahoney in Credit, Credit Reports | Comments Off on FICO’s Plan to Extend Credit Access Could Harm Those it Claims to Aid