Defend Your Dollars

Credit

Consumers can get stung by high interest credit cards and predatory lending practices. Find out what to look out for and what we’re doing to protect consumers.

Subtopics of Credit

Credit Cards

• Post: Pew Study: Consumers At Risk From “Business” Credit Cards
  Posted 05/20/11 at 9:22 am
• Post: CARD Act’s 1 Year Anniversary
  Posted 02/22/11 at 3:40 pm
• Press Release: Credit card law marks one year anniversary on Feb 22
  Posted 02/17/11 at 8:59 am

Credit Reports

• Press Release: CFPB Seeks Oversight of Debt Collectors, Credit Bureaus
  Posted 02/16/12 at 2:01 pm
• Press Release: Consumers Union: Get your free credit report
  Posted 01/25/12 at 9:48 pm
• Document: How to Get Your Free Credit Report
  Posted 01/24/12 at 7:09 am

Debt Collection

• Press Release: CFPB Seeks Oversight of Debt Collectors, Credit Bureaus
  Posted 02/16/12 at 2:01 pm
• Post: FTC Turns up the Heat on Debt Buyers
  Posted 02/01/12 at 11:07 am
• Press Release: FTC announces $2.5 million fine for unfair debt collection practices
  Posted 01/30/12 at 3:29 pm

Debt Relief

• Document: Consumers Union and the National Consumer Law Center’s Model Debt Settlement Law for States
  Posted 01/25/11 at 2:46 pm
• Post: Advance Fees For Debt Settlement Will Be Prohibited
  Posted 10/25/10 at 11:51 am
• Press Release: Advance fees for debt settlement will be prohibited
  Posted 10/21/10 at 10:23 am

Mortgages

• Press Release: CU Urges California Lawmakers To Protect Homeowners From Foreclosure Abuses
  Posted 04/12/12 at 3:04 am
• Press Release: CFPB’s draft rules for mortgage servicers would help consumers avoid foreclosure
  Posted 04/11/12 at 12:30 am
• Post: Consumer Beware: Scams Related to the National Mortgage Settlement
  Posted 02/27/12 at 10:59 am

Student Loans

• Post: Bill To Extend Student Loan Rate Cap Blocked
  Posted 05/09/12 at 1:07 pm
• Document: CU urges Senate to pass student loan rate cap extension
  Posted 05/08/12 at 8:31 am
• Document: Factsheet: Don’t Double the Rate on Stafford Loans
  Posted 04/27/12 at 11:03 am

Publications

• Dept. of Ed. Releases Forms for PubIic Service Loan Forgiveness Program
  Posted 02/16/12 at 11:17 am

  On January 31, 2012, the U.S. Department of Education released important new information about how student loan borrowers can certify that they are on track toward qualifying for the Public Service Loan Forgiveness Program (PSLF).   The PSLF website now includes an “employer certification” form, to help borrowers make sure that they are meeting the Department’s requirements to qualify for PSLF. Continue Reading

Press Releases

• FTC announces $2.5 million fine for unfair debt collection practices
  Posted 01/30/12 at 3:29 pm

  The Federal Trade Commission announced a $2.5 million fine against one of the largest debt buyers in the country for using deceptive practices to collect old debts. ConsumersUnion, the nonprofit advocacy arm of Consumer Reports, applauded the FTC’s action but noted that new reforms are needed to protect consumers from unfair debt collection abuses.

• Consumers Union: Get your free credit report
  Posted 01/25/12 at 9:48 pm

  New web page helps consumers get free credit reports, avoid imposter sites

Blog Posts

• Colleges Confuse Students with Financial “Aid” Letters
  Posted 04/24/12 at 12:06 pm

  Students and their families across the country are currently making big decisions about where to go to college.  But as many high school seniors face a May 1 deadline to decide, families are struggling to understand college financial aid letters, which can be murky and confusing.  Yesterday, Bloomberg News reported that many families are receiving confusing Continue Reading

• Why Student Loan Debt Matters…To The Economy
  Posted 04/10/12 at 1:44 am

  This past weekend, the San Francisco Chronicle highlighted the harsh realities of student loan debt – and how it impacts the nation’s economic recovery:  “In her 20s, Connie Swain shelled out a lot of money to a private vocational school to learn computer skills, relying on student loans for tuition and expenses. ‘I was young Continue Reading

• Student Loans Burden Older Americans, Too
  Posted 04/02/12 at 2:45 pm

  Think it’s only 22-year-olds who are stressed out about student loans?  Think again. The Washington Post reported yesterday that older Americans, including senior citizens, are also bearing the burden of student loans.  Americans 60 and older still owe about $36 billion in student loans – and more than 10 percent of those loans are delinquent. As a result, it is Continue Reading

• Student Loan Borrowers Struggle to Understand Loan Terms
  Posted 03/22/12 at 11:30 am

  More and more, students and their families are turning to student loans to finance the ever-rising costs of higher education.  According to the Wall Street Journal, new estimates from the CFPB put total outstanding student debt at over $1 trillion. However, student loan borrowers are finding that the consequences of taking out these loans is Continue Reading

• Fed Study Shows Student Debt Burdens Growing
  Posted 03/06/12 at 11:29 am

  Yesterday, the New York Times reported that a new study from the Federal Reserve Bank of New York illustrates the increasing burdens student loan borrowers face.     According to the report, from the second to third quarter of 2011 alone, total outstanding student loans grew 2.1 percent - from $852 billion to $870 billion. Over the same time period, other types of Continue Reading

• $25 Billion Mortgage Deal Is A “Down Payment”
  Posted 02/09/12 at 3:06 pm

  $25 Billion Mortgage Deal Is A “Down Payment” on Helping Struggling Homeowners and Holding Banks Accountable Thorough Investigation of Bank’s Role In Nation’s Financial Collapse Still Needed The U.S. Department of Justice and Attorneys General from 49 states announced a$25 billion settlement today with five major banks in the country to settle allegations of fraudulent robo-signing of Continue Reading

• Bankruptcy Lawyers: Student Loans May Be the Next “Debt Bomb”
  Posted 02/07/12 at 4:04 pm

  With outstanding student loans topping $1 trillion – now surpassing credit card debt – and few options for relief, yet another group of experts is weighing in to warn of a student loan crisis.  The National Association of Consumer Bankruptcy Attorneys just released a survey and a report showing that bankruptcy lawyers are seeing a Continue Reading

• FTC Turns up the Heat on Debt Buyers
  Posted 02/01/12 at 11:07 am

  It’s been a bad week for the debt collection industry.  The widespread practice of using ”robo-signed” affidavits in debt collection lawsuits is getting increased scrutiny in the courts, according to the American Banker.  But that’s not the half of it – now the federal government is intensifying its focus on the most infamous players in the industry – the debt Continue Reading

• President Obama Lays Blueprint for Keeping College Affordable
  Posted 01/30/12 at 1:39 pm

  President Obama stopped by the University of Michigan on Friday to announce a comprehensive plan to rein in the skyrocketing costs of going to college.    The plan includes key reforms to reduce the need for costly student loans.  Relief from high student debt loads is clearly needed – student loan debt in the U.S. Continue Reading

• New details announced on Obama’s mortgage crisis investigation
  Posted 01/27/12 at 11:46 am

  In his State of the Union Address on Tuesday, President Obama announced the creation of a special new joint federal-state Task Force charged with investigating the mortgage crisis and the resulting damage to homeowners and investors.  The Task Force is known as the Residential Mortgage-Backed Securities Working Group.  President Obama announced that New York Attorney Continue Reading