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: Ban Deferred Interest Cards, Consumers Union Says in Comments to CFPB
  Posted 02/21/13 at 11:13 am
• Post: Collectors and Lenders Gear Up for CFPB Oversight
  Posted 01/16/13 at 3:56 pm
• Post: New survey compares the comparison sites for credit cards
  Posted 11/01/12 at 1:59 pm

Credit Reports

• Post: Help Protect Service Men and Women from Credit Reporting Industry Abuses
  Posted 05/06/13 at 12:13 pm
• Post: Cordray Confirmation Needed to Improve Credit Reporting
  Posted 04/25/13 at 10:41 am
• Post: Getting the Right Credit Score Isn’t Easy
  Posted 04/17/13 at 9:01 am

Debt Collection

• Post: California AG Sues Chase for “Robo-Signing” in Debt Collection Cases
  Posted 05/09/13 at 2:56 pm
• Press Release: CU Pushes Debt Collection Reforms As FTC Report Highlights Potential Problems For Consumers
  Posted 01/30/13 at 12:15 pm
• Press Release: Debt collection protections needed for consumers
  Posted 10/23/12 at 8:51 am

Debt Relief

• Post: Most Victims of Bank Wrongdoing Will Get $1000 or Less Under Settlement
  Posted 04/19/13 at 9:54 am
• 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

Mortgages

• Post: Most Victims of Bank Wrongdoing Will Get $1000 or Less Under Settlement
  Posted 04/19/13 at 9:54 am
• Post: States should close gaps in foreclosure safeguards
  Posted 04/10/13 at 4:22 pm
• Press Release: States urged to close gaps in foreclosure safeguards
  Posted 04/09/13 at 9:40 am

Student Loans

• Post: CFPB, Senator Warren Urge Student Loan Reforms
  Posted 05/09/13 at 2:44 pm
• Press Release: CFPB report highlights staggering student loan burden and options for making repayment more affordable
  Posted 05/08/13 at 2:08 pm
• Post: Student Debt Fastest-Growing for Consumers Over 60
  Posted 04/18/13 at 1:31 pm

Publications

• Free Credit Score Fact Sheet
  Posted 03/19/13 at 1:06 pm

  Know Your Score Fact Sheet Consumers Union is fighting to give consumers access to an annual free, reliable credit score when a free credit report is obtained. Your credit score can determine your eligibility for credit cards, home, car and student loans, and apartment rentals. It can mean the difference between a high interest rate Continue Reading

• Seven Principles for Fair Student Lending
  Posted 03/06/13 at 11:09 am

  Consumers Union calls on Congress and regulators to protect students investing in their future

• Issue Brief: What to Do Now to Help Student Loan Borrowers
  Posted 06/13/12 at 1:23 pm

  More and more, students and their families are turning to loans to finance higher education.  This comes as no surprise, given that the cost of tuition has increased five-fold since 1985.  As a result, student loan debt now exceeds credit card debt, topping $1 trillion outstanding.  According to recent estimates, student loan borrowers hold over Continue Reading

• 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

• CFPB report highlights staggering student loan burden and options for making repayment more affordable
  Posted 05/08/13 at 2:08 pm

  Consumers Union urges policymakers to enable students to refinance high interest loans and negotiate affordable repayment plans

• Consumers Union Urges CFPB To Adopt Reforms to Assist Struggling Borrowers Repay Private Student Loans
  Posted 04/05/13 at 6:57 am

  Flexible Re-Payment & Refinancing Needed For Private Loan Borrowers April 5, 2013 WASHINGTON, D.C. – Consumers Union, the policy and advocacy arm of Consumer Reports, urged the Consumer Financial Protection Bureau today to work with private student lenders to make flexible repayment plans and refinancing options available to borrowers. Consumers Union’s proposals are in response Continue Reading

• CU backs bills providing free credit scores
  Posted 03/06/13 at 11:56 am

  The bills introduced in Congress will require credit scores to be included in your free, annual credit reports

• 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

• Payday Loan Industry Needs Strong CFPB Oversight
  Posted 05/17/13 at 3:00 pm

  Payday loans – the short-term loans with high fees that function as an advance on one’s paycheck – are a highly controversial financial product. While consumers easily can obtain these loans at a storefront lender or online, they can be very difficult to repay. Since many of the applicants aren’t able to repay the loans Continue Reading

• California AG Sues Chase for “Robo-Signing” in Debt Collection Cases
  Posted 05/09/13 at 2:56 pm

  Today, the California Attorney General announced a lawsuit against JPMorgan Chase, the nation’s biggest bank, over its debt collection practices.   The suit alleges that Chase engaged in widespread, illegal robo-signing, among other unlawful practices, to commit debt-collection abuses against approximately 100,000 California credit card borrowers over at least a three-year period. The AG claims that Continue Reading

• CFPB, Senator Warren Urge Student Loan Reforms
  Posted at 2:44 pm

    This week, a new report by the Consumer Financial Protection Bureau  found that student loan debt is having a long term damaging “domino effect” on the economy by making it even more difficult for young adults to purchase their first home, start a small business, and save for retirement. The report identifies a number Continue Reading

• Most Victims of Bank Wrongdoing Will Get $1000 or Less Under Settlement
  Posted 04/19/13 at 9:54 am

  Last week the Wall Street Journal reported some sobering news:  The vast majority of borrowers being compensated for mortgage related abuses will get $1,000 or less, under a $9.3 billion dollar settlement between the U.S. and banks. If that were not bad enough, yesterday the New York Times reported that homeowners trying to cash their Continue Reading

• Student Debt Fastest-Growing for Consumers Over 60
  Posted 04/18/13 at 1:31 pm

  This week, the Chronicle of Education reported that older consumers are increasingly struggling with student loan debt.  Many of these older borrowers thought they could increase their chances of getting decent jobs by earning an advanced degree later in life, but are struggling to make ends meet instead. In fact, according to data from the Continue Reading

• Getting the Right Credit Score Isn’t Easy
  Posted 04/17/13 at 9:01 am

  Consumers Union’s “Know Your Score” campaign is working to pass legislation in Congress that gives consumers free access each year to their credit score. As part of our campaign, we’ve been collecting stories from consumers about their credit score experiences. The response has been overwhelming. We’ve learned that many consumers are frustrated to find that Continue Reading

• States should close gaps in foreclosure safeguards
  Posted 04/10/13 at 4:22 pm

  On April 9, 2013, Consumers Union and the Center for Responsible Lending issued a new report outlining how state lawmakers can bolster safeguards to prevent unnecessary foreclosures.  Closing the Gaps:  What States Should Do to Protect Homeowner From Foreclosure examines recent developments in the legal and regulatory landscape, discusses the relevant provisions of the CFPB rules, Continue Reading

• Borrowers More Wary of Student Loan Debt
  Posted 04/08/13 at 10:06 am

  As some students face graduation and an uncertain job market this Spring, others are asking tough questions as they consider enrolling for college and taking out student loans. NPR reported yesterday that more students are taking steps to minimize their future debt burdens by asking about the loan process, interest rates, repayment plans and other Continue Reading

• Credit Scores and Credit Reports: How do They Differ?
  Posted 03/29/13 at 2:52 pm

  Consumers Union is conducting a “Know Your Score” campaign in support of Sen. Bernie Sanders’s and Rep. Steve Cohen’s proposed Fair Access to Credit Scores Act, which was introduced in Congress earlier this month. This bill directs the three major consumer reporting agencies (CRAs), Experian, Equifax, and TransUnion, to provide consumers with the credit score Continue Reading

• Free Credit Score Bill Introduced in Congress
  Posted 03/20/13 at 11:46 am

  Consumers Union’s campaign to win consumers the right to a free credit score is picking up steam in Congress. Over 60,000 of Consumers Union’s supporters have already contacted their Senators to champion the reform effort. On March 6, Vermont Senator Bernie Sanders and Tennessee Representative Steve Cohen introduced legislation in the House and Senate, the Continue Reading