In a Subprime Bubble for Used Cars, Borrowers Pay Sky-High Rates

Rodney Durham stopped working in 1991, declared bankruptcy and lives on Social Security. Nonetheless, Wells Fargo lent him $15,197 to buy a used Mitsubishi sedan. “I am not sure how I got the loan,” Mr. Durham, age 60, said. Mr. Durham’s application said that he made $35,000 as a technician at Lourdes Hospital in Binghamton, N.Y., according to(…)

Dealing With Debt Collectors

If you’ve ever been dunned by a debt collector, you’re not alone: Roughly one in seven American adults is being pursued by a collector, for amounts averaging about $1,500. That’s according to a report from the Center for Responsible Lending, a nonprofit research group. Complicating the situation is that debt collection has become a larger, more complex(…)

Co-signers can cause surprise defaults on private student loans

From the CFPB: Today, we released a report that describes complaints we received related to the private student loan industry’s practice of placing borrowers in default even when their loans are current and in good standing. We’re also warning consumers that they can avoid surprise defaults by pursuing a co-signer release. The vast majority of private student loans(…)

Data brokers disciplined over consumer protections

It’s tough enough landing a job these days. So imagine if that background check provided to your potential employer wrongly identified you as a possible sex offender. That’s what the Federal Trade Commission says happened in a case it’s settling with InfoTrack Information Services of Deerfield, Ill. The company provides employment background screening services. The(…)

The ‘Credit Scores’ You’ve Never Heard Of

Even some of the most financially savvy consumers find credit scoring confusing — the numbers change all the time, there are dozens of scoring models, and you never know which score a lender will use when reviewing your credit application. Yet of all the consumer scores out there, credit scores are the most widely known and understood. Reassuring,(…)

New Legislation Aims To Ensure Accurate Credit Reports

Even a small inaccuracy on a consumer’s credit report can have long-lasting negative affects. From the most simple computer error to mixing up individual’s data, credit reporting agencies have been known to be hard to work with when trying to fix incorrect data. But that could all change under legislation introduced today that aims to(…)

Target offers free credit monitoring and identity theft insurance

Target’s efforts to regain customers’ trust after a massive data breach include an offer of daily credit card monitoring, identity theft insurance and access to a fraud resolution agent. Any Target customer who shopped in one of its U.S. stores is eligible for a year of free credit monitoring and identity theft protection, Target announced(…)

Five ways to boost your credit score

Low credit scores result in higher interest charges for all types of debt, including credit cards and home loans. Borrowers with a FICO credit score (the score used for most consumer lending decisions) of 700 save an average of $648 in interest on their credit card, $1,392 on their car loan and $2,340 on their(…)

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