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(…)

Mortgage relief firms agree to pay $3.6 million for alleged scam

A web of Florida-based companies and their operators have agreed to pay nearly $3.6 million to settle allegations that it bilked homeowners in a nationwide mortgage relief scam, the Federal Trade Commission said Tuesday. The settlement is the largest yet obtained by the agency in a crackdown against companies trying to take advantage of struggling homeowners looking to lower(…)

Fallen Foreclosure King David J. Stern Disbarred

The long, legal saga of David J. Stern, the south Florida attorney who made a fortune off the wave of home foreclosures stemming from the housing crisis, has reached its end. After years of court battles over the practices of Stern’s once-mighty, multimillion-dollar law firm, the Florida Supreme Court last week disbarred Stern. As the Palm Beach Post reports, a Palm Beach(…)

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