Credit reports falsely lead the consumer into believing information on the reports is accurate, or that a creditor is required to make sure the data on the credit report is accurate.

Physical and financial abuse go together, by Prof. Andrea Littwin

The following is an excerpt from a post by GreenPath regarding an study about the tie between physical abuse and financial abuse, by Susan Ladika/CreditCards.comm 26 September 2012 Abusers take control of their victims by saddling them with unwanted debt (credit cards, buying vehicles, houses or guarantying business loans).  The victims believe the abuser is […]

How to Rebuild Your Credit – guest post

How to Rebuild Your Credit Are you overwhelmed by financial challenges?  Do you want to rebuild your credit?  Many people try to solve their problems in the privacy of their homes, rather than asking for guidance.  Fortunately, the Internet allows them to research answers to their financial questions, without exposing their situation to neighbors, co-workers […]

Millions could get boost in credit score this summer

by AnnaMaria Andriotis at The Wall Street Journal As a result of increasing pressure from Consumer Financial Protection Bureau and other regulatory concerns, the three major credit-reporting agencies are changing their standards for two pieces of negative information: tax liens and civil judgments.

Experian Fined $3 Million for Deceiving Consumers

Washington, D.C. – The Consumer Financial Protection Bureau (CFPB) today took action against Experian and its subsidiaries for deceiving consumers about the use of credit scores it sold to consumers. Experian claimed the credit scores it marketed and provided to consumers were used by lenders to make credit decisions. In fact, lenders did not use […]

Subprime Vehicle Loans are Skyrocketing

Subprime vehicle loans – according to an article in Automotive News and Bloomberg “about a third of the risky car loans that are bundled into bonds are considered “deep subprime,” a level that has surged since 2010 and is translating to higher delinquencies on the loans, according to Morgan Stanley.” Automotive financing is following the […]

Rebuilding Your Credit Score After Bankruptcy

credit score(Los Angeles Times, by Liz Weston 10/30/15 & InForum, Q: How do you repair credit scores after filing for bankruptcy? My husband and I are in this situation and are looking to re-establish credit and increase our credit score. Also, how long do closed accounts appear on the credit report?

A: Filing for bankruptcy may have actually helped your scores. Researchers at the Federal Reserve Bank of Philadelphia found scores typically plunged in the 18 months before people filed for bankruptcy and rose steadily afterward. The average credit score before someone filed Chapter 7 was 538.2 on Equifax’s 280-to-850 scoring range. By the time filers’ cases were discharged, their average score was 620.3.

Get a secured credit card or a loan with a credit-builder loan. Typically you deposit money ($200 to $500) into an account from which you can borrow or use the credit card.  Normally these payments will be listed on your credit report.  Make sure to ask the bank or credit card company if they report this type of secured debt on the credit report.

“You should use the card lightly but regularly, being careful not to charge more than about 30 percent of its credit limit and paying the balance in full each month.”

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Millions could get boost in credit score this summer

by AnnaMaria Andriotis at The Wall Street Journal Credit Reports: As a result of increasing pressure from Consumer Financial Protection Bureau and other regulatory concerns, the three major credit-reporting agencies are changing their standards for two pieces of negative information: tax liens and civil judgments.  The promise is that sometime around summer of 2017 Equifax, […]

Big Banks Profit by Falsely Reporting Bankrupt Debts

According to an article in the New York Times, Bank of America and JP Morgan Chase are finally agreeing to properly identify debts that were discharged in bankruptcy. 

Too Poor to File Bankruptcy – a New Class of Americans

Ten years after the passage of the “new” bankruptcy law we find a new class of Americans “the permanently insolvent”.    You won’t find reference to this group in any financial magazine.  But, hundreds of thousands of Americans are in a position of being hounded mercilessly by debt collectors, but unable to afford to file for […]

Bankruptcy stays on your credit report even if dismissed

I just received an e-mail from a gentleman who filed a chapter 13 bankruptcy, but later decided to dismiss his bankruptcy.  He was wondering if the Bankruptcy Court could instruct the credit reporting agency to remove the bankruptcy from his credit report.  Unfortunately, the answer is an absolute and resounding “NO”.  A bankruptcy will stay […]