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.

Debt settlement a bad alternative to bankruptcy?

By Liz Weston NerdWallet.com, Aug 30, 2017 (a summary from South Bend Tribune) Many people believe that hiring a company to settle their debts is better on their credit, will cost them less in the long run and will generally be better than a bankruptcy.  This is what the debt settlement industry would like you […]

12 Million Consumer Credit Scores Raised July 1, 2017

Starting July 1, 2017, the three nationwide consumer reporting agencies, Equifax, Experian and TransUnion, are starting a new policy that will raise about 12 million consumers’ credit scores as much as 10 points.  This could mean the difference in qualifying for a better interest rate when financing a vehicle or other cost savings benefits.

Credit Repair Scams – $2 Million for Misleading Consumers & Illegal Fees

CREDIT REPAIR SCAMS – COMPANIES SUED FOR CHARGING ILLEGAL FEES AND MISLEADING CONSUMERS The Consumer Financial Protection Bureau (CFPB), June 27, 2017, filed two complaints and proposed final judgments in federal court against Prime Credit, LLC, IMC Capital, LLC, Commercial Credit Consultants (Accurise), Blake Johnson, Eric Schlegel, Park View Law, fka as Prime Law Experts, […]

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.”

Read more

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, […]