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Student Loan Complaints

July 8th, 2017 (No Comments)

In its 2016 report, the Consumer Financial Protection Bureau listed complaints it received from consumers about student loans. About 2/3 of the complaints were related to the lender or servicer: making payments, getting information about the loan, managing the account. Borrowers complained that their payments were misapplied and that there was inaccurate accounting of their [...]

FICO® Score

June 30th, 2017 (No Comments)

A FICO ® Score is a credit score that is created by the Fair Isaac Corporation. The credit score is based only on items in your credit report. The FICO ® score does not consider: your race, marital status, age, your salary, occupation, where you live. Most lenders will use your FICO ® Score when [...]

Co-Signers

June 21st, 2017 (No Comments)

If you have been asked to co-sign on a loan, there are things to think about. How well do you know this person and why are you co-signing? If you are a parent co-signing for your child’s car or student loan, you may feel like it is for the right reasons. You are trying to [...]

Truth in Lending Act

June 14th, 2017 (No Comments)

The Truth in Lending Act (TILA) protects you from inaccurate and unfair credit card and other lending practices. Under TILA, you have a 3 day right of rescission, so you can back out of your agreement within 3 days. The TILA also has rules related to mortgages and student loans.

Credit Score

June 6th, 2017 (No Comments)

What is a credit score? A credit score is a number that will predict your payment behavior when you use credit. Banks, car loan companies, mortgage companies and other lenders use this number when they decide if they will give you a loan. There is no one method of coming up with your credit score. [...]

Debts Being Sold Online

May 27th, 2017 (No Comments)

Debts are being sold online through small internet marketplaces, sometimes through social media. These debt portfolios are selling debts for pennies on the dollar, and some for even one-tenth of a penny per dollar. Sometimes they have unencrypted personal information, including names, social security numbers, account numbers and dates of birth. Some of these debts [...]

Paying Down Your Debts – Two Methods

May 20th, 2017 (No Comments)

There are two methods of paying down your debt – debt avalanche and debt snowball. With debt avalanche, you pay off the debts with the higher interest rates. You pay off your debt faster and pay less interest to banks and lenders. With the debt snowball method, you don’t look at the interest rates. You [...]

How Long Old Debt Can Stay on Your Credit Report

May 11th, 2017 (No Comments)

Under the Fair Credit Reporting Act, negative items have to be taken off of your credit report seven (7) years from the date you were first delinquent, such as when you first got behind. The exceptions are: Chapter 7 bankruptcy filings, which can stay for 10 years; Judgments; Money owed to the government, which can [...]

There’s An App For That, But is it Fake?

May 3rd, 2017 (No Comments)

The Federal Trade Commission warned of fake apps that look like well-known brands. These fraudulent apps can take your bank or credit card information and can also install malware on your phone. See if there are reviews for the app before you download it. The big retailers will usually have thousands of reviews for their [...]

Don’t Pay for a Car with Amazon Gift Cards

April 22nd, 2017 (No Comments)

In January of 2017, the Federal Trade Commission warned people about scammers who are getting people to pay for big ticket items like cars, motorcycles and boats with Amazon gift cards. The scammer will tell you that they need to sell the car fast because they are in the military or about to deploy. Scammers [...]

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