Wells Fargo and Student Loans

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In August of 2016, the Consumer Financial Protection Bureau took action against the bank Wells Fargo. Education Financial Services is a division of Wells Fargo that manages student loans. Some of the things that Wells Fargo did to hurt student loan borrowers: applied payments across several loans in a way that raised fees for borrowers, not letting the borrowers know how to make partial payments to pay off loans, charging illegal late fees, and not correcting negative information to credit bureaus.


Illegal Credit Card Practices

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In August of 2016, the Consumer Financial Protection Bureau ordered the Bank of Omaha to pay $32.25 million for illegal credit card practices. The bank promoted debt cancellation products and credit monitoring products. The Bank made it hard for people to get the debt cancellations. Many times people did not get the credit monitoring they paid for.


Installment Loans

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Installment loans can help you improve your credit score if they are used properly. The applications for the loans are usually short and fast. Make sure to pay the loan back. Make sure that the loan is for a dollar amount that you can afford. Also, the interest rate should not be high.


Default Judgment

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If a Plaintiff sues you in court for a dollar amount and you don’t show up to court or file any documents with the court, a default judgment can be entered against you. This means you could owe money to the Plaintiff even if you never participated in the case. After a default judgment is entered, the Plaintiff can then try to garnish your paycheck or take your non-exempt assets.


New Limits on Telemarketers

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In June of 2016, the Federal Trade Commission made it illegal for telemarketers to ask for money through money transfers from places like Western Union and MoneyGram. Telemarketers also cannot ask for PIN’s from cash re-load cards. Telemarketers also cannot call and ask for your bank account information to do a remote check that you never see or sign.


Illegally Tracking Consumers

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The Federal Trade Commission recently charged a Singapore based mobile advertising company with illegally tracking consumers’ locations without their permission. The company was tracking people’s locations even when people turned off their location notices. The company was even tracking the locations of children. The consumers did not consent to this tracking. The company has to delete all of the information it collected on children, in addition to paying fines.


Comparing Car Loans

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The Consumer Financial Protection Bureau recently unveiled a shopping sheet that people can use when they are getting a car loan. The sheet will help you to figure out how much you pay in taxes, titles and fees. The sheet will also help to figure out how much you need to borrow, taking into account the down payment and the trade-in value of another vehicle. You can take this 2 page form with you when you get your car loan and “Know Before You Owe.” The name of the sheet is the CFPB Auto Loan Shopping Sheet.


Car Title Loans

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According to a recent report released by the Consumer Financial Protection Bureau, one in five car title borrowers get their cars seized when they don’t pay on the loan. Many of these people take out 7 or 8 loans on their cars and they stay in debt all year. The typical loan amount is about $700, and the typical annual percentage rate is 300%.


Fake Caller ID Information

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In May of 2016, the Federal Trade Commission issued information about scammers who are use fake caller ID’s. They use area codes like 202, so people think they are receiving calls from a government agency in Washington, D.C. The Caller ID may have the name of the IRS or your bank or the police department. Don’t give out your personal or financial information to someone who calls. Do not assume that the Caller ID information is legitimate if you have doubts. Hang up and call back the agency after looking up the correct phone number.


Check Cashing

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In May of 2016, the Consumer Financial Protection Bureau took action against a company that offered check cashing and payday loan services. This company would not tell consumers how much they were charging to cash checks. Also, when consumers would ask to cancel or reverse the check-cashing transaction, the company would have excuses as to why they could not cancel the transaction. When you get charged for cashing a check, know how much the fee is that you are being charged.


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