Bureau Also Releases Safe Student Account Toolkit to Help Colleges Avoid Promoting Prepaid and Debit Products with Surprise Fees WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau (CFPB) sent warning letters to 17 colleges directing them to improve disclosure of school-sponsored credit card agreements. A Bureau investigation found
The FICO score is losing ground to a different credit score
The FICO score has been the dominant marker of creditworthiness ever since it came on the scene a quarter century ago. Today, some 10 billion FICO scores are sold each year to lenders looking to vet potential customers for new credit, according to parent company Fair Isaac Corporation (FICO). But
Why Bureau Data Alone Can’t Score More Consumers
For any key decision, a minimum amount of information is required to make an informed judgment. Consider an airplane pilot readying for takeoff. Suppose that the radar is out, or the instruments are flickering. A responsible pilot wouldn’t proceed down the runway until having all vital information to ensure a
Pro Publica: Extraordinary Struggles of African American Debtors
Please NOTE: Many of our consultants have a great deal of minority clients especially African Americans. This post will provide some insights as to the financial struggle of the community as well as some nuances and help you as a consult to sound like an expert when called on to
Know Before You Owe: New Mortgage Disclosures, New Rule
Today, the process of getting a mortgage is easier to understand because the Know Before You Owe mortgage disclosure rule is now in effect. The disclosures required for getting most mortgages have been redesigned to help you shop around to compare offers and find the loan that’s the best for
Hudson City Savings Bank to pay $27 million to increase access to credit in Black and Hispanic neighborhoods it discriminated against
When you shop for a mortgage, you should not have to worry about discrimination. The Equal Credit Opportunity Act (ECOA) prohibits lenders from discriminating against applicants on the basis of race or ethnicity. Today, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) have filed a complaint
Powerful Credit Repair Tactics
In this helpdesk you will find powerful credit repair tactics that are often left on the table. So much power is within the hands of consumer when understanding provisions within laws such as the Fair Credit Billing Act. In such, consultants can use it to resolve late payment issues with
Discharge Student Loans In Bankruptcy? It Can Be Done!
Most people, both lawyers and non-lawyers, believe that filing bankruptcy does not result in a discharge of a student loan. That, for the most part, is true under the 2005 Bankruptcy Act amendments. The code, as amended, does not provide for the discharge of a student loan in
CFPB Wins on Debt Collection
Yesterday, Judge Amy Totenberg of the Northern District of Georgia issued a very cogent 70-page opinion in the case of the CFPB v. Frederick Hanna & Associates, a large collection law firm with offices in Georgia, Florida, and South Carolina. The opinion denies Hanna’s motion to dismiss in its
Facing Foreclosure? Get CASH for Keys
When you clients are experiencing financial problems they call for advice. When one is facing foreclosure you can share how they can get paid to move. The owner will provide money for your to relocate if you leave the home presentable. Negotiated amounts will vary depending on the lenders’ policies. Here