CONSUMER FINANCIAL PROTECTION BUREAU WARNS COLLEGES ABOUT SECRET CAMPUS CREDIT CARD CONTRACTS

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

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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

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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

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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

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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

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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

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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

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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

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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

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