Credit News

Debt Tagging Becoming More Common

August 13, 2010

It’s becoming more and more likely that you have errors and mistakes showing on your credit report. Debt collectors are having a heyday in this current recession as consumer default rates on debts are hitting record highs. But more and more often “debt-tagging” is taking place. This means that more people are getting harassed because [...]

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The Credit Card Companies Can Still Get You

August 13, 2010

The CARD act has improved things. No longer can your rate be randomly increased without advance notice. And there are a few other things that have been improved. But as we have reported before the credit card companies are doing whatever they can to maintain their dwindling profits. And dwindling they are since they can [...]

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Debt Reduction In America

August 10, 2010

Overall consumer debt not tied to real estate has seen a steady decline for the past 21 months in a row. American’s are reducing their debt consistently in response to the sluggish economy and the weaker labor market. Credit card balances are now at their lowest level since late 2005 as per the Federal Reserve’s [...]

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Any New “Number” For Credit Repair Is A Scam

August 9, 2010

The latest credit repair and identity theft scam to hit the Internet is companies selling “dormant” or unused Social Security numbers as a way to establish a new credit file. And they’re not calling them Social Security Numbers but rather “CPN’s” for credit profile, credit protection or credit privacy numbers. Since most babies are now [...]

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Good News For Car Buyers

July 28, 2010

If you want to buy a car and you can’t pay cash, there is good news for you. General Motors, one of the big three American automakers has said that it will acquire the auto financing company Americredit Corp so that it can increase the leasing and sales to buyers with lower credit scores. Ally [...]

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New Lows Across The USA For Credit Scores

July 28, 2010

Gotta a low credit score? You’re not the only one! Credit scores across the United States are dropping to new lows. According to FICO, inc., the company that provides the most commonly used credit score in the United States, the FICO score, right now as many as 25.5 percent of consumers have a credit score [...]

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Reverse Robinhood-Take From The Poor, Give Back To The Rich

July 27, 2010

A new study from the Federal Reserve Bank of Boston has confirmed the theory that credit card rewards hurt the poor while subsidizing the rich. The report, “Who Gains and Who Loses From Credit Card Payments? Theory and Calibrations” that was released Monday, the people who do not use credit cards are subsidizing the people [...]

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Can Your Credit Be Too Good?

July 26, 2010

Probably not if you look at it from a personal perspective. Good credit offers you peace of mind, security and more but…. Your credit can be too good to get a credit card these days. Card issuers have counted on profits for years from penalty fees and high interest rates paid by the consumers who [...]

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The Good, The Bad and The Ugly

July 20, 2010

Debt collection is difficult. Apparently on both sides. Read about the black hearts, threats, regrets and triumphs of former debt collectors at “Confessions of Former Debt Collectors”. Tweet

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No More 90 Days Same As Cash

July 15, 2010

And forget the “no interest” “no payments” also. Or at least beware. It isn’t really no interest and no payments because the interest is just deferred, yep, put off until later but still accruing. So if you just happen to have a small balance at the end of the “no payments, no interest” period, you [...]

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