5 Ways To Improve Your Finances With Minimal Effort

5 Ways To Improve Your Finances With Minimal Effort

Improving your finances doesn’t always require a big investment. Sometimes a single phone call or a small tweak are all you need to improve your financial future or present. Looking for some ideas as you change to your new “366 Kitten Photos” desk calendar? Here are some ideas from our financial friends down the hall at Consumer Reports to get you started. [More]

Comcast Incorrectly Insists Customer Still Owes $400; Her Credit Score Drops By 215 Points

Comcast Incorrectly Insists Customer Still Owes $400; Her Credit Score Drops By 215 Points

In spite of the fact that Comcast has proven time and again that it’s completely ill-prepared to handle the accounts of more than 20 million customers, credit bureaus still believe it when the cable giant insists that a customer still owes money. [More]

(KIRO-TV)

Man Says He Can’t Access His Credit Report After Equifax Sent Him Personal Info For Dozens Of Strangers

Getting an unexpected surprise in the mail can be fun sometimes — a birthday gift from your grandma or some free electronics — but one Washington man was far from happy to find credit reports in his mailbox that were apparently intended for a bunch of strangers. Even worse, he says he can’t get access to his own report to make sure there aren’t unexpected debts attached to his credit history. [More]

Subprime Credit Reporting Company To Pay $8M For Illegally Obtaining Consumers’ Credit Info

Subprime Credit Reporting Company To Pay $8M For Illegally Obtaining Consumers’ Credit Info

Under the Fair Credit Reporting Act, companies – and lenders – are allowed to access credit reports only for “permissible purposes,” like determining if a person is creditworthy. But federal regulators say a Florida-based subprime credit reporting company illegally obtained tens of thousands of consumers’ credit reports for use in marketing materials for potential clients, including payday lenders.

[More]

Credit Bureaus, Bank Of America, Wells Fargo Top List Of Most Complained-About Financial Companies

Credit Bureaus, Bank Of America, Wells Fargo Top List Of Most Complained-About Financial Companies

The Consumer Financial Protection Bureau has released its latest report on the various complaints the agency has received about banks, lenders, debt collectors, and other financial services. Amid a sudden increase in the number of complaints involving credit report errors, the country’s largest credit bureaus now dominate the top of the CFPB’s list of most complained-about companies. [More]

Legislation Would Prohibit Employers From Looking At Credit Reports During The Hiring Process

Legislation Would Prohibit Employers From Looking At Credit Reports During The Hiring Process

A poor credit report can have a devastating impact on a consumers’ life – preventing them from receiving needed lines of credit, losing out on renting or buying a home, or even being passed over for a job. But one of those issues could be a thing of the past with the reintroduction of legislation that would prohibit potential employers from using credit history during the job screening process. [More]

The process for Facebook loan approval. [Click To Enlarge]

Facebook Patent Would Allow Lenders To Determine Creditworthiness By Looking At Your ‘Friends’

Earlier this year Facebook announced it would dip its toes into the pool of mobile payments by launching a system that allowed users to send money to friends via the Messenger app. Now it appears the company may take things a bit farther after receiving approval for a patent this week that would allow creditors to determine whether or not someone is worthy of a loan based on their circle of friends on the social networking site. [More]

Operators Of Credit Repair Business Masquerading As The FTC Must Return $2.4M To Consumers

Operators Of Credit Repair Business Masquerading As The FTC Must Return $2.4M To Consumers

Three months after regulators shut down a credit repair company catering mainly to Spanish-speaking consumers for falsely claiming to have a close relationship with the federal government – calling itself “FTC Credit Solutions” – and bilking thousands of dollars from individual consumers with empty promises of boosting their credit scores, the real Federal Trade Commission announced it has reached a settlement that will result in the return of $2.4 million to victims of the scam. [More]

Bill Would Allow Consumers To Sue When Bankrupt Debt Isn’t Removed From Credit Reports

Bill Would Allow Consumers To Sue When Bankrupt Debt Isn’t Removed From Credit Reports

Under federal law, when someone erases a debt in bankruptcy, their bank is required to update their credit reports to indicate the debt is no longer owed. To ensure this happens, legislators have introduced a new bill that would give credit card borrowers with inaccurate credit reports the power to sue their bank or a third-party debt buyer for damages if they continue to send so-called zombie debt to credit reporting agencies. [More]

How Much Is A Company That Knows All About Your Financial Behavior Worth? Turns Out A Lot.

How Much Is A Company That Knows All About Your Financial Behavior Worth? Turns Out A Lot.

It’s no secret that consumer financial data is valuable: it determines if you get better rates on loans and allows lenders to predict the likelihood you’ll pay back debts. While we can’t necessarily put a price tag on that data (yet), we now know that one of the largest companies to collect that information is worth a bundle – 4 billion bundles, in fact. [More]

Medical Debt Collector Must Pay Consumers $5.4M For Improperly Handling Disputes

Medical Debt Collector Must Pay Consumers $5.4M For Improperly Handling Disputes

What happens when you combine expensive — and often unanticipated — medical bills and overzealous debt collectors? An environment ripe for abusive, unfair collection practices. At least that appears to be the case for an operation that must pay $5.4 million in relief to consumers for allegedly mishandling credit reporting disputes and preventing individuals from exercising their debt collection rights. [More]

Man Named God Reaches Settlement With Equifax, Finally Gets A Credit Score

Man Named God Reaches Settlement With Equifax, Finally Gets A Credit Score

You might recall a story from about a year back where a man with the first name “God” had a little dispute with credit-reporting agency Equifax, namely that the company wouldn’t recognize his moniker as legitimate. He’s now come out on top in his battle with Equifax, which has agreed he and his financial history do exist, and have granted him a shiny new credit score. [More]

Credit Bureaus Must Pay $6M, Fix Errors More Quickly Under 31-State Agreement

Credit Bureaus Must Pay $6M, Fix Errors More Quickly Under 31-State Agreement

The three largest companies to collect and disseminate credit information for millions of Americans – Experian, Equifax and TransUnion – must significantly change the way they treat disputed information on credit reports as part of a massive multi-state settlement announced this week. [More]

(Mike Mozart)

Class Action Suit Filed In California Over Wells Fargo’s Alleged Customer Account Abuses

A lawsuit filed earlier this month by the city of Los Angeles accuses Wells Fargo of pushing employees to engage in fraudulent conduct with regard to consumer accounts in order to meet the bank’s sales quotas. Now, one of those customers has filed his own lawsuit against the San Francisco-based bank alleging the same misconduct deceived and defrauded consumers across the country. [More]

(Taber Andrew Bain)

JPMorgan Chase, Bank Of America Agree To Wipe Debt Cleared By Bankruptcy From Credit Reports

Two of the country’s largest banks are finally getting around to removing the debt consumers eliminated during bankruptcy proceedings from their credit reports, a move that puts Bank of America and JPMorgan Chase in line with federal law. [More]

(www.flickr.com/photos/33581199@N04/4231899887)

Nearly 26 Million American Adults Have No Credit History

While a recent survey found that nearly 35% of consumers have never pulled their credit report, a new report from the Consumer Financial Protection Bureau points out that some of those consumer might not have anything on their reports anyway. [More]

(Taber Andrew Bain)

Los Angeles Sues Wells Fargo Over Unfair Customer Account Conduct

The City of Los Angeles has filed a lawsuit against the largest bank based in the state, accusing Wells Fargo of a plethora of unfair practices including encouraging employees to open unauthorized consumer accounts and then charging those accounts phony fees. [More]

(20 buckz)

Nearly 35% Of Consumers Have Never Checked Their Credit Reports

While consumers are often urged to take advantage of the free once-a-year opportunity to request a credit report and make sure they aren’t riddled with errors, a new survey suggests many Americans simply aren’t heeding the suggestion. [More]