Consumers saved $9 billion in overdraft fees since 2009.

Report: Credit Card Reforms Saved Consumers $16B In Six Years

In 2009, lawmakers passed a massive set of reforms for the credit card industry – known as the Credit Card Accountability Responsibility and Disclosure Act (CARD Act) — aimed at protecting consumers though transparency, fairness, accountability and better access to an array of financial products. A new report from the agency tasked with enforcing these rules, finds that nearly six years after implementation, consumers have saved nearly $16 billion in fees.  [More]

Lending Startups Use Borrowers’ Smartphone Behavior To Decide If They Are Creditworthy

Lending Startups Use Borrowers’ Smartphone Behavior To Decide If They Are Creditworthy

The wallet-sized – or larger – smartphone constantly tethered to your hand may often be seen as your connection to the outside world. Each time you surf the web, connect with friends, make purchases and check your bank account, it’s collecting mountains of data about you. And that data could soon be analyzed to determine if you’re creditworthy.  [More]

Sam’s Club Expands To Accept American Express Cards Starting Oct. 1

Sam’s Club Expands To Accept American Express Cards Starting Oct. 1

Back in February, American Express and Costco announced that they’re breaking up in 2016. That means AmEx, including the Costco co-branded cards, will be useless at the warehouse store. Now, seven months later, the credit card company reveals its entering into a relationship with Costco rival Sam’s Club, allowing shoppers at that warehouse store to use AmEx cards at the register for the first time. [More]

I Can’t Buy A Car Because Acura Thinks I’m Dead

I Can’t Buy A Car Because Acura Thinks I’m Dead

Dead people do not need cars, and they also have trouble making the payments. That’s probably why one woman’s credit score plummeted to zero when a lender accidentally put her down as dead. It was due to human error, but she’ll need to wait 30 days to move on with her new car purchase because someone at Acura Financial Services picked the wrong thing in a drop-down menu. [More]

Nearly 80% Of Americans Hold Some Form Of Debt, But It Isn’t Always Bad

Nearly 80% Of Americans Hold Some Form Of Debt, But It Isn’t Always Bad

When most people think of debt, they probably conjure up a vision of consumers struggling to make ends meet after making unwise financial decisions. But that actually isn’t the case for most Americans. In fact, like other things, debt in moderation is actually a good thing. [More]

Discover Financial Ditching Home-Lending Business

Discover Financial Ditching Home-Lending Business

Just three years after getting into the mortgage origination business, Discover Financial Services plans to shutter its home lending operations. [More]

(Scott Cimakosky)

Abusive Lending Practices Can Lead To Negative Long-Term Consequences For Borrowers, Communities

Every year, more than 12 million Americans spend $17 billion on payday loans, despite the fact research has shown these costly lines of credit often leave borrowers worse off. Yet abusive lending practices are not relegated to borrowers in need of a couple hundred dollars to stay afloat until their next paycheck; there are mortgages, car loans, and other traditional lines of credit that can leave the borrower in a bind. Even if you never find yourself on the wrong end of a predatory loan, these products can still be a drain on your entire community. [More]

(frankieleon)

9 Things We’re So Grateful Mom Taught Us About Money

Today is the day we pause to reflect on everything our mothers have given us, from kisses on scraped knees and comfortable laps to sit on, to financial wisdom that has the power to stick with us through adulthood. We asked you to share the personal finance tips your mother imparted to you, because hey, sharing is caring and she’d probably approve. [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]

(Chris Blakeley)

FICO Expands Program To Give Millions Of Consumers Free Access To Credit Scores & Reports

Millions of financially struggling consumers who work with qualified nonprofit counseling agencies now have access to free credit scores and credit reports with the expansion of the FICO Score Open Access program. [More]

(Jeremy P)

Credit Card Issuers Increase Limits For Subprime Borrowers; Raise Concerns About Risks

As the economy continues to improve, credit card issuers have begun to loosen their vice grip on lending standards in order to raise borrowing limits for consumers. But the move to provide extend credit to those with blemished histories has raised concerns with consumer groups. [More]

(БРАТСТВО)

Potential FICO Credit Score Changes Could Hurt, Rather Than Help Some Consumers’ Creditworthiness

The Fair Isaac Corporation – better known to consumers as FICO – is on the verge of turning the credit score game on its head with the release of a new credit-scoring approach that would consider consumers’ monthly bills, such as those for utilities and wireless plans, when determining creditworthiness. The change is purportedly intended to help consumers on the low end of the credit spectrum, but some consumer advocates are concerned that lower-income Americans could be the ones most adversely affected. [More]

(frankieleon)

3 Ways You Could Be Hurting Your Credit Score Even If You Pay Your Bills On Time

If you pay make regular credit card payments that are well above the minimum, and no one is hassling you about outstanding bills you might assume that your credit score is getting healthier or at least maintaining its current level. But there are some mistakes that consumers don’t even realize they’re making that could be hurting their FICO numbers. [More]

(Chris Blakely)

“Checking Your Credit Report Will Hurt Your Credit Score” And 4 Other Credit Myths

I can’t count the number of times I’ve been talking with my friends or family members about credit scores (Hey — I never claimed to lead a thrilling life) when someone would say “I’d like to check my credit report, but I don’t want to ding my credit score.” This is just one of several popular misconceptions that many people have about credit. [More]

1-In-3 Americans Still Feeling The Sting Of Recession

1-In-3 Americans Still Feeling The Sting Of Recession

While many Americans are now doing better than they were during the Great Recession, those dark days took such a toll on many consumers’ savings that some people who are currently doing well enough to pay the bills and enjoy a decent living aren’t able to make necessary longterm investments, like buying a new home or saving for retirement. [More]

(Artnchicken)

We Would Like To Shake The Hand Of The Man With A Credit Score Of 848

If you know what your credit score is (and you should), you might know that the best possible score is 850. So the fact that there is a man who has a score of 848 might just impress you — and maybe simultaneously make you super, super jealous that he’s managed to pull that off in this economy. As he explains it, it’s not that he doesn’t have debt. He’s just very wise about how he handles it. [More]

Will My Deadbeat Roommate Trash My Credit?

Will My Deadbeat Roommate Trash My Credit?

A terrible roommate can make your life unhappy in a lot of ways. But let’s say you have a financially irresponsible roommate who never pays their bills. Do their bad habits affect you … other than constantly having to chase down the rent? [More]