SmartMoney’s Anne Kadet looked into the process by which the three major credit bureaus—Experian, TransUnion, and Equifax—investigate and correct errors on credit reports. What she found was that the process is “almost entirely automated,” and that “many lenders respond by simply rereporting the erroneous data.” Here’s how it works, and your meager options when something goes wrong.
banks
What Is Mark To Market?
By 2.3.09
One buzzphrase going around about the financial crisis is “mark to market.” Some think banks are being overly punished by being forced to “mark to market” the investments they own, or price them according to current market value. As you can probably figure out, those assets have plummeted. Marketplace’s Paddy Hirsch explains with his trusty whiteboard and stick figures what “mark to market” means, and what it means for the economy.
Union Asks Bank Of America Customers To Ask Tellers To Ask CEO To Resign
By 1.28.09
The Service Employees International Union is running a campaign asking Bank of America customers to go into their local branch on Thursday and have a conversation with the teller about why their CEO, Ken Lewis, should be fired. One point that’s sure to rile up the tellers: their annual pay is less than what the CEO of one of Bank of America’s acquired companies spent on new drapes for his office.
Don't Get Your Account Frozen When Traveling Overseas
By 1.28.09
Nothing sucks like getting stranded internationally without cash, which can happen if your bank confuses your sudden overseas withdrawals with potential fraud and puts a block on your account. That’s why it can be a good idea to call your bank up and have them put a note on your account to say when and where you’ll be traveling. ING Direct customers, for one, go to their checking account maintenance page and fill out the form that asks about travel info. Sure you could probably just call to get the block lifted but then you have to buy a card with one of those funky chips in it and figure out the international calling code and whatnot. (Thanks to Brandon Savage!) (Photo: piglicker)
Chase Eats All WaMu Credit Cards In March, What Happens?
By 1.26.09
When Chase completely takes over the old WaMu credit card division in March, a new super-power will be granted to WaMu credit card customers who also have a Chase credit card, reports CreditMattersBlog. As long as you have a zero balance on one of the cards, the two cards will be combined and your Chase’s credit limit will now be the sum of the two credit limits. WaMu cardholders without a Chase card will get to convert their cards into Chase cards.
Bank Of American Puts Congresswoman On Hold For Two Hours
By 1.25.09
Don’t take it personally if you can’t reach Bank of America to renegotiate your mortgage payments. Congresswoman Maxine Waters (D-CA) tried calling the bank on behalf of two constituents, only to be “repeatedly put on hold for long stretches, disconnected, transferred to extensions that did not work, and ultimately switched to a recording which directed her to the bank’s website.”
Bank Of America On Twitter Solving Readers' Problems
By 1.23.09
Several readers have reported getting their problems solved after contacting Bank of America’s new Twitter-based rep. Here are their stories…
Thain's $35,000 Commode On Legs Actually Chest Of Drawers
By 1.23.09
Regarding the $35,000 “commode on legs” ex-Merrill-Lynch CEO John Thain bought for his office, commenter VikramJaffe informs me that it is not as I theorized, a claw-footed toilet, but rather a chest of drawers on legs introduced by the French in the early 18th century. Too bad no one informed me of the distinction before I took a crap in it.
Merrill Lynch CEO Spent $1,220,000 On Office Renovation As Company Prepared To Burn
By 1.22.09
Merrill Lynch CEO John Thain spent over $1.22 million to renovate his office in early 2008, just as his firm was getting ready to slash thousands of jobs, cut back on spending and dump businesses. Here’s this douchebag’s big-ticket tally of personal aggrandizement in the midst of financial crisis:
Defending Access To Your Credit Cards & Lines
By 1.17.09
Credit card issuers are panicking, cutting credit lines and entire cards. This can have a negative impact on your credit score, here’s a few ideas on how to defend against it.
No More Free FICO Scores For WaMu Customers After March 9
By 1.16.09
It looks like after March 1, 2009 quondam Washington Mutual cum Chase customers won’t be able to get their FICO scores for free anymore through their bank. Those people in the picture look pretty excited about yet another WaMu feature being taken away. Woohoo, indeed. [Chase] (Thanks to Luke!)
Reach BoA Customer Service On Twitter
By 1.16.09
Bank of America is now on Twitter, user “BofA_help.” They have a pretty boy named David Knapp who is here to solve your problems and answer your questions about Bank of America. He seems to be both handling inbound requests and scanning for people on Twitter with BofA problems and reaching out to them. Certainly faster than sending Ken Lewis a letter. (Thanks to Brandon Savage!)
Citibank Will Split Into Two Companies, Promises To Lend To Consumers
By 1.16.09
Vikram Pandit, CEO of Citigroup, announced today that the company would be split after reporting a net loss for 2008 of $18.72 billion. He also promised to put the money from the $700 bailout to work by extending credit to consumers and businesses… responsibly.
Mint Alerts Users Whose Accounts Were Fraudulently Charged
By 1.15.09
A couple days ago, we wrote about a fake company called Adele that was fraudulently charging 25 cents to credit cards. Personal finance site Mint heard about the scam too, and they reviewed their users’ records and notified them if they found a fraudulent charge.
12 Confessions Of A U.S. Bank CSR
By 1.13.09
A customer service rep (CSR) for U.S. Bank’s 24-hour banking hotline has stepped forward from the shadows to reveal 12 tips that can save customers money and time. Insider tips on how to get fees refunded, how “available balance” is a lie, and why you should demand the Portland call center when you have a fraud problem, inside…
Federal Reserve: Don't Get Excited, We're Not Done Bailing Out Banks Yet
By 1.13.09
Federal Reserve chairman Ben Bernanke said that the $800 billion stimulus plan being discussed by the new administration might “provide a significant boost to economic activity,” but that it wouldn’t work without more bank bailouts.
By 1.6.09
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The consistently useful Get Rich Slowly has some New Year’s resolutions for you: 9 Methods for Mastering Your Money in 2009. We especially like methods 3 and 7, as they’re easy fixes that shouldn’t take more than a couple hours to implement.
Despite Having A S*%!load Of Our Money, Banks Still Aren't Lending
By 1.5.09
Gripped by “catatonic fear,” banks still aren’t thawing credit markets, “leaving taxpayers propping up an industry that won’t lend to them.” [Bloomberg] (Photo: The Joy of the Mundane)
