Mike Mozart

Wells Fargo Employee: I Tried Talking Friends & Family Into Opening Accounts To Meet Sales Quotas

Yet another former Wells Fargo employee has come forward to talk about the high-pressure atmosphere created by the bank, where she says there were only two types of employees: those who sold customers on products they didn’t want, and those that were shown the door. [More]

Sapurah Lashari

Banks Trying To Attract Customers With Products To Reduce, Repay Student Loans

With student loan debt in the U.S. now well beyond $1 trillion, everyone seems eager to get into the debt-reduction business. Some cities will pay down your debt if you move there, while a growing number of employers are making loan payment contributions part of the benefits package. Now some financial institutions are dangling the debt-reduction carrot in front of potential customers — but should you bite? [More]

Is ITT Tech Headed For A Collapse? School Required To Set Aside Funds Just In Case

Is ITT Tech Headed For A Collapse? School Required To Set Aside Funds Just In Case

Trouble continues to mount for ITT Educational Services. The for-profit college operator behind the ITT Technical Institute chain, which is already under investigation by federal and state agencies for a slew of abusive and misleading practices, must now have enough money on hand just in case it’s forced to close its doors.  [More]

Aldi Will Accept Credit Cards Nationwide Starting Today

Aldi Will Accept Credit Cards Nationwide Starting Today

There are many things missing from Aldi that American shoppers expect to find in grocery stores. They don’t have free plastic bags, for example, or candy at the checkout, or items containing added MSG or hydrogenated oils. Another familiar missing item was credit cards: cash, debit cards, SNAP, and EBT cards were accepted, but not credit cards with their higher fees. As of today, though, that changes nationwide. [More]

Apple Now Offering Its Own Program To Buy iPhone On Installments

Apple Now Offering Its Own Program To Buy iPhone On Installments

With the release of the latest version of the iPhone last fall, Apple introduced a program that follows current trends in the mobile phone industry. Like some mobile carriers, they’ll rent you a phone, letting you trade it in every year if you want. Now they’re also offering a program where you can pay in installments and keep the phone rather than leasing. [More]

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]