The U.S. government isn’t alone in the Standard & Poor’s downgrade doghouse. Google, which is in the process of buying Motorola Mobility for $12.5 billion, took a sharp knock from Standard & Poor’s equity researchers, who moved Google’s stock from a “buy” to a “sell,” lowering its target price to $500 from $700. [More]
credit
![Experian Adds Rent Payments To Credit Reports](../../../../consumermediallc.files.wordpress.com/2012/06/screwrent.jpg?w=240&h=180&crop=1)
Experian Adds Rent Payments To Credit Reports
In what could be a boon to renters looking to build a credit history (or bad news if you have a roommate who always delays your rent), credit reporting agency Experian has begun incorporating data on rental payments into its reports. [More]
![Overcome Personal Finance Procrastination](../../../../consumermediallc.files.wordpress.com/2012/06/catwatchingtv.jpg?w=240&h=193&crop=1)
Overcome Personal Finance Procrastination
The number one cause of personal finance ruin is procrastination, and the number one cause of procrastination is fear of failure. So if you find yourself watching Brideplasty instead of balancing your checkbook, deciding which expenses to cut, or updating your retirement savings plan, here are some tips for making those tasks less daunting. [More]
![Don't Use A Debt Settlement Agency](../../../../consumermediallc.files.wordpress.com/2012/06/erasedebt.jpg?w=160&h=225&crop=1)
Don't Use A Debt Settlement Agency
Steer clear of debt settlement agencies. A good deal charge unnecessary fees and there’s really nothing they can do legally that you can’t do on your own. Some of them are even outright fraudsters. [More]
![Old-School Personal Loans Make A Comeback](../../../../consumermediallc.files.wordpress.com/2012/06/loanspic.jpg?w=240&h=160&crop=1)
Old-School Personal Loans Make A Comeback
Out of the soil of the post-apocalyptic credit graveyard shoots the skeletal hand of a forgotten lending practice. Banks are once again busting out “personal loans” to help finance what might otherwise be just out of reach for consumers. Here’s how they work: [More]
![Western Dental Upsells Relentlessly, Then Pulls Dirty Trick With Billing](../../../../consumermediallc.files.wordpress.com/2012/06/072610-002-western-dental.jpg?w=280&h=183&crop=1)
Western Dental Upsells Relentlessly, Then Pulls Dirty Trick With Billing
Ryan recently went to a clinic operated by Western Dental Centers, a franchise that operates in California, Arizona and Nevada, and now he regrets that decision. He writes that first he was forced to endure $800 worth of upsells while he was stuck in the chair, even though he was just going in for a cleaning. What happened with billing, though, was worse and may lead to lasting credit issues. [More]
![25 Percent Of American Consumers Now Have Low Credit Scores](../../../../consumermediallc.files.wordpress.com/2012/06/071210-006-foursome.jpg?w=280&h=185&crop=1)
25 Percent Of American Consumers Now Have Low Credit Scores
Before the recession hit, roughly 15% of Americans had FICO credit scores below 600. But after the past couple of years of late payments, defaults, and foreclosures, that number has grown to 25%, or about 43 million people. At the same time, the number of people with excellent scores (800 to 850) has increased nearly 5% from pre-recession average, which the Associated Press says is partly a result of people cutting spending and working to pay off loans more quickly. [More]
![Students, Your College May Be Selling Your Info To Banks](../../../../consumermediallc.files.wordpress.com/2012/06/college1.jpg?w=240&h=180&crop=1)
Students, Your College May Be Selling Your Info To Banks
Just in case students don’t slog through college with enough debt hanging over them, their colleges and universities have cut semi-secret deals with banks to share personal info meant to market credit to them afterward. The Huffington Post says Bank of America has such deals with 700 schools. [More]
![Test Your Credit Card IQ](../../../../consumermediallc.files.wordpress.com/2012/06/creditcardbrain.jpg?w=165&h=143&crop=1)
Test Your Credit Card IQ
So you think you’re pretty smart with your credit know-how? Got a good credit score and line of credit? Well here’s another number to watch, your credit card I.Q. Take this 10 question test and see how you stack up. Even I got a few of these wrong. For instance, “The typical American carries a balance of about $5,500 in credit card debt. If you make no more charges and pay only the minimum payment each month, how long will it take to pay that debt off at 19 percent interest?”
10 questions to test your credit card I.Q. [Philly.com via LowCards.com]
![Supreme Court Makes It Easier To Sue Debt Collectors](../../../../consumermediallc.files.wordpress.com/2012/06/042610-006-telephone.jpg?w=300&h=200&crop=1)
Supreme Court Makes It Easier To Sue Debt Collectors
Last week, the Supreme Court ruled that debt collectors can’t use a “bona fide error” defense to avoid being sued for misinterpreting the Fair Debt Collections Practices Act (FDCPA). In other words, if a debt collection agency makes a demand that’s in violation of the Act, it can’t say it didn’t know any better. Well, it can, but you can go right ahead and sue. [More]
![Are Credit Monitoring Sites Really Worth The Money?](../../../../consumermediallc.files.wordpress.com/2012/06/041210-004-thermometer.jpg?w=280&h=181&crop=1)
Are Credit Monitoring Sites Really Worth The Money?
Now that everyone is so obsessed with their credit reports and FICO scores, credit monitoring services have popped up everywhere. For a modest recurring fee–one that easily adds up to over $100 a year–you can have a company constantly watch your credit report and alert you of any changes in it, so you can always be on top of your creditworthiness. But should you bother? The consumer director of the U.S. Public Interest Research Groups federation (U.S. PIRG) tells BusinessWeek that credit monitoring is a “protection racket” that turns people into “financial hypochondriacs… who are scared of their own financial shadows.” [More]
![Is A Perfect Credit Score of 850 Even Possible?](../../../../consumermediallc.files.wordpress.com/2012/06/4-9-2010-1-02-24-pm.jpg?w=240&h=158&crop=1)
Is A Perfect Credit Score of 850 Even Possible?
A perfect credit score of 850 is technically possible, according to FICO spokesperson, Craig Watts but may not be possible for anyone. [More]
![Let's Ask BillShrink About Credit Cards Under The CARD Act](../../../../consumermediallc.files.wordpress.com/2012/06/022210-003-dancing-on-credit-card.jpg?w=300&h=214&crop=1)
Let's Ask BillShrink About Credit Cards Under The CARD Act
Greg wrote to us and said that he’s in the market for a new credit card: “I canceled my Chase card because they raised my interest rate to 29.99% + prime. What credit card companies should I be looking at for a replacement card? What are their perks, their drawbacks?”
I spoke with Samir Kothari, the co-founder and vice president of products at BillShrink.com, to see what he thinks about the CARD Act and how it will change the credit card marketplace.
![Get Ready To Disclose A Lot More Information When Applying For Credit](../../../../consumermediallc.files.wordpress.com/2012/06/1-13-2010-2-14-43-pm.jpg?w=239&h=155&crop=1)
Get Ready To Disclose A Lot More Information When Applying For Credit
The downside to responsible lending is that the lenders will need more information about you, says the WSJ. [More]
![If Your Adult Child Dies, Do You Have To Pay His Credit Card Debt?](../../../../consumermediallc.files.wordpress.com/2012/06/12-31-2009-1-41-43-pm.jpg?w=200&h=148&crop=1)
If Your Adult Child Dies, Do You Have To Pay His Credit Card Debt?
Reader Mat has a question. His uncle passed away a few days ago and his credit card company is telling his grandparents that if his bank account can’t pay the balance — they’ll have to. He’s wondering if this is true. [More]
![New Rules Require Lenders To Say Why They're Gouging You](../../../../consumermediallc.files.wordpress.com/2012/06/millonstolend.jpg?w=300&h=145&crop=1)
New Rules Require Lenders To Say Why They're Gouging You
Under new rules issued by the Federal Trade Commission and the Federal Reserve Board, lenders will be required to tell consumers why they’re sticking them with high rates or other lousy terms. How will creditors perform this incredible feat? By lying, of course. No, just kidding. They’re going to give you a free credit report and a note explaining their decision. [More]
How Your Online Life Can Mess With Your Credit
Blogging at SF Gate, personal finance expert and author Erica Sandberg writes about how things you do online — including your choice of friends in social networking sites and even comments you leave on blogs — can influence creditors. [More]