Industry News
Class Action Lawsuit Filed Against Experian
Chances are you’ve heard the ads for FreeCreditReport.com. They’re the ones with the catchy jingle and the guy walking around singing about the website and how his life was ruined because he didn’t check his credit. In one particular commercial he tries to buy a car and ends up in an old jalopy due to...
What you need to know: new credit card rules spelled out by the Federal Reserve
The Federal Reserve’s new rules for credit card companies mean new credit card protections for you. Here are some key changes you should expect from your credit card company beginning on February 22, 2010. What your credit card company has to tell you When they plan to increase your rate or other fees. Your credit card...
How helpful is HAMP?
New information has come to light in the past few days regarding HAMP, or the Home Affordable Modification Program. Aside from the fact that they need someone new in Washington to come up with better acronyms, the HAMP program was designed to assist homeowners in danger of foreclosure by reducing their mortgages and interest...
79.9 percent interest rate credit card (I’m not kidding)
79.9 percent interest rate credit card. Sounds crazy, doesn’t it? It’s a reality though. First Premier Bank is now offering a credit card with a $300.00 credit limit and a 79.9 percent interest rate, oh, and a $75.00 annual fee. So, let’s do the math here. You receive the card and decide that you’re going to...
FHA’s New Lending Criteria
Everyone already knows that the mortgage crisis obliterated the mortgage market, but many aren’t aware of how this changed the face of a tiny government agency, the Federal Housing Administration. Prior to the crash the FHA only guaranteed 3% of new home mortgages against default. Today they guarantee about 30% of new home mortgages. Why...
National Association of Credit Managers’ Credit Index Shows Credit Is Becoming More Available
The National Association of Credit Managers published the November results of their benchmark credit index today. For the second straight month the credit index surpassed the breakeven index number of 50. The index was at 34 a year ago, but increased to 51 in October and 55 in November. What does this mean for...
5 ways to kill your credit scores
The curtain has parted, albeit slightly, on the mystery of how your credit rating is calculated. Find out what these common credit problems can do to your standing. By Liz Pulliam Weston One of the questions I’m asked most often about credit scores is exactly how much certain actions affect people’s scores. Until now, the best I could do...
Timothy Geithner tells the banks to start lending again
Treasury Secretary Timothy F. Geithner, speaking at a small-business financing forum at the Treasury Department, called on banks to “get back to the business of lending.” The Treasury Department released a report earlier this week showing that many of the banks that received government aid in the form of stimulus money earlier this year continue to...
15.4 million taxpayers in for a shock. Are you one?
If you’re counting on your tax return in 2010 for a vacation or to pay off some bills, you might be one of the 15.4 million taxpayers in for a shock when you discover that your refund will be lower than expected, or even worse, you might end up owing money to the IRS. The Making...
Breaking News: President signs homebuyers tax credit bill
President Obama today signed into law the bill extending the homebuyers tax credit through May 1st, 2010– a 6 month extension of the tax credit. The law provides an $8,000 tax credit for first-time homebuyers, and $6,500 for homebuyers who have owned their current home for at least 5 years. Contracts must be in place...
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