Finance Globe

U.S. financial and economic topics from several finance writers.

Collection Agency Charged in $10 Million Scheme

It’s quite common to hear about collection agencies scheming against consumers. Numerous collection agencies have been reprimanded, fined, or shut down by Federal agencies for collecting nonexistent debts from consumers, for charging consumers more than what they owe, or going outside the law to collect even legitimate debts. In a slight twist, one large collection agency has recently been found guilty of swindling not only the businesses that hired them, but also banks and investors. Several...
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Credit Repair Enrollment Fees Are Illegal

Anyone who’s ever had an application turned down due to bad credit knows the importance of having a good credit score. Unfortunately, turning a bad credit score into a good one can take several years, especially since you have to wait out the credit reporting time limit. Some people may turn to credit repair services to help them get faster results.What's Legal for Credit Repair CompaniesIt’s been continually stated that credit repair companies don’t have any...
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Recent Comments
Guest — Mike
Is it legal to charge a fee once you have consulted, planned a strategy. Sent out dispute validation letters to creditors and cre... Read More
Tuesday, 16 April 2019 23:30
Guest — Emma parke
I have 11 inquiries on my credit total all can i get them moved .or will they hurt?
Friday, 28 February 2020 12:13
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FICO: Credit Card Debt is Consumers’ Biggest Financial Worry

Of all the financial-related things consumers are concerned about – making ends meet, saving for retirement, putting money away for kids’ college – the biggest worry is credit card debt, according to a survey from FICO, creator of the well-known credit score. Federal statistics, however, show that the amount of credit card debt has steadily increased throughout 2012, which brings some question about consumers’ financial priorities. TransUnion, one of the major credit bureaus, expects that credit...
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Which Accounts Most Affect Your Credit Score?

If you’ve checked your credit reports – hopefully you have – then you know that a variety of accounts are reported to the credit bureaus each month. Credit reports include credit cards, mortgage (if you own a house), auto loan (if you’ve borrowed money to purchase a car), student loans, or possibly even debt collections. One of those types of accounts has a bigger impact on credit scores, which are based on credit report information. Do...
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Credit Report Freezing Isn't for Everyone

Placing a security freeze on your credit report is one of the ways you can reduce credit card fraud and identity theft. With a security freeze in place, businesses can’t check your credit report to approve credit-based applications. So, if a business isn’t able to assess your creditworthiness, most fraudulent applications will be turned down. Credit freezes, however, shouldn't be used across the board for everyone who wants to avoid identity theft. Unless you’re identity theft...
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Four Examples of Reckless Credit Card Spending

Using a credit card isn’t hard. Swipe your credit card at the cash register, walk away with your merchandise, and wait for the credit card issuer to tell you how much you owe. Making credit card purchases can feel great because you don’t have to give up your hard-earned cash, but your spending can get out of control if you don’t pay attention to your credit card purchases. Here are some examples of reckless credit card...
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Massive South Carolina Data Breach – 3.6 Million Social Security Numbers Stolen

The South Carolina Department of Revenue suffered a massive data breach resulting in the theft of approximately 3.6 million social security numbers and 387,000 credit and debit card numbers. The majority of credit and debit card numbers were encrypted, but 16,000 of them were not. Even so, encryption isn’t foolproof. An intelligent hacker may be able to break the encryption. Worse, none of the social security numbers were encrypted. Anyone who has filed taxes in the...
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Online Payday Loans Are Riskier

Payday loan providers are known predators. The loans are generally easy to borrow, but difficult to repay. They’re attractive to many because no credit check is required. However, cash flow problems lead to some borrowers keeping the loans for several months and paying hundreds of dollars in interest. Despite warnings from government agencies and consumer groups, payday loan businesses are growing, even online. Online payday loans may attract borrowers who’ve maxed out the number of outstanding...
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Slow and Steady Wins the Credit Score Race

You can kill a good credit score in a matter of months. It’s easy. In fact, you don’t have to do anything because not doing something, specifically not paying your bills, is precisely what makes you lose a good credit rating. Once your good credit score is gone, getting back won’t be so easy or as quick. Think of it as growing your hair long again after getting a haircut. It takes just a short time...
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Considering Debt Settlement? Beware the Low Success Rate

Government agencies and consumer rights advocates have been speaking out against debt settlement for years and obviously with good reason. According to the National Association of Consumer Bankruptcy Attorneys (NACBA), only one in 10 consumers actually end up debt-free after paying for debt settlement services. Debt settlement is a process where your creditors agree to accept a lower payment on your debt than what you actually owe. Once you’ve made the settlement payment, the creditor writes...
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