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How long does information stay on my credit reports?
This is one of the most common questions when it comes to credit report information. It’s of most concern when you have negative data on your credit report, which can seriously impact your credit...
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Proposed Legislation Would Permit Robo-Dialers to Call Cell Phones for...
In September 2011, a bill to update the Telephone Consumer Protection Act (TCPA) was introduced in the House of Representatives. This bill, the Mobile Informational Call Act of 2011, will allow...
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Bankers Expect Delinquencies to Increase for Consumer Loans
Professional Risk Manager’s International Association (PRMIA) conducts a quarterly on-line survey for FICO. The most current one surveyed 188 bank professionals in August 2011. The bankers expected...
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Bankruptcy Filings Increasing – Part 1 of 2
The Institute for Financial Literacy released its Annual Consumer Bankruptcy Demographics Report. This report included not only 2010 demographic information, but also comparisons to data collected...
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Bankruptcy Filings Increasing – Part 2 of 2
This is a continuation of The Institute for Financial Literacy’s Annual Consumer Bankruptcy Demographics Report for 2010. Part 1 of this blog covered income, education and cause of financial distress....
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Student Loan Relief Plan Changed
On October 26, 2011, the White House announced a student loan relief plan, which made changes to the federal student loan program passed by Congress in July 1, 2010. The 2010 law lowered the repayment...
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TransUnion’s Credit Card Delinquency Study
TransUnion, one of the three credit reporting agencies, analyzes their consumer database quarterly to determine how credit active consumers manage mortgages, credit cards and auto loans. This analysis...
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What is HARP 2 and Am I Eligible?
The Obama Administration’s phase 2 of the Home Affordable Refinance Program (HARP), or HARP Phase 2, is to assist homeowners whose mortgages are underwater and pay their mortgages on time. This...
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Who are the Strategic Defaulters?
I have discussed strategic defaulters in previous blogs. To refresh your memory, strategic defaulters stay current with their debts but default on their mortgage because they have negative equity or...
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Debt Collector Scams
Debt collectors usually work for a collection agency and collect unpaid debt on behalf of creditors. Most debt collectors are legitimate, but there are those that don’t follow the laws and harass...
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Who Controls Credit Scores?
Who Do You Think Controls Your Credit Score? In February 2012, FreeScore.com conducted a survey of 300 U.S. consumers and asked them who they thought controls their credit score. More than half (53...
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FICO’s Survey of Risk Managers – Cautiously Optimistic
FICO, the inventor of credit scores, recently hired Professional Risk Managers’ International Association (PRMIA) to conduct a survey of risk managers and other banking executives. This survey asked...
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Financial Literacy…Men versus Women
FINRA recently conducted a study called the FINRA Investor Education National Financial Capability Study. The FINRA Investor Education Foundation is the largest foundation in the United States...
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Consumer and Mortgage Loan Delinquencies Fell in May 2012 Part 1
In June 2012, Equifax, one of the three credit bureaus, released their May National Consumer Credit Trends Report. This report included mortgages, home equity loans, student loans, bankcards, and auto...
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Is Universal Default Still Legal?
Universal default is the process whereby a credit card issuer would adversely change the terms of your credit card account because either A) your credit score went down or B) you missed a payment or...
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Who are the Underbanked?
Javelin Strategy & Research released in mid June, their report called – “Reaching the Underbanked and Unbanked Consumers in 2012: Strategies for Connecting with Mobile Financial Services”....
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July 2012 Delinquency Rates Declined Compared to July 2011
Equifax, one of the three national credit bureaus, recently announced the results of their National Consumer Trends Report which compared July 2012 to July 2011. Credit card, home and auto finance...
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Is the Banking Industry Recovering?
I’ve recently addressed the increases in revenue and new accounts for the credit union industry. This piece will address similar increases in the banking industry. This information was provided by...
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Does Paying Off A Collection Remove It From My Credit Report?
I recently received this question from a reader (paraphrased): Q: My husband has a $10 collection on two of his credit reports. His FICO scores on those credit reports are over 100 points lower than...
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Can My Wages Get Garnished If I Don’t Pay My Creditors?
I got the following regarding garnishments from a Facebook friend last week… “John, I had some credit problems in 2007 and I thought time had healed the wound. I’m wrong. I found out from my...
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