Financial and credit blogs to help you get answers to the questions you have to improve your financial future.
In the United States, wage garnishment is a legal process by which an employer withholds a portion of an individual's earnings to pay off a debt owed to a creditor. This process can be daunting and financially stressful for debtors, but it's essential to understand how it works and what rights you have as a debtor.
Read MoreBuilding and maintaining good credit is crucial for getting approved for loans and other financial products with favorable terms. This article explores some unconventional strategies for rebuilding credit quickly after setbacks like bankruptcy, identity theft, or other negative marks.
Read MoreThe Federal Trade Commission (FTC) recently released its annual Equal Credit Opportunity Act (ECOA) report, which details the agency's enforcement activities and educational efforts related to fair lending in 2023. The ECOA prohibits discrimination in credit transactions based on race, national origin, religion, sex, marital status, age, or disability.
Read MoreThe recent Supreme Court ruling in Dep’t of Agric. Rural Dev. Rural Hous. Serv. v. Kirtz, 2024 WL 478567 (U.S. Feb. 8, 2024) marks a significant development in the legal landscape surrounding the Fair Credit Reporting Act (FCRA). In a unanimous decision on February 8, 2024, the Court clarified that sovereign immunity does not shield federal agencies from lawsuits seeking damages under the FCRA.
Read MorePaying off debt may cause your credit scores to decrease if it affects factors like credit mix, credit history length, or credit utilization ratio. However, it's still important to fulfill your payment obligations.
The mysterious realm of credit scores frequently leaves individuals perplexed and exasperated. Central to this bewilderment is the credit score algorithm—an intricate and clandestine formula that significantly influences one's financial destiny. This article explores the complexities of credit score algorithms, revealing insights into their development, influence, and the debates surrounding them.
Read MoreConsumer credit card debt has become a growing crisis in America, with serious consequences for individuals and the economy as a whole. This article explores the factors contributing to the increase in consumer credit card debt, the consequences of burdening debt, and the role of government policies and regulations in addressing this issue.
Read MoreWhen facing overwhelming debt, it's important to understand your options for resolving it. Debt negotiation is a strategy that allows you to work with your creditors or debt collectors to reach a mutually agreeable settlement. In this section, we will explore what debt negotiation is and why you should consider it as a potential solution to your debt woes.
Read MoreTo begin the DIY credit repair process, you will need to obtain copies of your credit reports from the three major credit reporting agencies: Equifax, Experian, and TransUnion. These reports contain detailed information about your credit history, including your payment history, outstanding debts, and any negative items that may be affecting your credit score.
Read MoreIf you find any errors on your credit reports, such as incorrect personal information or inaccurate account details, it's crucial to take action. You can dispute these errors by sending a dispute letter to the credit bureaus, requesting a formal investigation and action
Read MoreFord is considering a patent allowing their vehicles to self-repossess if a debtor misses a payment. This new technology could completely change the car repossession industry and also force debtors to be more financially responsible but carries worry amongst borrowers.
Read MoreNavigating the path to financial stability often involves addressing credit issues head-on. Individuals have the power to improve their credit scores through diligent self-help strategies, such as challenging inaccuracies on reports, negotiating with collectors for favorable terms or settlements, and seeking the removal of charge-offs and judgments. These steps not only help in rectifying one's financial reputation but also lay a foundation for better borrowing opportunities in the future.
Read MoreAccuracy issues on your credit report can severely harm your score and wreak financial havoc. You can seek assistance from a credit repair service provider or try fixing them on your own.
Read MoreWhile politicians try to wrangle their words to hide the facts, the truth is that Americans are suffering more now than we’ve seen in decades. It seems everything has hit us at once as we all try to cope with post-pandemic living, the effects of being shut down, and the constant infighting in Washington that sees nothing getting done.
Read MoreInnovative ways to rebuild your credit. Learn how debt negotiations and working with collection agencies can help you improve your credit history and build a better credit score.
Read MoreIndividuals accumulate massive credit card debt through job loss, medical bills, or simply living beyond their means. Many cardholders can not make even the minimum monthly payments and are forced to file for bankruptcy. This ruins their credit scores and makes getting loans, finding housing, or even gaining employment difficult.
Read MoreThe 2023 Bankruptcy Surge: Unraveling the Causes, Trends, and Impact on Individuals and Small Businesses as Credit Card Debt Soars to Trillions.
Read MoreMacy’s is reporting a 36% increase in credit card delinquencies, and consumers are feeling the financial crush of robbing Peter to pay Paul. How can you avoid the credit card debt trap and also survive increasing interest rates and crushing inflation?
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Find out the latest in new consumer law changes. This article lists the federal and state consumer law scheduled to go into effect through December 31, 2023
The three nationwide credit reporting agencies - Equifax, Experian and TransUnion - have agreed to three important changes to reporting medical collection accounts.
•Paid medical collection debt will no longer be included on consumer credit reports, as of July 1, 2022.
•The time period before unpaid medical collection debt will appear on a consumer’s report will be increased from six months to one year, also effective July 1, 2022. This change gives consumers more time to work with insurance and/or healthcare providers to address medical collection debt before it appears on credit reports.
•Medical debt collection accounts under at least $500 will no longer be included on consumer credit reports. This goes into effect the first half of 2023.
These significant changes to medical collection debt reporting support consumers faced with unexpected medical bills.
Living paycheck to paycheck? Get some tips to keep more of your money.
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What is Zombie debt? Find out how to deal with old debt that haunts you.
Solid financial advice with real-life steps to take to budget better and save more.
