Consumers Love Hate Relationship with Credit Cards

The Sunday May 27, 2007, edition of the Washington Post contains an article entitled “A Highly Charged Relationship” about Americans’ love hate relationship with credit cards. What what we all love is the convenience, but we hate are the practices hidden in the fine print such as unfairly high interest rates and penalty fees; confusing policies that constantly change, almost always in the lender’s favor; and near-insurmountable hurdles to getting help when a consumer falls into trouble or when a company makes a billing mistake. The article states that most complaints involve “over limit” fees and penalties; interest charges on...

CONTINUE

7th Circuit Holds Credit Bureaus’ Disclosures Must be Clear & Accurate

On May 3, 2007, the 7th Circuit Court of Appeals held that credit bureaus such as Equifax, Experian & Trans Union must provide consumers credit disclosures that are not only accurate, but “clear.” In Gillespie v Equifax, the plaintiffs requested their credit reports, which, among other things, listed the “date of last activity” on certain collection accounts. Depending on what event triggered the listing in this category, the report could lack clarity as to when delinquency had occurred. Having clarity on this point could be important to the consumer because, under FCRA, a consumer report may not include “accounts placed...

CONTINUE

Improving Your Credit Score: Four Myths Consumers Should Ignore

How do consumers get the best deal on credit? Most people know that furnishers–the lenders that supply credit–look at consumers’ FICO scores. The higher the score, the better deal the consumer will get. That means a lower mortgage rate or a more favorable interest rate on a new car. But how can consumers increase their credit score? A recent article debunks some of the more common myths about how consumers’ credit scores can be affected. 1)Closing Accounts Do Not Help Your Credit Score! Credit scoring formulas look at the difference between consumers’ available credit and what they are using. So,...

CONTINUE

Consumer Credit: Five Reasons to Have a Good Credit Score

Your credit score basically predicts the possibility that you won’t pay your bills. Creditors figure that the higher your credit score, the less likely you are to miss payments. Most credit scores on based on the Fair, Isaac & Co. model, known as FICO scores. But why is your credit score important? A recent article by Kiplinger’s Personal Finance Magazine explains who relies on that score: 1) Lenders. Most people would expect lenders to look at their credit scores, and indeed they do. Your credit score affects the rate you pay on your mortgage, your car loan and your credit...

CONTINUE
1 49 50 51 52 53

REQUEST A FREE CONSULTATION


  • 1736 Stockton Street
    Ground Floor
    San Fransisco, CA 94133
  • (415) 651-1951