Consumer Financial Protection Bureau May See Significant Budget Slashes

Personal Finance

Consumer Financial Protection Bureau May See Significant Budget Slashes

The latest proposed spending cuts from Republicans in the House of Representatives would severely limit funding to the newly created Consumer Financial Protection Bureau, despite this technically being impossible, according to a report from CBS Moneywatch. The latest budget would limit the CFPB’s funds to no more than $80 million, as opposed to the roughly... Read More

How Long Does a Tax Lien Stay on Your Credit Report?

Personal Finance

How Long Does a Tax Lien Stay on Your Credit Report?

How Long Does a Tax Lien Stay on Your Credit Report?

It’s a trick question, because as of April 2018, tax liens were all removed from credit reports. The bureaus took this step to protect the integrity of those reports. According to the Consumer Financial Protection Bureau, many judgments and liens were being reported incorrectly. That caused errors to credit reports not affiliated with the various debts in question. But that doesn’t... Read More

What Happens to Your Unpaid Debt

Managing Debt

What Happens to Your Unpaid Debt

What Happens to Your Unpaid Debt

If you default on a credit card, loan or even your monthly internet or utility payments, your account could be sent to a debt collection agency. Unpaid debts sent to collections hurt your credit score and may lead to lawsuits, wage garnishment, bank account levies and harassing calls from debt collectors. An outstanding collection account... Read More

7 Ways To Defend a Debt Collection Lawsuit

Managing Debt

7 Ways To Defend a Debt Collection Lawsuit

7 Ways To Defend a Debt Collection Lawsuit

Calls, mailings or lawsuits from debt collectors: all things most people would prefer not to deal with. But they’re more common than you might realize. According to the Consumer Financial Protection Bureau, more than 70 million Americans have dealt with debt collectors, and around 25% felt threatened during their dealings with such agencies. The type of... Read More

What Is a Prime vs. Subprime Credit Score?

Credit Score

What Is a Prime vs. Subprime Credit Score?

What Is a Prime vs. Subprime Credit Score?

When it comes to credit, approval is all in the number—the three-digit number that’s your credit score. Most lenders and credit card issuers use this number to determine your risk level as a borrower. In general, credit scores are categorized as bad, poor, fair, good, good or excellent. However, another important designation impacts whether you’ll... Read More

CFPB Proposes Changes to Payday Loan Regulations

Personal Finance

CFPB Proposes Changes to Payday Loan Regulations

CFPB Proposes Changes to Payday Loan Regulations

The Consumer Financial Protection Bureau, or CFPB was created to ensure consumers receive fair treatment from financial companies, such as banks, credit card issuers and lenders. It implements and enforces federal consumer finance laws. But one law it hasn’t yet enacted is an Obama-era payday loan regulation aimed to protect consumers from debt accrued with... Read More

How Do I Maintain and Improve My Credit Score?

Credit Score

How Do I Maintain and Improve My Credit Score?

How Do I Maintain and Improve My Credit Score?

It can take years to get out of debt, especially with personal debt of hovering around $38,000 for the average America, if you don’t count mortgages, reports CNBC.1 Repairing your credit can involve paying back creditors, declaring bankruptcy or just getting control of bad financial habits. It takes time to get to improve your credit score and get the... Read More

What Are the Consequences of Going Over Your Credit Limit?

Credit Cards

What Are the Consequences of Going Over Your Credit Limit?

What Are the Consequences of Going Over Your Credit Limit?

Credit cards certainly have their limits, but it is often possible to go over them. And is going over your credit limit bad? When you go over the limit on your credit card two key things can happen—you pay an over-limit fee and you hurt your credit score. Due to restrictions in the Credit Card... Read More

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