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Identity Theft From Your Hotel?

April 2nd, 2013 admin
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Identity thieves searching for credit card numbers and personal information have found new ways into your wallet, through your favorite hotel. The next time you check into a room and find offers for great area restaurants slipped under the door, or free in-room Wi-Fi, it could end up costing you your entire vacation. Phony Wi-Fi Free wireless Internet is an amenity many hotels now offer to guests as another room perk. Hooking up a laptop, tablet or smartphone to the hotel network is a c….

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When To Add A Consumer Statement To Your Credit Report

April 1st, 2013 admin
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The Fair Credit Reporting Act allows consumers to write a 100-word statement explaining any special circumstances that may impact their credit standing that can then be added to their credit report. Statements can reflect items a consumer may be disputing, or difficult circumstances they’ve encountered while trying to pay their creditors. Some credit bureaus allow multiple statements to be attached to a credit file, while others, only allow one statement per report. A general statement can….

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Five Credit Myths Involving Marriage…And Divorce

March 20th, 2013 admin
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Entering into marriage involves a great deal of financial decision-making. Combining assets and liabilities is an important part of money management for most couples. Many people don’t understand how the circumstance of marriage impacts their credit and binds them to a legal agreement with creditors, even if the relationship eventually ends. With so much information available to consumers these days, it’s easy to see how inaccuracies and misinformation about credit and marriage exists. ….

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Consumer Borrowing For Autos And Education On The Rise

March 13th, 2013 admin
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According to the Federal Reserve, Americans borrowed $16.15 billion this past January, surpassing what economic analysts predicted would be a hopeful increase of $14.5 billion. The reason—significant increases in student and auto loan borrowing. In fact, student loans increased $18.2 billion, the largest monthly growth since November 2001. Student loans alone have risen 63% since the middle of 2008 to total over $956 billion. The increase is likely due to unemployment numbers that have dri….

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FTC Finds Errors In Credit Reports—What You Can Do?

March 6th, 2013 admin
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The FTC released its congressionally mandated report this week on the accuracy of consumer credit bureau reports. The study found that one in four consumers discovered mistakes on their credit reports that might affect their credit scores. According to Director of the FTC’s Bureau of Economics, Howard Shelanski, “These are eye-opening numbers for American consumers.” He went on to urge consumers to exercise their right to examine their credit reports yearly free of charge, indicating th….

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Government Watchdog Seeks Solutions To Student Loan Crisis

March 1st, 2013 admin
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In a difficult U.S. economy, where the price of education is steadily rising, it’s no surprise that $8 billion dollars in student loans is in default. That’s what a recent report issued by the Consumer Financial Protection Bureau says—and the numbers could go even higher. With over $1 trillion dollars in student loans and $150 billion of these in private loans alone, the risk for default is definitely there, which could reap havoc with an economy, already stressed by unemployment and home fo….

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Payday Loans–Borrowers Want Them Despite High Costs

February 26th, 2013 admin
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Each year 12 million Americans turn to “payday loans” or “short term credit lines” as they are advertised, to get through lean times until the next paycheck arrives. Surprisingly, only about 14% of these loans actually get paid back, come payday. At the end of the loan period many borrowers find themselves in dire straits, yet again and can only afford to pay the lesser fee involved with extending the loan another two weeks. Many times, payday users owe far more than they bargained fo….

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Debt Collectors Use Social Media To Contact Consumers

February 18th, 2013 admin
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It’s bad enough when unwanted friends come calling on Facebook, but most people don’t expect to find messages from collection agencies in their inbox. The Consumer Financial Protection Bureau, under the Federal Trade Commission that regulates the consumer collection industry, is faced with making decisions about the way in which debt collectors can use social media to contact their clients. The bureau looks to focus on debt collections in the year 2013 in that 30 million consumers, or abou….

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Home Sales Rebounding–Brighter Economy Ahead

February 11th, 2013 admin
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According to chief economist of Nuveen Asset Management, home sales are now rebounding to the highest levels seen in the last five years. “After several years of excess supply, demand and supply conditions are now in much better balance”, he states. Buyers are taking advantage of record low interest rates, home prices are rising and foreclosures are dropping off, making for a healthy gain in the national housing economy. Some, including Moody’s Analytics predict a 50% rise in housing start….

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College Students Getting Duped By Credit Card Companies?

February 8th, 2013 admin
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In a recent request by the Consumer Financial Protection Bureau, a federal watchdog oversight group, information about the way colleges partner with financial institutions to provide financial products to students is under serious scrutiny. Throughout their college careers, students use any number of financial products to pay for books, tuition, housing and living expenses. Many schools offer enhanced student ID cards with banking capabilities that students use for bookstore purchases and acce….

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