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Recent Credit Repair Blog Posts

  • Do “Credit Builder” Features Work?

    Here’s one of the catch 22’s of credit repair.  Many people with really bad credit scores, or even no credit score (folks with “thin files” or “no files”) don’t have a chance to easily build or improve their credit score. So what can they do?  One option is to use a prepaid debit card with a “credit builder” feature.  Do these work?

  • Credit Repair Companies Fined in Louisiana

    Here’s some good news for those of us who use credit repair services—the Federal and State Regulators are looking out for us!  Here’s a story about a fine imposed by the State of Louisiana on some unscrupulous credit repair firms.

  • A Quick Check To See How Credit Reform Is Going

    There’s a fascinating study by the Center For Responsible Lending (CRL) that was just published.  It takes a look at how credit card issuers have responded to the new Federal Reserve rule changes announced in late 2008.  The news ain’t too good….

  • Credit Card Issuers Get Tighter—Advanta To Yank Future Use of Some Business Cards

    We’ve talked about the coming flood of credit card problems.  Looks like the flood is starting to hit.  Yesterday, Advanta announced they are going to shut down future use of their small business credit cards.

  • Credit Card Rights: Disputing Credit Card Billing Errors

    Have you ever opened your credit card bill and been shocked to see an unexpectedly high balance due?  Maybe the balance is higher than you know it should be.  After going over the bill with a fine tooth comb you realize that there is either an unauthorized charge, or a billing error that led to the higher than expected balance. You feel a little better, but now this errant charge needs to be fixed. The law is on your side, its time to initiate a dispute with your credit card company.

  • Credit Card Reform—Obama Rolls Up His Sleeves

    On Thursday (April 23, 2009), President Obama and his staff met with credit card industry executives.  President Obama’s objective was to spur some changes in the industry.  Following the meeting, the White House issued a press release regarding Obama’s objectives.

  • New Credit Card Reform On The Horizon

    Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, announced today (3/31/09) that the Committee passed comprehensive legislation he authored to protect consumers from confusing, misleading and predatory practices by credit card companies. “I commend the Banking Committee for passing this legislation, and am determined to see this bill pass the United States Senate and become law.”

  • Getting a Free Credit Score With Your Free Report May Get Easier

    Have you ever ordered a copy of your free annual credit report?  (If you haven’t—you should).

    When you order a copy, you’ll be shocked to find out that the free credit report doesn’t include your credit score in it.  Instead, you’ll be asked to pay an additional fee to get to see your credit score.  How frustrating is that!?

    Well, things are starting to change.  Some people can now actually get free credit scores with their reports.

  • GMAC Eases Credit Score Requirements For New Car Buyers

    Several weeks ago, we reported about an announcement from GMAC that they would require FICO scores of 700 or better to buy a new car with GMAC financing.  Apparently, they’ve changed their minds (thanks to an infusion of cash from the Federal Reserve).

  • Yikes - Can We Have Some Good Credit News Already?

    They say “its always darkest before the dawn”. 

    With the recent news about consumer credit that came out this week, the dawn better be right around the corner.

  • New Credit Card Rules for Restricting the Financing of Issuance Fees, Security Deposits

    The new Credit Card Reform Act will restrict companies from the financing of issuance fees and security deposits.

  • Say Goodbye to Two Cycle Credit Card Billing

    Two cycle billing has become a popular trick of credit card companies. The new Credit Card Reform Act is set to protect consumers against this.

  • Credit Card Payments soon to be Divided among Balances

    Good news for consumers: A new Credit Card Reform Act includes a rule ensuring that payments must be fairly applied to different balances with different rates. 

  • More Time to make Credit Card Payments, Fewer Late Fees

    The new Credit Card Reform Act will ensure that consumers have more time to make a payment. 

  • Credit Card Reform Rules: The Important Details

    Federal regulators have passed tough new rules to regulate credit card companies due to deceptive and unfair practices.

  • Credit Card Reform: Get Ready for Some Changes

    As we have reported recently, credit card reform is a hot topic.  Today, the U.S. Office of Thrift Supervision (“OTS”) passed credit card reform rules that prohibit savings associations from engaging in unfair credit card practices.  The Federal Reserve Board (FRB) and the National Credit Union Administration (NCUA) are expected to approve the same rule, thus providing Americans with uniform protections regardless of which type of financial institution issued their credit card.

  • FTC: Identity Theft Continues to be a Big Problem

    The Federal Trade Commission recently issued a new report about identity theft.  Here’s the gist of it: identity theft continues to be a major problem in this country, with victims numbering in the millions each year and out-of-pocket losses (primarily to businesses) in the billions of dollars. 

  • Fed to Vote on Credit Card Reform Regulations

    Credit Card reform is a hot topic.  As we previously mentioned, the House recently passed the Credit Cardholder’s Bill of Rights Act.  Now, the Federal Reserve is set to vote (on December 18, 2008) on a number of important regulatory changes that will affect how credit card issuers behave in the U.S.  The regulatory changes are pro-consumer in many ways.

  • Credit CardHolder’s Bill of Rights

    In September 2008, the U.S. House of Representatives passed (by a large margin) legislation designed to protect consumers from abusive lending practices of credit card companies.  The bill didn’t receive a huge amount of press attention given the other financial news this fall.  The “Credit Cardholders Bill of Rights Act” (HR 5244) passed the House 312-112, with 228 Democrats and 84 Republicans voting to support it. 111 Republicans and one Democrat voted against the bill. 

  • “Instant Credit” Offers and Your Credit Score

    ‘Tis the season for holiday shopping.  It seems every big merchant has an “instant credit” offer.  Amazon.com offers a credit card.  Walmart offers a credit card.  Even PayPal offers a way to get “instant credit”.  Before accepting these offers, make sure you consider how the application will affect your credit score.

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