CFPB and JAG join forces to protect the financial health of service members

The federal Consumer Financial Protection Bureau and military have recently joined forces in an effort to protect service members from being unfairly treated by financial institutions and predatory lenders. The CFPB and the Judge Advocate Generals of the U.S. Army, Marine Corps, Navy, Air Force and Coast Guard announced a joint state of principles which, […]

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Labor secretary calls on businesses to hire more

Last week, economists were projecting more than 100,000 private and government jobs being added to the economy in June. What they got instead was a disappointing 18,000, with the unemployment rate increasing to 9.2 percent. In a statement, Hilda Solis, secretary of the Department of Labor, said job growth is not happening fast enough. "We […]

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Provision may lead to headaches for credit customers

A lesser-known provision governing credit card companies could wind up costing borrowers if they don't read the fine print, as reported by The Associated Press. Since new credit rules were passed last year, credit card companies have to give borrowers at least 45 days notice if they are increasing rates. But as the AP indicates, […]

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Tips for keeping debt levels down

With the recent report that consumer debt totaled $11.5 trillion through the first three months of the year, CNBC is offering borrowers tips for how to keep debt levels low. For instance, the news service says one of the best ways of doing this is making sure housing payments don't take up more than 30 […]

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Things to be aware of before new credit score law goes into effect

With the passage of a new law, it's now easier for credit customers to know whether they have bad credit, a recent Reuters wire item reports, as lenders will soon be required to inform borrowers of their score if they're being denied because of it. For instance, while a credit score is important, what may […]

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Federal Reserve says credit scores must be revealed if applications are denied

New credit rules released by the Federal Reserve Board require lenders to be more transparent to potential borrowers. An extension of the Fair Credit Reporting Act, the new rules require lenders — such as banks and credit card companies — to reveal any credit score to consumers if it was part of the decisioning process. […]

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Lenders focusing on FICO scores before granting mortgage applications

With interest rates at historic lows, it's never been easier to buy a home. However, as the Wall Street Journal states, advantageous rates are of little use to homeowners if they have bad credit scores. "Since 2009, credit has become a lot tighter," said Greg Reiter, managing director of RBS Global Banking and Markets, in […]

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Poll: 70 percent of bank risk professionals believe delinquency rates will fall or stay the same

Perhaps due to a recent report indicating consumers' credit ratings are improving, U.S. credit risk management professionals are bullish about the financial health of borrowers. Findings from a new poll conducted by FICO indicates that nearly 70 percent of bank risk professionals believe credit card delinquency rates will either stay the same or decline over […]

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It’s not impossible to land a mortgage with bad credit

Consumers with bad credit may find it exceedingly difficult to find a lender willing to approve their mortgage application. However, as Keith Gumbinger of mortgage information provider HSH Associates tells CNNMoney, it's not impossible. "The belief is that you can't get a mortgage at all—but you can," said Gumbinger. Tuck Bradford, branch manager with a mortgage […]

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Report: Consumer credit on the mend

While the economy may still be in a funk and the unemployment rate remains elevated, a new report from Equifax suggests consumer credit is improving. "Despite concerns of the economy relapsing, several current metrics indicate the credit cycle is stabilizing," said Michael Koukounas, senior vice president of client services for Equifax. "[It's] even growing somewhat […]

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