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Consumer groups are paying more attention to the senior set when it comes to solicitations for financial services including investments, collection agencies, and credit repair companies. There have been increasing complaints that senior citizens are at greater risk for being scammed out of their cash for services they get convinced they need.

The elderly are more likely to take calls from telephone solicitors typically because the have the time to do so. Unfortunately, those who are promoting credit repair or financial services and those who are trying to collect debts that may or may not be legitimate can often force older people into something they don’t Read more…

For consumers who have consistent excellent credit scores, experts warn that ignoring regular reviews of credit reports can spell trouble. Credit reports account for all of the credit activity going on in a consumer’s financial life. It may also be the first indicator that something is wrong and further investigation is necessary in regard to financial criminal activity.

Identity and credit card theft is still on the rise and if consumers forgo checking into their own credit reports, they may be missing red flags that someone has hacked their identity. Because technology has afforded may more ways for criminals to secure credit card and other personal information, it is imperative for consumers to Read more…

The debt of the United States is growing by leaps and bounds and as a result, Standard & Poor has downgraded the nation’s credit rating. While the effects of the lowered credit score of the country have yet to be fully determined, it is safe to say that the excess spending in Washington reinforces the need for consumers to get a handle on personal credit scores.

Consumers are still spending too much and not paying off debts in a timely manner. Those who are in need of financing in the immediate future need to consider credit repair efforts before applying for a loans or new lines of credit. With the nation’s debt crisis affecting many things, interest rates being offered on loans and credit cards will likely rise

Those who already have bad credit scores need to Read more…

A Las Vegas man was sentenced by District Court Judge Linda Bell to 2-8 ½ years in state prison for his involvement in credit repair scams and mortgage assistance schemes.

Joseph Lawrence Yorkus was found guilty of credit repair fraud and mortgage fraud. Yorkus has created several companies including Fresh Start Consulting, BAC Collections, Sundance Consulting, Great Western Business Services, and Learn Your Rights. These companies promoted services to help homeowners who were in financial trouble.

Yorkus stole funds from homeowners and instead of assisting customers with credit repair and mortgage help he took advantage of those who were already in danger of losing their homes. The District Judge ordered Yorkus to pay restitution in the amount of Read more…

If you are about to pursue a mortgage loan, you should know that the national debt crisis may affect how much you pay in interest especially if you have a poor credit history.

There have been many headlines recently about the state of the nation’s economy and the amount of debt it is facing. The heavy debates and the zero-hour debt ceiling agreement have cause a stir in the media as well as in households around the country.

Essentially, if you are looking to apply for a mortgage loan, new credit card, or any other type of financing, you may have to pay a higher interest rate than you were anticipating. If your credit score is not up to par and you have credit mistakes in the past, you may not even qualify for a loan.

Because the cost of the United States debt is increasing, experts predict interest rates on loans will also go up. For those with decent credit, higher rates can make borrowers no longer afford the loans they were seeking. For those with bad credit, mortgages and credit cards may not even be possible.

Overall, lenders are taking a much closer look at consumer credit applications to begin with since the recent recession, especially when it comes to mortgage loans. Without proactive credit repair efforts, it will be difficult for consumers with less-than-perfect credit records to get financing. Late or missed payments and overextended credit can cause serious concerns among lenders who can not afford to face additional defaults.

Personal finance experts recommends that all Americans order copies of their credit reports and scores to see where they stand rating-wise. Inaccurate information found on credit reports should be disputed with the credit reporting bureaus. Consumers need to focus on personal spending cuts and ensure they are making their creditor payments on time each month in an effort to increase their credit score and make financing a reasonable possibility.

Consumer complaints are tallied every year and again this year consumer credit issues top the list of what American wants to complain about to the government. So many complaints have been registered with the government consumer agencies, many can not even handle the amount pouring in.

After 31 state and county agencies from 18 states around the country participated in a comprehensive survey, it was found that credit repair firms, debt collection agencies, and credit card companies brought about the second most consumer complaints. In the top spot again are complaints involving vehicle purchases.

Some analysts say that due to the recession and consumers overall financial strains, it is not surprising credit repair and credit card complaints are still high on the complaint list. Consumer advocates cite this reason as an obvious sign that more consumer protection initiatives and laws need to be enacted.

However, working on solutions for the mass of consumer complaints is Read more…

As the President’s speech to the nation is still fresh in the minds of many worried about the impact of the debt ceiling collapsing, new studies show that American’s are truly worried not only about the impact of what will come in the short-term but also how they will manage in the future.

Last Fall, the nation was shown to start rebuilding their confidence associated with their personal financial situation. More consumers were focused on debt relief and improving credit scores. Now that the economy’s recovery effort is appearing shaky at best, it appears things are beginning to move backwards.

More than half of the country is under the weight of their household debt. According to a poll conducted by the Associated Press-GfK, more than 20% of Americans are stressed about debt during the majority of their day. Other data shows that more than a third of consumers who have made purchases on their credit card within the past month will not pay off the balance in full at the end of the billing cycle.

This information is opposite of what the study found last fall. Stress linked directly to debt issues was Read more…

Last week a federal indictment was unsealed in New York against four defendants accused of fraudulent credit repair services. The alleged offenders were said to have reported false and inflated credit histories for thousands of consumers. As a result, the individuals were authorized to receive millions of dollars worth of loans from banks and other lending institutions.

The defendants began the scheme through a company called Highway Furniture, Inc. The defendants charged consumers thousands of dollars in fees in exchange for the company reporting fake information back to the consumer credit reporting bureaus. The defendants eventually changed the Brooklyn-based company of Highway Furniture to a company called New York Funding. The four continued to report fraudulent data to the agencies, reporting fictitious credit and loan information for thousands of customers including that large loans were paid in full or being repaid on schedule.

As a result, the credit histories and scores of thousands increase exponentially. The four then went further by Read more…

Based on information from various credit counseling agencies operating in Florida, women are more likely to reach out to debt counselors and other agencies to get help dealing with personal debt issues. Women currently make up more than 62% of the client base at one of the largest credit counseling agencies in Florida as reported by the Orlando Sentinel.

Many of the clientele are single mothers or divorcees trying to make ends meet as the Head of Household. A credit scores and histories are being relied on heavily by a number of industries women are seemingly taking a proactive measure to get their finances back on track. The women are faced with the daily pressures of family life, eliminating debt, and keeping food on the table.

During the recession between 2007 and 2009, many male workers had their jobs eliminated with 4 millions jobs lost in construction during that time. These downsizing measures and significant job losses spurred women into becoming the chief or sole breadwinner of the family unit.

Along with the burden of making more money came the added burden of Read more…

A new study conducted by the Consumer Financial Protection Bureau has found that credit scores consumers receive from the credit reporting bureaus are not always the same score a potential lender will see.

The Consumer Financial Protection Bureau has not yet launched but is ready to do so soon. The bureau needed to perform a certain amount of studies that were required by the Dodd-Frank Act. One of the included studies compared the credit score differences between those purchased by consumers and those used by creditors when reviewing new applications.

Consumers at a Loss

Consumers are being told time and again to check and recheck their credit scores, especially before applying for a loan or other financing. However, with the latest news on credit scores, it appears that consumers will never Read more…