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This Week in Credit News: Obama’s New Budget

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Credit NewsThe biggest news this week is all about the financial battle in Washington D.C. as President Obama released his proposed 2014 budget.

FHA May Need Nearly $1 Billion Infusion, White House Forecasts

With President Obama’s release of the new budget came some criticism from analysts, who found that the Federal Housing Administration may need a $943 million credit in October.

The mortgage insurer, which is a part of the Department of Housing and Urban Development, would actually be posting a surplus of about $4 billion if it weren’t for its reverse mortgage portfolio.


Free Credit Check & MonitoringNew Cybersecurity Bill Clears House Committee

The Cyber Intelligence Sharing and Protection Act (CISPA) made its way out of a House of Representatives committee Thursday on an 18-2 vote.

The bill, which is similar to one that failed last year on privacy concerns, allows private businesses to share some of their cyber data with law enforcement agencies in order to share some of the liability. The government in turn gives private businesses insight into how to better protect themselves.


Is Being Debt-Free Always a Good Thing?

There’s a certain group of financial experts who advocate living a debt-free life — cutting up all your credit cards, paying cash for your car and home, and never financing a thing. For those who follow that mindset, it doesn’t mean that your credit has to suffer.

Credit scoring expert Barry Paperno explains that you don’t have to have debt to have good credit. “Credit scores look very kindly on credit reports containing nothing but credit cards and loans with zero balances — and spotless payment records — as long as one or more cards remain through at least occasional use.”

@BarryPaperno @CreditExperts

Image: NS Newsflash, via Flickr

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