1099-C: The Worst Tax Mess of the Year?

Personal Finance

1099-C: The Worst Tax Mess of the Year?

1099-C: The Worst Tax Mess of the Year?

It’s perhaps the biggest tax mess of 2012: An estimated 6.3 million 1099-C forms reporting cancellation of debt income have gone out to taxpayers. Some of those forms are being sent to consumers for very old debts that they never thought they would hear about again. To make the situation worse, the IRS is arguably… Read More

Capital One Not Accepting Low-Score FHA Mortgages

Mortgages

Capital One Not Accepting Low-Score FHA Mortgages

Capital One Not Accepting Low-Score FHA Mortgages

Despite reaching an agreement to begin originating loans designed to help borrowers with lower credit ratings obtain mortgages, one of the nation’s largest lenders still has not done so. Capital One Financial, as part of its purchase of ING’s U.S. online banking service, ING Direct, said it would commit to originating home loans insured by… Read More

The CFPB Wants Your Ideas

Personal Finance

The CFPB Wants Your Ideas

The CFPB Wants Your Ideas

Last week the Consumer Financial Protection Bureau (CFPB) announced the availability of their new Streamlining Regulations Feedback Web Tool. The purpose of this new service is to facilitate one’s ability to make suggestion to streamline regulations the CFPB recently inherited from seven Federal agencies. Anyone is welcome to make suggestions (you don’t have to be… Read More

FTC Cracks Down on Payday Loan Debt Collector

Managing Debt

FTC Cracks Down on Payday Loan Debt Collector

FTC Cracks Down on Payday Loan Debt Collector

At Credit.com, we’ve heard from consumers across the country who have been harassed by phony debt collectors who threaten to have them arrested for debts they may not even owe. While the threats are often blatantly illegal, there hasn’t been a lot that American regulators or law enforcement agencies could do to stop most of… Read More

The New Generation Gaps in Credit and Debt

Managing Debt

The New Generation Gaps in Credit and Debt

The New Generation Gaps in Credit and Debt

Gen X may be known for quintessential films like The Breakfast Club and for slackers sitting around grunge bars and coffee houses, but now that infamously angst-ridden demographic — ages 30 to 46 — has something new to worry about: Gen X-ers stand as the generation saddled with the highest levels of personal debt. A new study… Read More

Business Credit Cards and Balance Transfer Options

Credit Cards

Business Credit Cards and Balance Transfer Options

Business Credit Cards and Balance Transfer Options

A reader recently wrote in to ask: I have a lot of debt on a business credit card at a very high interest rate (over 25 percent). Are there any decent balance transfer options out there for business credit cards?  —Nancy Hi Nancy, A lot of business owners are in your position. Even though we… Read More

Obama Unveils Privacy Bill of Rights

Identity Theft

Obama Unveils Privacy Bill of Rights

Obama Unveils Privacy Bill of Rights

The Obama administration unveiled a “Consumer Privacy Bill of Rights” at a White House event Thursday morning, making the case that values such as transparency, security and accuracy should guide companies as they collect and use data about consumers. The announcement is one more step in a years-long effort by the administration to create a… Read More

Is It Safe to Swipe Your Credit Card in a Taxi?

Credit Cards

Is It Safe to Swipe Your Credit Card in a Taxi?

Is It Safe to Swipe Your Credit Card in a Taxi?

Here’s a warning that caught our eye: A sticker in the window of a taxi warning riders in Dallas that if they try to pay by credit card, their identities may be stolen. The sticker was captured by Cory Doctorow, an editor for Boingboing.net. “WARNING,” the sticker read. “The method used to authenticate credit card… Read More

Identity Theft: Are We Doomed?

Identity Theft

Identity Theft: Are We Doomed?

Identity Theft: Are We Doomed?

Opening my e-mail reminds me of walking through the bazaar of a third world open air market—the pickpockets are everywhere. In the last 30 days I have received spam purporting to be from the Better Business Bureau, the Internal Revenue Service, the United States post office, the FBI, and most recently (this morning) even one… Read More

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