Credit Unions Vs. Banks – Who’s More Likely to Lend?

Mortgages

Credit Unions Vs. Banks – Who’s More Likely to Lend?

Credit Unions Vs. Banks – Who’s More Likely to Lend?

Credit unions may have experienced a big bump in membership following last year’s Bank Transfer Day, but the small financial institutions still have a way to go when it comes to the credit card market. According to the latest Experian-Oliver Wyman Market Intelligence reports, a quarterly analysis of consumer credit trends, credit unions make up… Read More

Is Credit the Biggest Housing Problem?

Mortgages

Is Credit the Biggest Housing Problem?

Is Credit the Biggest Housing Problem?

Numerous recent surveys have noted that while credit issuing on most types of loans has broadened in the past few months, mortgage lending still remains tight. Now, experts say that’s a hindrance to both real estate and consumer credit. Credit availability has expanded significantly in the last year, but when it comes to mortgages, fears… Read More

California’s New Homeowner Bill of Rights: What We Can Learn

Mortgages

California’s New Homeowner Bill of Rights: What We Can Learn

California’s New Homeowner Bill of Rights: What We Can Learn

Last week the California legislature passed the Homeowner Bill of Rights, a series of bills enacted to protect California homeowners during the mortgage modification and foreclosure process. This landmark law builds upon and extends reforms negotiated in the recent national mortgage settlement between 49 states and the nation’s 5 largest loan servicers, a case brought… Read More

Apple: No Mobile Wallet with iPhone 5

Credit Cards

Apple: No Mobile Wallet with iPhone 5

Apple: No Mobile Wallet with iPhone 5

Many experts have pointed out that the use of near-field communications technology to make credit card purchases using smartphones will likely only become more ubiquitous when companies develop phones capable of this type of transaction, but one major tech company won’t do so yet. Unlike major competitors such as Google and Microsoft, it seems as… Read More

Help! My Dad’s Credit Card Is Hurting My Credit Score

Credit Cards

Help! My Dad’s Credit Card Is Hurting My Credit Score

Help! My Dad’s Credit Card Is Hurting My Credit Score

Sam is a busy New Yorker who’s savvy about his credit. A recent college graduate working his first job in the city, he got his first credit card last year, and he uses it wisely. He charges only $100 or $200 a month, enough to buy groceries and build up a credit history, but it’s… Read More

You Could End Up Paying for Swipe-Fee Settlement

Credit Cards

You Could End Up Paying for Swipe-Fee Settlement

You Could End Up Paying for Swipe-Fee Settlement

Late last week, the world’s two largest processors of credit and debit card payments reached an agreement with retail groups suing them over some of their practices, which may lead to surcharges for consumers paying with credit. The settlement, which will see Visa, MasterCard and a few other major financial institution pay a combined $7.25… Read More

FICO and CoreLogic Debut New Mortgage-centric Credit Score

Credit Score

FICO and CoreLogic Debut New Mortgage-centric Credit Score

FICO and CoreLogic Debut New Mortgage-centric Credit Score

FICO and Core Logic unveiled a new score designed to help lenders better determine who should be awarded a mortgage. The score could help consumers, who would have otherwise had difficulty getting a home loan, secure financing since it incorporates new data with non-traditional trade lines. The data — furnished by CoreLogic, which unveiled an… Read More

Consumer Watchdog Plans to Regulate Credit Bureaus Next

Credit Score

Consumer Watchdog Plans to Regulate Credit Bureaus Next

Consumer Watchdog Plans to Regulate Credit Bureaus Next

The Consumer Financial Protection Bureau head announced Monday plans to begin regulation of credit reporting agencies. In a field hearing in Detroit, CFPB Director Richard Cordray said the impact a credit report can have on so many aspects of consumers’ lives is why the bureau is turning its attention to the private credit reporting industry…. Read More

Over 50 and Deep in Student Loan Debt

Students

Over 50 and Deep in Student Loan Debt

Over 50 and Deep in Student Loan Debt

While the common view of those who carry significant amounts of student loan debt as young adults who are just starting to become financially independent is still accurate, a growing number of people with student loan debt — and in default — are much closer to retirement. New data from Barclays shows that about 15.5… Read More

Experian: Credit Gap Continues to Widen

Credit Score

Experian: Credit Gap Continues to Widen

Experian: Credit Gap Continues to Widen

The credit gap continues to widen, and it’s showing up in Americans’ credit card limits. According to the latest Experian-Oliver Wyman Market Intelligence reports, a quarterly analysis of consumer credit trends, only people with top credit scores have watched their credit limits fully recover from the Great Recession. Everyone else, including people with perfectly good scores,… Read More

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