What Could Happen to the CFPB Under President Trump?

Personal Finance

What Could Happen to the CFPB Under President Trump?

What Could Happen to the CFPB Under President Trump?

Since the day it was created, Republicans have talked about dismantling or defanging the Consumer Financial Protection Bureau (CFPB). With the surprise election of Donald Trump as the next president, and continued Republican control of Congress, the GOP will certainly have that chance. It won’t be easy, however. The brainchild of then-Harvard bankruptcy professor Elizabeth... Read More

The Biggest Credit Union in the U.S. Will Pay $28.5 Million for Bad Debt Collection

Personal Finance

The Biggest Credit Union in the U.S. Will Pay $28.5 Million for Bad Debt Collection

The Biggest Credit Union in the U.S. Will Pay $28.5 Million for Bad Debt Collection

Navy Federal Credit Union made threats and restricted account access to delinquent members as part of a pattern of illegal debt collection practices, federal regulators said Tuesday. The credit union, which is the nation’s largest, grants membership only to current and former U.S. military service members, civilians working on military projects and their families. The Consumer... Read More

Your Prepaid Card Is About to Get Better

Personal Finance

Your Prepaid Card Is About to Get Better

Your Prepaid Card Is About to Get Better

Clear, straightforward information on fees and more protections on prepaid credit accounts? That’s the goal of the new federal consumer protections finalized by the Consumer Financial Protection Bureau (CFPB) on Tuesday. According to a release from the CFPB, the new rule will require significant oversight by financial institutions. That means limiting “consumers’ losses when funds are stolen or cards... Read More

What Happens When HAMP Expires at the End of This Year?

Mortgages

What Happens When HAMP Expires at the End of This Year?

What Happens When HAMP Expires at the End of This Year?

Nearly 10 million Americans lost their homes in the Great Recession. Millions more went through the arduous process of modifying their mortgages, either directly through banks or with the help of federal programs like the Home Affordable Modification Program (HAMP). Still more saw the value of their homes plummet, leaving them underwater and in financial peril. Many at-risk... Read More

New Rules Aim to End Payday Loan ‘Debt Traps’, CFPB Says

Personal Loans

New Rules Aim to End Payday Loan ‘Debt Traps’, CFPB Says

New Rules Aim to End Payday Loan ‘Debt Traps’, CFPB Says

Claiming Americans consumers have been “set up to fail” by the short-term lending industry, federal regulators on Thursday issued sweeping new rules that would drastically alter the payday and title lending industries. Under the proposed rule from the Consumer Financial Protection Bureau, short-term lenders would have to verify borrowers’ ability to promptly repay loans, and be... Read More

Op/Ed: Student Borrowers Will Continue to Struggle Despite the CFPB’s Efforts

Students

Op/Ed: Student Borrowers Will Continue to Struggle Despite the CFPB’s Efforts

Op/Ed: Student Borrowers Will Continue to Struggle Despite the CFPB’s Efforts

The financial services industry erupted earlier this month, soon after the Consumer Financial Protection Bureau published a set of proposed rules for limiting the use of forced arbitration clauses by broad range of entities, including certain providers of financial products and services. This longstanding practice, whose origin dates back to 1925, of incorporating language that... Read More

Will It Now Be Easier to Sue Your Bank?

Personal Finance

Will It Now Be Easier to Sue Your Bank?

Will It Now Be Easier to Sue Your Bank?

Federal regulators moved one big step closer Thursday to banning contract language that prohibits consumers from joining class-action lawsuits against corporations. The Consumer Financial Protection Bureau today issued a formal Notice of Proposed Rulemaking on the ban, opening a 90-day public comment period that’s sure to attract heavy rhetoric from both sides of the issue.... Read More

CFPB Issues Revisions for Mortgage Rules

Mortgages

CFPB Issues Revisions for Mortgage Rules

CFPB Issues Revisions for Mortgage Rules

The federal government has put a number of new regulations into place as a means of shielding consumers from potentially harmful financial products, and now, one watchdog agency has made a number of changes to rules it put into place in January. The Consumer Financial Protection Bureau recently revised several rules in its Ability-to-Repay mortgage lending... Read More

CFPB Zeroes In on Bank Overdraft Fees

Personal Finance

CFPB Zeroes In on Bank Overdraft Fees

CFPB Zeroes In on Bank Overdraft Fees

The Consumer Financial Protection Bureau released a white paper today on the impact of overdraft and non-sufficient funds (NSF) fees on the average bank account holder. The report is the result of an examination the CFPB announced in February 2012, and involves an analysis of information provided from a request for information published in the... Read More

Show Me More

Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Our Owners

Credit.com is owned by Progrexion Holdings Inc. which is the owner and administrator of a number of business related to credit and credit repair, including CreditRepair.com, and eFolks. In addition, Progrexion also provides services to Lexington Law Firm as a third party provider. Despite being owned by Progrexion, it is not the role of the Credit.com editorial team to advocate the use of the company’s other services. In articles, reporters may mention credit repair as an option, for example, but we’ll also be sure to note the various alternatives to that service. Furthermore, you may see ads for credit repair services on Credit.com, but the editorial team isn’t responsible for the creation or implementation of those ads, anymore than reporters for the New York Times or Washington Post are responsible for the ads on their sites.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team