The Little-Known Database That Can Sink Your Mortgage

Mortgages

The Little-Known Database That Can Sink Your Mortgage

The Little-Known Database That Can Sink Your Mortgage

One of the benefits of government-backed home loans is that they tend to have more flexible and forgiving requirements when it comes bankruptcies, foreclosures and other derogatory credit. The wait time for a VA or FHA loan in the wake of one of these events can be considerably shorter than for conventional financing. But that... Read More

Government Sued Over Student Debt Collector Data

Students

Government Sued Over Student Debt Collector Data

Government Sued Over Student Debt Collector Data

The National Consumer Law Center filed a lawsuit recently against the Department of Education, demanding the Obama Administration comply with the Freedom of Information Act and release documents detailing its relationship to private debt collectors. The department has denied previous requests, in which the NCLC asked the Education Department to turn over public information describing... Read More

They Just Won’t Quit: Consumers Cut Debt Again

Students

They Just Won’t Quit: Consumers Cut Debt Again

They Just Won’t Quit: Consumers Cut Debt Again

Many consumers have made significant efforts to get their finances back on track in the last few years, and that trend continued into the first quarter of the year, as average balances on credit cards, and rates of late payments on them, both declined once again. The national delinquency rate on credit card accounts —... Read More

Credit Card Delinquencies Hit 18-Year Low

Credit Cards

Credit Card Delinquencies Hit 18-Year Low

Credit Card Delinquencies Hit 18-Year Low

Delinquency by consumers declined in the fourth quarter of 2012 and bank card delinquencies hit an 18-year low, according to the Consumer Credit Delinquency Bulletin by the American Bankers Association. The ABA tracks delinquencies, or accounts at least 30 days past due, in eight loan categories to create a composite ratio. This ratio dropped 17... Read More

Is There a Season for Delinquencies?

Managing Debt

Is There a Season for Delinquencies?

Is There a Season for Delinquencies?

It may seem hard to believe, but right around the same time every year, a lot of people become delinquent on their auto loan payments. Using data from the Experian-Oliver Wyman Market Intelligence Reports and Experian’s IntelliView tool, we noticed a trend in auto loan delinquencies —  accounts 30-59 days delinquent have peaked in the fourth quarter and bottomed out... Read More

Late Payments Slip in 3rd Quarter

Managing Debt

Late Payments Slip in 3rd Quarter

Late Payments Slip in 3rd Quarter

The rate at which Americans fell 30 days or more behind on their payments, both for revolving and nonrevolving accounts, slipped in the third quarter of 2012 as borrowers continued to get their finances under control. The overall delinquency rate across many types of borrowing slipped to 2.16 percent of balances between July and September,... Read More

Uptick in Delinquencies on Car Loans, Credit Cards Predicted

Auto Loans

Uptick in Delinquencies on Car Loans, Credit Cards Predicted

Uptick in Delinquencies on Car Loans, Credit Cards Predicted

In the time since the end of the recession, consumers have worked hard to get their finances back in order, and in many cases, they’ve been extremely successful. However, some experts believe that trend may reverse itself next year. Currently, rates of delinquency and default on many types of loans are hovering at or near... Read More

Consumers Fell Behind on Credit Card Payments in November

Credit Cards

Consumers Fell Behind on Credit Card Payments in November

Consumers Fell Behind on Credit Card Payments in November

Borrowers’ credit card habits have changed drastically since the end of the recession, but as they’ve started carrying slightly more debt in recent months, default rates for some of the nation’s top lenders crept upwards in November. Capital One Financial, Discover Financial Services and American Express all saw higher rates of charged off credit card... Read More

Consumers’ Default Rates Climbed Last Month

Managing Debt

Consumers’ Default Rates Climbed Last Month

Consumers’ Default Rates Climbed Last Month

The rate at which consumers fall behind on their various credit accounts ticked upward in October after several months of declines, indicating that borrowers might be struggling a bit more these days. The total default rate across four major types of credit rose slightly last month, to 1.55 percent of all outstanding balances from 1.46... Read More

Late Card Payments, Outstanding Balances on the Rise

Managing Debt

Late Card Payments, Outstanding Balances on the Rise

Late Card Payments, Outstanding Balances on the Rise

Though millions of consumers across the country have made significant strides in getting their credit card debts under control since the end of the recent recession, some may still experience the occasional problem with their borrowing efforts, and that was reflected in the third quarter. Between July and September, the national rate of severe credit... Read More

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