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The U.S. government has rules about fixing credit. The Federal Trade Commission (FTC) says that only time and good habits will fix your credit score. This is mostly true, but it assumes the system works perfectly. The truth is, the system is broken! In fact, CBS News found that almost 80% of all credit reports have mistakes. The FTC might not know how hard it is to get the three credit…

by James Spray Rebuilding your credit score and reestablishing your financial reputation after bankruptcy is hard work, but choosing the right tools makes a massive difference. Your eligibility 1. Secured Credit Cards (The Best Rebuilding Tool) Secured cards require a cash deposit that serves as your credit limit. They report directly to credit bureaus exactly like traditional cards, making…

Meet the LESA As a preface, the Federal Housing Administration and the U.S. Department of Housing and Urban Development established Financial Assessment (FA), or, as I call it, underwriting light, in October 2015, revised in July 2016, for reverse mortgages. FA determines a borrower’s ability to fulfill reverse mortgage loan obligations, while maintaining their home and regularly paying property…

Step one: Contact your mortgage servicer January 13, 2025, 5:45 pm By Chris Clow It’s imperative for reverse mortgage borrowers to contact their insurance carrier if their property has been damaged in the ongoing Southern California wildfires, and to let their servicer know of anything that could impact their occupancy of their property due to the terms of Federal Housing…

FHA Announces New Policy that Provides Greater Flexibility for Borrowers Using Income Received from Individuals Renting Space Inside Their Homes This new underwriting guidance:    Expands the types of acceptable income verification documentation for individuals renting space inside the home to include bank statements, canceled checks, and/or deposit slips showing rental payments…

Consumer Financial Protection Bureau logo Today, the Consumer Financial Protection Bureau (CFPB) sued Vanderbilt Mortgage & Finance for setting families up to fail when they borrowed money to buy a manufactured home. The CFPB alleges that Vanderbilt’s business model ignored clear and obvious red flags that the borrowers could not afford the loans. As a result, many families found themselves…

Surviving family members or spouses report being caught in a customer service doom loop (article link) If you are caught in such a loop, contact a consumer rights attorney to see if 12C.F.R. § 1024.31 Successors in Interest Entitled to the Same Rights As Borrowers applies to your circumstances. Financially Speaking™ James Spray MLO | CO LMO 100008715 | NMLS 257365 | December 19, 2024 Notice: The…

In response to the Stop Senior Scams Act, the FTC brought together an Advisory Group of government partners, consumer advocates, and industry representatives. The Advisory Group formed four committees to collaborate, develop ideas, share suggestions and insights, and identify some actions organizations can take to help older adults spot, avoid, and report scams. The methods, lies, and tactics…

If there are paid collections on your credit report(s), dispute them. The CFPB has your back!

By CFPB Office of Research – MAY 16, 2024 Medical Collections The three nationwide credit reporting companies removed a large share of medical collections items—tradelines, in industry parlance—from consumers’ credit reports in 2022 and 2023. Specifically, the companies committed to removing medical collections tradelines that were paid, less than one year past due (up from six months…

Banks, debt collectors, and other companies said the Consumer Financial Protection Bureau lacks the authority to make specific rules governing medical credit cards and other financial products patients use to help pay health-care bills. The CFPB, along with the the Treasury Department and the Department of Health and Human Services, in July sent out a request for information on the prevalence of…

Key Findings Close to 36% of aging adults would be willing to move for a more affordable cost of living, while 34% say nothing would entice them to leave their current homes. Regarding ambitions to age in place, most adults are concerned about performing day-to-day activities (37%), loneliness (35%) and being able to afford at-home care (27%). Aging in place is easier in some areas than others:…

Medical Collections/Credit Reports 2023 Changes

Good news for everyone who has unpaid medical debt. During the first half of 2023, Equifax, Experian, and TransUnion will no longer include medical debt in collections under $500 on credit reports. Full article: https://www.cnbc.com/amp/select/medical-debt-credit-report/ Financially Speaking™ James Spray RMLO, CNE, FICO Pro | CO LMO 100008715 | NMLS 257365 | 12.30.2022 Notice: The information on…

Free Credit Freeze & Free Credit Thaw – Children, Too

I have frozen my credit. Have you? Updated credit report law allows consumers to freeze and thaw their credit reports. It is now free for consumers to freeze their credit and they can lift that freeze for free, too. Beginning today, September 21, 2018, the Federal Trade Commission (FTC) has enabled a new credit file protection layer — one the consumer controls. Credit fraud experts say the new…

TransUnion “unwilling or incapable” of operating lawfully, feds say

“TransUnion is an out-of-control repeat offender that believes it is above the law,” CFPB Director Rohit Chopra said in the statement. “I am concerned that TransUnion’s leadership is either unwilling or incapable of operating its businesses lawfully.” Source: TransUnion “unwilling or incapable” of operating lawfully, feds say

CRAs, Debt Collectors and Medical Collections. No Suprises Act of 2022

“The Bureau of Consumer Financial Protection is issuing this compliance bulletin and policy guidance to remind debt collectors of their obligation to comply with the Fair Debt Collection Practices Act’s prohibition on false, deceptive, or misleading representations and unfair or unconscionable practices, and to remind consumer reporting agencies and information furnishers to comply with the Fair…

Financial wellness, including higher credit scores have been linked to better wellbeing, as shown in a study published by Harvard Business School. The paper, published in 2018, is titled: Good Credit and the Good Life: Credit Scores Predict Subjective Well-Being. The study was conducted in both England and the United States with the cooperation of the banks and their customers who participated in…

Second Circuit Holds Many Private Student Loans Are Dischargeable in Bankruptcy

posted by Adam Levitin in Credit Slips So what does this mean big picture?…” Read on – https://bit.ly/3hO0I2E