Coronavirus Disruptions

Coronavirus Disruptions Send Spending to the Abyss

Coronavirus disruptions to everyday life are spreading rapidly as fear and anxiety grip consumers, business-owners and investors. The amplification of misinformation via social media and governments has become a plague unto itself. For Americans the only “silver lining” is mortgage rates dropping to the lowest level since October 2016. The 30-year fixed-rate mortgage is now…

Mickey, Ditzy & Debt King to Nuke Student Loan Borrowers & Dismember CFPB

The Consumer Financial Protection Bureau (CFPB) has lost a few teeth as the top guy protecting student borrowers from predatory lending practices has resigned, lambasting CFPB Director Mick “Mickey” Mulvaney, the “acting,” illegally appointed, and hand-picked by the “King of Debt” POTUS.  Education Secretary Betsy “Ditzy” DeVos recently announced she wants to roll back the…

Telecoms Plugin CRAs as Big Hammer to Collect on Past-Due Bills — Impact to Credit Scores Minimal

Nearly one out of four U.S. consumers, who are delinquent on telecom services, such landline or cell phone, cable, and internet, have discovered the collection activity listed on their credit reports.  While the telecom collections item on a consumer’s credit record will not help their personal credit score, the change in score before and after…

Credit Reports Now Bigger Threat to Security Clearances Than a Vengeful POTUS

The Department of Defense (DoD) now has 24X7 “eyes” on your credit file looking for past-due bills, excessive debt, collection activity and/or a high debt-to-income ratio that could jeopardize your clearance status.  Ironically, the President of the U.S., who has a long documented history of stiffing vendors, bankers, and employees, recently issued a directive that…

Payday Lender Scams $228 MM: Draws 10 Yrs in Slammer + $69MM Penalty & Assets Gone

Operating a network of 20 companies, Hydra Financial and its principals allegedly collected on fake, short-term, small-dollar online loans, bilking hundreds of thousands of U.S. Consumers out of $227.7 million, generating approximately $69.6 million in gross profits, over a nearly 10-year period.  The Consumer Financial Protection Bureau (CFPB) alleged that the defendants obtained consumers’ sensitive…

CFPB Consumer Protections OK Despite Mulvaney Damage

Another Trump appointed Devos-like moron is under consideration to run the Consumer Financial Protection Bureau (CFPB). Kathy Kraninger knows nuttin about protecting consumers in the financial marketplace. Illegally appointed Mick Mulvaney, interim CFPB director, tried to wreck the CFPB by: • announcing its intention to reconsider and delay its payday lending rule. • dropping its…