Debt Collectors Provoke the Most Ire of American Consumers

The top five types of complaints reported by U.S. consumers to the Consumer Financial Protection Bureau (CFPB) include: debt collection, mortgages, credit reporting, credit cards, and bank accounts or services. The CFPB has handled more than 1 million complaints since 2011 from all 50 U.S. states and D.C.  Here is the Top 5: 1. Debt…

Consumers w/Crappy Credit w/Rebuilding Desire Have a Solution

A MD-DE area consumer credit counseling service is now promoting a unique loan for consumers looking to rebuild their less-than-desirable credit. Guidewell Financial Solutions, which provides free, confidential budget and credit counseling at their local offices and by phone, is now offering the Save2Build loan. To take part in this program, clients must be at…

9 Reasons Credit Card Debt Can Get Out of Control

While, the majority of Americans, more than 90% handle debt well, there are others who fall victim to their own personal financial mismanagement or find themselves in circumstances possibly out of their control.  Here are the likely reasons: 1.Cost of living outpacing income For the better part of the last decade, income growth has been…

Foreign Students with a Thin Credit History Now Have Options

International students in the U.S. without Social Security Number or credit history requirements have a daunting task finding financing.  However, Chicago-based Westbon has recently partnered up with Experian, one of the three major credit bureaus in the nation, to increase credit-building opportunities for international students in the U.S. By reporting on-time payments to Experian on…

Alternative Credit Scores: Rent OK Social Media Not So Much

When it comes to the use of alternative data (non-loan-related information) in lending decisions, eight out of 10 consumers agreed certain payment records—namely rent and utility records—held promise for widening availability of credit if used to evaluate loan applications.  However, the Consumer Action survey found 96% of respondents balked at the use of social media or…

U.S. Trails (14th Place) Israel, Canada & Germany for Financial Literacy

Nearly two-thirds of adults consider their own financial literacy to be good or excellent, however, their perception of the average American isn’t quite as favorable. Only 29% of respondents perceive the average American’s financial literacy as good or excellent. Reality falls somewhere in between. An S&P Global study found that 57% of American adults could…