When to Apply for a New Credit Card

This may be a good time for consumers to apply for a new credit card despite the economic downturn due to Coronavirus. CNBC reports that new applications for credit cards fell by 40 percent from the first week in March. A Consumer Financial Protection Bureau report examining the effects of the COVID-19 pandemic found that […]

Zombie Debt: Are You At Risk?

If you have old debt that’s been on the books for years, you might think that it’s no longer collectable and you can forget about it … but don’t be so sure. There is a statute of limitations on debt. In states, it’s usually two to four years. At the federal level, seven years is […]

Fifth Third Bank Sued Over Creation of False Accounts

A lawsuit was filed in March in federal district court in the Northern District of Illinois against Fifth Third Bank, charging the institution with opening deposit and credit card accounts in consumers’ names and then transferring funds from consumers’ existing accounts to the new, improperly opened accounts. Consumers were also enrolled in unauthorized online-banking services, […]

Are you sure you owe that collection agency?

Some consumers may easily believe banks have our backs and will always look out for our best interest. Then there are the consumers who are a tad more realistic and know banks can be trusted as far as we can spit.  In 2016, Wells Fargo was fined $185 million for fraudulently opening checking and saving […]

Auto finance company fined $2.75 Million for distorting consumer credit reports

A Lawsuit was filed against First Investors for $2.75 Million for reporting inaccurate information to the credit reporting agencies.  According to a lawsuit filed by the CFPB (Consumer Financial Protection Bureau) First Investors Financial Services Group Inc who is based out of Texas was fined $ 2.75 million for reporting inaccurate information to the credit […]