How employers use credit reports

A person’s history of paying off debts such as car payments, mortgage debt, student loans, credit card accounts, and other repayments is summed up in a credit report. Credit reports help lenders determine whether to offer a prospective borrower a loan, as well as what interest rate to offer. However, data suggest that it is common for employers to use a potential hire’s personal credit report to justify hiring decisions. In fact, a 2013 survey found that credit checks have become a barrier to employment for some, with 1 in 10 of survey respondents … Read more

Payday lending

Need quick cash? If you’re thinking about writing your check payable to payday loan, think twice before signing it. Although it may seem like a simple and easy way to get fast cash, it’ll only put you in endless cycle of debt.

What is a payday loan? Payday loan, also known as cash advance loan or check advance loan, is a short-term loan where an individual writes a post-dated personal check in a small amount one wishes to borrow plus a borrowing fee. The payday lender will cash the check if the borrow is unable to repay … Read more

Debt collection overview

You owe money on your bills and now a debt collector is contacting you, but you have no money for repayment. Before you ignore them, educate yourself in what your options are.

The following information is obtained from the Federal Trade Commission (FTC) Consumer Information which is found online at http://www.consumer.ftc.gov/articles/0149-debt-collection. FTC is the nation’s consumer protection agency that enforces the Fair Debt Collection Practice Act (FDCPA) which “prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you.”[1] The debt you owe from personal, family and household (excluding debt owed from operating … Read more

Consumer protection overview

American shoppers are projected to spend an estimated $462.95 on gifts for family members this holiday season, according to reports from the National Retail Federation. Some shoppers, swayed by a salesperson’s well-meaning exaggeration, may be disappointed by the goods they buy. Some shoppers may even believe they have been deceived by sellers who have gone beyond mere overstatement. Of these unsatisfied customers, some may choose to pursue legal action.

When shoppers are duped by defective products or dishonest business practices, they may rely on private action and a complex web of state and federal consumer protection … Read more