Fair Isaac Corp., the people who bring you your FICO score, are now rolling out FICO 08. The new system will result in changed scores for many people. Some might go up, and some will go down. According to Yahoo,…
Posts Categorized In: Credit
California Debt Blog: Read your credit card inserts carefully
We all know that if you miss a payment, get behind on payments or don’t pay the minimum amount, the credit card company may raise your interest rate. But, did you know that even if you make every payment on…
California Debt Blog: Florida Woman Beats Equifax
Yep, it does happen. A woman in Florida sued Equifax for failing to correct errors on her credit report. The errors were there since 1994. WOW! The jury awarded her $219,000 in compensatory damages and over $2,000,000 in punitive damages….
California Debt Blog: Need a short term loan? Here is an idea
I found out about this idea from Cari Chenkin, a very nice lady! As you know from my prior posts and my new report, I am not so fond of short term payday type loans. Well, here is one with…
California Debt Blog: Trouble for borrowers in foreclosure
The New York Times reported today on dubious fees that borrowers who are being foreclosed on face. Apparently, mortgage servicers are charging fees that they may not be entitled to. These fees are being added in bankruptcy proceedings. In one…
California Debt Blog: FTC Warns Lenders About Ads
The FTC has warned lenders about potentially deceptive advertisements as it relates to the cost of loans. There is nothing shocking here. About 200 companies were told about “potentially deceptive” ads. While this is focusing on home loans, all borrowers…
California Debt Blog: Short term loans
Far be it for me to pick on anyone, but………………..these short term or “payday” loans are a disaster. Have you ever read the terms? Here is a sample. 99% interest. 99%? Seriously? You are paying back almost double what you…
California Debt Blog: Sample Verification letter
Yesterday, I gave you a sample cease and desist letter. Today, I am giving you a sample verification letter. Just send this to the debt collector when you want verification of the debt. Make sure you send it within 30…
California Debt Blog: FAQ: I have a lot of credit cards. Should I hire a consolidation company?
Q: I have a lot of credit cards. I owe money on all of them. Should I hire a debt consolidation company? A: No. It is great that you see that you need to get out of debt. But, do…
California Debt Blog: Some Credit Score Tips
I get asked a lot about credit scores. But, most people do not even know what they are. So, a few credit score tips: 700 to 850 means you get the best interest rates; 550 to 699 means you are…