Items Tagged with 'Credit counseling'

ARTICLES

  • CFPB fines four California credit repair companies for misleading consumers

    Companies and executives ordered to pay more than $2 million
    The Consumer Financial Protection Bureau announced Tuesday that it is fining four California-based companies for misleading consumers and charging illegal fees for credit repair services. According to the CFPB, Prime Credit, IMC Capital, Commercial Credit Consultants, Park View Law and several executives in charge of the various companies will pay more than $2 million for the alleged illegal actions.
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  • The Power of Face-to-Video for Distressed Borrower Counseling

    One of the reasons that mortgage brokers were so important (and will be again, in my opinion) is that when people engage in a transaction as large as a home mortgage, they like to do it face to face. That forced national lenders to recruit, train and manage large third party origination networks to sit down with prospective borrowers and walk them quickly through the process.
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  • Foreclosure Fears Drive One in Five Bankruptcies

    One in five people cite avoiding foreclosure as the main reason for choosing bankruptcy, according to the Consumer Credit Counseling Service (CCCS) of Greater Atlanta. In June, the national nonprofit financial counseling agency found that 21.6% of the 16,744 people who received counseling filed for bankruptcy to keep their home. That figure remained above 20% since April. “Our research shows that tens of thousands of Americans are turning to bankruptcy to avoid foreclosure," said Suzanne Boas, president of CCCS of Greater Atlanta, in a corporate release.
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  • Wrecked Credit? No Problem!

    We've all had one at some point: a lemon of a car that turns out to be too good of a deal to be true, that always seems to be in need of a repair and that -- we later discover -- survived some massive accident in its history that somehow miraculously escaped reporting and isn't tied to the vehicle identification number.
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  • Troubled Homeowners Tap Retirement Funds, Still Fall Behind

    An increasing number of troubled homeowners are tapping into retirement accounts, despite the negative financial consequences, but wind up struggling to pay their mortgage anyway, said the Consumer Credit Counseling Service of Greater Atlanta Thursday. A survey by the Counseling service found that 29.6 percent of people who called the nonprofit agency for foreclosure prevention counseling received an early distribution from their 401(k) or other retirement plan within the six months prior to contacting the agency.
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