Starting today, companies advertising so-called “free” credit reports online must include prominent disclosures ensuring that their products are not confused with the official federally authorized source for free credit information.
The new rule, issued by the Federal Trade Commission, is a response to widespread consumer complaints about heavily advertised free credit reports that were actually tie-ins to fee-based services. In many cases, consumers did not realize they were signing up for a fee-based service until the charges started to appear on their credit cards, often at the end of a trial period during which free reports were provided. Under the new rule, advertisements for any free credit services must provide a link to the official source for free credit reports, www.AnnualCreditReport.com, and a disclosure that the site is the only federally authorized source for free credit reports. A toll-free phone number, 877-322-8228, must be provided as well. In Read more…
The Treasury Department has announced an additional $600 million in aid to help homeowners avoid foreclosure in states that have been hardest hit by the economic downturn.
The funds will be distributed through housing finance agencies in North Carolina, Ohio, Oregon, Rhode Island and South Carolina. Today’s announcement brings to 10 the number of states receiving assistance under the administration’s Housing Finance Agency Hardest Hit Fund, first unveiled in February. The initiative is designed to fund innovative efforts to help families stay in their homes or otherwise avoid foreclosure. Housing Finance Agencies (HFAs) in states receiving the funds will develop their own programs, then submit their proposals to the Treasury Department in order to receive funding. Five other states – California, Florida, Arizona, Michigan and Nevada – are to share $1.5 billion in initial funding under the program, as was announced in February. Those sta Read more…
Bigger grants for college students who need them, relaxed payment terms for students with loans and more money for community colleges are just some of the sweeping higher education changes on the horizon.
The law that President Barack Obama signed Tuesday could mean big changes for hard-pressed students and colleges as the government becomes the primary issuer of student loans. But just whom will that affect and how?
Q: What does the overhaul of student lending do?
A: Basically, it cuts banks out of the government-backed student loan business. Money for the loans has come either directly from the government or through private financial institutions, which have collected billions of dollars in federal subsidies to protect against default.
Under the changes, banks will no longer act as middlemen, and all colleges and universities must switch to the direct lending program by July 1. Read more…
Alistair Darling has today announced more detail regarding his attempt to hand power back to UK businesses that are refused credit through the UK banking system. He has also announced plans to reduce bonuses already agreed at Lloyds bank and Royal Bank of Scotland if executives miss new lending targets. But are these two issues really credible?
While there is no doubt that many businesses reacted with relief when the UK government announced plans for an appeals system regarding failed loan applications, what exactly can the government do?
Despite earlier suggestions that the new regulator would have the power to force banks to lend to customers previously rejected, the authorities have today backtracked and suggested “errant” lenders could be fined if they are seen to refuse acceptable credit applications.
I am definitely not in the market to open yet another bank account, but it it tempting to get the free $125. I have taken up banks on offers like this in the past, but since I finally got everything switched over and working to Schwab (including ALL my direct deposits), I won’t be doing this one – but you might want to. Chase is offering up $125 to open a new checking account and set up a direct deposit to said account. Not a lot of work for $125! Here are some details of the offer:
Open a Chase Checking account by May 14, 2010, set up direct deposit, then they will give you $125. You can apply online now at the Chase site with a $25 minimum deposit to open the account. Also, there are no monthly fees with direct deposit or 5 debit card purchases.
Coupon Code: 3703923263487870
Of course, where I bank at Schwab has no fees, no minimums, free ATM use anywhere, etc – but no free $125.
The New York Times article: Millions of Unemployed Face Years Without Jobs foretells a future of joblessness for former middle-class workers caught in the current great recession.
Call them the new poor: people long accustomed to the comforts of middle-class life who are now relying on public assistance for the first time in their lives — potentially for years to come.Yet the social safety net is already showing severe strains. Roughly 2.7 million jobless people will lose their unemployment check before the end of April unless Congress approves the Obama administration’s proposal to extend the payments, according to the Labor Department.
Here in Southern California, Jean Eisen has been without work since she lost her job selling beauty salon equipment more than two years ago. In the several months she has endured with neither a paycheck nor an unemployment check, she has relied on local food banks for her groceries.
She has learned to live without the prescription medications she is supposed to take for high blood pressure and cholesterol. She