There are rules debt collectors are supposed to abide by when they deal with consumers. However, many may break the rules if you’re uninformed. Commonwealth Financial Systems, a medical debt collector, illegally tried to collect unverified medical debts after consumers disputed the validity of the debts,
Atlantic Union Bank illegally enrolled thousands of customers in checking account overdraft programs by phone and failed to provide proper disclosures, a federal agency said Friday as it took action against the bank. The CFPB is ordering Atlantic Union to refund at least $5 million in illegal overdraft fees and pay a $1.2 million penalty to the its victims relief fund.
As you’re doing your holiday shopping, it may be tempting to sign up for a retail credit card to take $25 or $50 off a big purchase. Don’t do it. These cards typically come with higher-than-average interest rates and limitations on rewards earning and redemption. A survey by FinanceBuzz, a financial information website found the following:
It’s amazing that as we’re all suffering from inflation so little is said about corporate price gouging and the role it’s playing in price increases. Fortunately, there’s a watchdog group that keeps researching inflation. Here’s the latest from Accountable.US: The increase in basic prices having risen at the smallest rate since September 2021.
Junk fees – those hidden and bogus charges that have found their way into a wide variety of transactions – are on consumers’ minds. After receiving more than 12,000 comments about how these fees impact consumers and businesses, the FTC announced on Oct. 11, a proposed rule on deceptive fees. It’s now looking for further feedback.
It’s heartbreaking. I’ve seen young people sign up for for-profit colleges and they use their laptops to complete the courses. They expect great things from the programs they choose. However, the results are usually poor, despite what the advertising says. Most colleges will give you a valuable education that can help you achieve your career goals.
Equifax, Experian, and TransUnion – the three national credit reporting agencies – are permanently extending a program that lets you check your credit report at the agencies once a week for no cost. Visit AnnualCreditReport.com to request free copies of your credit reports, the Federal Trade Commission advises. Other sites may charge you or be fraudulent.
Junk fees are everywhere. The fees, which cost American families tens of billions of dollars each year, can strain any family budget. The Consumer Financial Protection Bureau, which looks for junk fees when it examines financial institutions, found the following during its reviews between February and August 2023:
Paying off student loans is bad enough without being ripped off by a dishonest company. Some companies pretend to be affiliated with the Department of Education, charge illegal junk fees, and lure students with repayment programs and loan forgiveness that don’t exist. The FTC is banning two student loan debt relief companies for these illegal activities
