Dec 29
From auto loans to credit cards, a person’s credit report can have an effect in their ability to get approved for funds, though a recent government action could help consumers when it comes to knowing why they may have lost out on better offers.
New rules from the Federal Reserve Board and the Federal Trade Commission were recently finalized and will take effect January 1, 2011. Through the new rules, lenders will generally have to tell consumers when a credit report caused the financial institution to give a person terms that are less favorable on loans through a practice known as “risk-based pricing.”
In order to help themselves, consumers can obtain a free copy of their credit report, which they should scan for inaccuracies. Read more…
Dec 28
Wondering just how you are doing financially? You probably are if you are like the majority of people. While I don’t necessarily worry about it or spend too much time focusing on how much money I have, it’s nice to check in once in a while to see how I am doing compared to how I am “supposed” to be doing. And since 2009 is coming to a close in a few days, I wanted to revisit a quick little test I found last year over at CNN/Money that asks questions about how much you make, your age, your housing and debt costs, retirement information, etc and tells you how you are doing. While not an exact science, it can give you a good overview of your situation. It only
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Dec 28
Want to do some free online stock trading? You can paper trade without risk or cost.
Check out OptionsHouse for virtual trading.
Here’s my message to investors who are about to put a substantial amount of money into an incredible investment they’ve heard about, and who are anxious to have that money working for them: be careful! Totally trusting a financial professional without knowing anything about the stock market is going where angels fear to tread.
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Dec 27
Mortgage Fraud is a very unpopular topic. It is simply not something anybody wants to talk about at all, let alone trace the corrosive effects of the dishonesty of our neighbors and fellow citizens on the fabric of the economy. However, it is not something that will go away. Indeed, the longer this fundamental problem is ignored or swept under the carpet, the more futile will all economic remedies be to alleviate the weakness and fragility of our financial system.
The magnitude of the problem – here is a link (.pdf) to the Eleventh Periodic Mortgage Fraud Case Report, addressed to the Mortgage Bankers Association. A
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