Tag:
Credit Score
Hartford, CT
Business
Americans With Strongest Credit Scores Struggling As Trump Tariffs, Inflation Raise Costs
Americans with the strongest credit scores are falling behind on payments as inflation and President Donald Trump's tariffs drive up household costs throughout 2025, according to new data. Late-stage delinquencies, which are accounts more than 90 days past due, surged 109% year-over-year among superprime borrowers in July, VantageScore said in a report released on Monday, Aug. 25. Those delinquencies rose 47% among prime borrowers. Superprime and prime borrowers are typically considered the most financially secure. "Consumers in the highest VantageScore credit tiers are showing i…
Arlington, VA
Business
Medical Debt Returning To Americans' Credit Reports After Judge Reverses Biden-Era Rule
A federal judge in Texas has overturned a Biden-era rule that removed medical debt from Americans' credit reports. Judge Sean Jordan scrapped the regulation in a ruling on Friday, July 11. The Consumer Financial Protection Bureau finalized the rule on Tuesday, Jan. 7, about two weeks before former President Joe Biden left office. The decision came exactly a week after President Donald Trump signed the previously named "One Big Beautiful Bill" into law. Experts warn that the Republican-backed budget reconciliation legislation makes sweeping cuts to Medicare and Medicaid, while incr…
Arlington, VA
Business
Student Loan Defaults Loom For Millions As Trump Administration Resumes Debt Collections
Millions of federal student loan borrowers are weeks away from default as serious delinquencies surge to record highs after the Trump administration resumed debt collections, economists say. Nearly one-third (31%) of federal borrowers with a payment due were at least 90 days late in April, according to a new report from TransUnion released on Tuesday, June 24. That's nearly triple the pre-pandemic rate of 11.7% and the highest figure on record. Just 0.3% of borrowers were in default by April, but with nearly 5.8 million now more than 90 days late, many are on the brink of defaulti…
Hartford, CT
Schools
Record Student Loan Borrowers Face Default As Collections Resume, Grads Enter Weak Job Market
A record number of federal student loan borrowers are seriously delinquent as debt collections resume after a five-year pause, while new college graduates face tough employment prospects. The Education Department restarted collecting defaulted federal student loan debt on Monday, May 5. Collections were paused at the beginning of the COVID-19 pandemic. The move threatens to seize tax refunds and garnish paychecks from millions of Americans in default on their loans. The Education Department said about 42.7 million people owe more than $1.6 trillion in student loan d…
Chester, PA
News
Here's Percentage Of Americans Who Feel 'Very Good' About Their Finances
A new poll has revealed how many Americans currently feel “very good” about their finances — and the number might surprise you. The study of 2,000 adults from the general population found that just 13 percent of respondents described feeling “very good” about their finances, while 28 percent said they feel “somewhat good.” The research, conducted by Talker Research on behalf of Beyond Finance ahead of Financial Practice Week, also revealed that many Americans are trying to take proactive steps toward improving their financial future. More than eight in 10 respondents (84 percent) sai…
Arlington, VA
Business
Equifax Fined $15M For Inaccurate Credit Scores, Mishandling Disputes:
Cfpb
One of the nation’s largest credit reporting agencies has been fined $15 million for issuing inaccurate credit scores and failing to properly investigate consumer disputes, officials said. Equifax will pay the fine into the Consumer Financial Protection Bureau's victims relief fund, the federal agency said in a news release on Friday, Jan. 17. The CFPB's investigation found Equifax ignored critical evidence submitted by consumers disputing inaccuracies in their credit reports. According to the CFPB, Equifax also allowed deleted errors to resurface and relied on flaw…
Albany, NY
News
Equifax To Pay $725K Over Inaccurate Credit Scores That Raised Costs For NY Consumers
Bad math at Equifax led to bad rates for New Yorkers – now it’s paying up. The credit reporting agency agreed to a $725,000 settlement reached with the Empire State Tuesday, Jan. 15, after a coding error wrongly lowered credit scores for over 77,000 New Yorkers. An investigation found that the three-week error in March 2022 caused inaccurate credit scores to be reported to lenders and insurers. The flub resulted in higher rates on loans, insurance policies, and other financial products for many consumers, James’ office said. Equifax, one of the nation’s largest credit reporting agencies, c…
Arlington, VA
News
Feds Finalize Rule Erasing $49 Billion In Medical Debt From Credit Scores,
Cfpb
Says
About 15 million Americans will see their credit reports cleared of medical debt under a new rule approved by the Consumer Financial Protection Bureau. The CFPB has finalized a landmark rule that removes $49 billion in medical debt from credit reports, the bureau said in a news release on Tuesday, Jan. 7. The regulation also prohibits lenders from using medical information in lending decisions when evaluating loan applications. The rule is expected to raise credit scores by an average of 20 points and enable the approval of 22,000 additional mortgages annually. "People …
Albany, NY
Lifestyle
'Crucial' Financial Literacy Programs Aim To Help Low-Income Families In Capital Region, Beyond
Leaders in Albany are seeking to help New Yorkers better manage their money. The New York Department of State has awarded a total of $1.1 million in grant funding to 11 community organizations to establish financial literacy programs. The programs, open to individuals at or below 200 percent of the federal poverty guidelines, will offer one-on-one coaching with financial professionals as well as education on budgeting and money management. Participants will receive information on homeownership, improving their credit scores, and decreasing dependance on credit card debt. The program…
Bristol, PA
News
Penn State Alumnus Accused Of Beheading Gov't Employee Dad Sued US Feds For $10M: Court Docs
A 32-year-old man who is accused of beheading his dad and showing the head in a bizarre YouTube video — also attempted to sue the US government over his student loans. Justin Mohn allegedly left his dad Michael F. Mohn's head in a cooking pot in a bedroom after showing it in a YouTube video on Tuesday, Jan. 30, police detailed in an affidavit of probable cause obtained by Daily Voice. Many years before this deadly behavior, Mohn did some unusual things, including filing a federal suit against Progressive Insurance in Colorado. In the suit, he claims that he was hazed and forced out o…
Paterson, NJ
Police & Fire
Fraudster Put Her Own Email Address On $100K Loan In Victim's Name: Wayne PD
A 47-year-old Wayne woman was arrested for opening $100,000 in loans under someone else's name after she put her own personal contact information on the account, authorities announced. Cherie Elliott used used her own email address, phone number and physical address on the six loans she took out under the victim's name last April, Wayne Police Det. Capt. Dan Daly said. The victim came to police last June when she noticed her credit score suddenly dropped, Daly said. She was told by a financial institution that loans were opened using her personal information -- but had the email a…
