GE Pays $70.4 Million to Settle Bid Rigging Investigation

GE Company settles charges in bid rigging scheme.  Among other things is was alleged GE colluded with other big banks to rig bids on contracts with local governmental agencies:  taxpayers.  For example one friendly bank might put in a phony bid to help the other bank win the bid so on and so forth.  For the inquiring mind there is more here a the link.  Visit fix my credit for a free credit repair evaluation.

Consumer Credit Capital Launches Clean Credit Repair Program

Consumer Credit Capital Launches their Clean Credit Repair Program.

The Program was developed based on thousands of hours of credit management experience in dealing with creditors, collectors and credit bureaus.  Credit Repair: The Company has experience in dealing with creditors, collectors and credit reporting agencies. Visit the Company's website to download their Insiders' Report. In the report, learn how to deal with creditors and credit reporting agencies.Consumer Credit Capital launches their Clean Credit Repair Program. The program was developed based on thousands of hours of credit management experience, and relying on the Fair Credit Reporting Act, the Fair and Accurate Credit Transaction Act and the Fair Debt Collection Practices Act and other consumer protection legislation.  Houston, Texas (PRWEB) December 07, 2011  There is much more here at the link

Fraud Foreclosures On Active Duty Military

Than banks continue to settle suits over fraudulent lending including foreclosing on active duty members across the country.

About 5,000 homes owned by active-duty members of the military and their families may have been foreclosed on by 10 leading lenders in violation of the Servicemembers Civil Relief Act, which aims to protect members of the military from financial distress, according to data released last week by the Office of the Comptroller of the Currency.

There is more here.  What is to be sure is the housing recovery is a long way off.

Online Sales Grow

Online sales continue to grow as cost conscious consumers coupled with increased connectivity to the web results in a record of nearly $6 billion spent during the opening week of the 2012 holiday season.

ComScore says online sales are up 15 percent to $18.7 billion in November and the first two days of December, compared with the same period last year.

There is more here at the link   While the numbers are difficult to track it looks like overall spending is up this holiday season over last and spending online is up by more than 10%.

FDCPA Lawsuits Outpace last Year

Total lawsuits filed in the U.S. this year citing alleged Fair Debt Collection Practices Act (FDCPA) violations reached 10,402 through mid-October, well ahead of last year's pace.  The article is here at the link:


For more on the Fair Debt Collection Practice act you can find it here at the link FDCPA.  

FDCPA protects consumers as it dictates to debt collectors what they can and can’t do when collecting a debt from a consumer. The United States Congress has found that there is ‘abundant evidence of the abusive deceptive and unfair debt collection practices by many debt collectors. Abusive debt collection practices contribute to the number of personal bankruptcies, to marital instability, to the loss of jobs and to the invasion of individual privacy’s.

For more on the FDCPA to discuss Credit Repair Services. Visit Consumer Credit Capital.at the link. 

$7.77 Trillion in Loans made to the Banking System

While congress and the country were kicking around the $700 billion figure (Paulson's bazooka) and the hyperinflation-istas were screaming the ski is falling--- the dollar toast--- none of them recognize how big the dollar is (wait until they get hold of the $7.7 trillion number).  Back then the argument was, and to many still is, the dollar is going to implode and the Euro will become the reserve currency.  There is much more here at the Bloomberg article.

Study Finds Link Between Personality And Credit Scores

A soon to be published study suggest that agreeable people might get themselves into trouble taking out loans that others might not.  Conducted by researchers from LSU, Texas Tech University and Northern Illinois University, the study examines credit scores and personalities.

“That suggests easy-going individuals actually have worse credit scores than disagreeable and rude individuals."

There is more to be publishes in the Journal of Applied Psychology in the meantime there is more here at the link.  If you have question about your credit score and how to increase credit score click over to Credit Repair Texas.for a free Credit Repair Services evaluation.

Study Finds No Link Between Bad Credit and Employee Theft

Bad credit can affect your ability to get a job, insurance rates and interest rates you pay, but apparently according to LSU researchers there is no link beteen poor credit and employee theft.

“It was telling that poor credit scores were not correlated to theft and other deviant types of work behaviors,” said Bernerth. “Most companies attempt to justify the use of credit scores because they think such employees will end up stealing, but our research suggests that might not be the case.” 

There is much more here at the link.  If you have questions about how to fix credit give Credit Repair Services a visit for a free credit repair evaluation.

Alabama Sues Debt Collector for FDCPA Violation

In another case of a debt collector using deceptive practices, Alabama has accused a debt collection company of falsely claiming a creditor had entered into an agreement to pay.  The lawsuit alleges the company was sending letters to consumers claiming the consumer had entered into and agreement with the company and then reneged.  In fact, according to the suit, no such agreement was entered into nor had the consumer even had contact with the debt collector. There is much more here for the inquiring mind.  The take away here,  it is illegal for a debt collector to lie.  If you have questions about a debt or a collection practice visit Credit Repair Services for a free credit repair Texas evaluation.

Bankruptcy: Largest Ever Municipal Bankruptcy

Alabama county filed for bankruptcy over a $3 billion dollar sewer project.  The bottom line here is the county over extended itself, borrowed a boat load of money, putting their taxpayers on the hook, to build a sewer system.  While those that entered this deal, on the county side, are obviously grossly incompetent local governments across the country are facing similar stresses.  While this case can be blamed on a sewer project - -how apt-- the underlying problem is local governments with promises to pay pensions and healthcare obligations that their now stressed out tax base can not afford-----less income and estates to tax, coupled with a substantially lower expectation of ROI on investments, given the FED's zero interest rate policy.  Alabama is the largest bankruptcy today, let's see how long they hold the title.

Banks' Foreclosure Agent Argues Against The Need For Accurate Paperwork

In another, all too familiar, crazy land, court proceeding, the banks and their agents are pushing forward their best interest as they continue to game the housing market.  In this case, they are arguing, the paperwork that they are admitting to the court, they shouldn't have to affirm as accurate.  It's too much trouble and, they say, unconstitutional.
First they goosed the market up, hot potato-ed bad mortgages to investment funds, and now they are booting their clients out of their houses on the way down.  There is much more here for the inquiring mind.  If you have questions of the accuracy of your credit report then review the link clean credit, and sign up for Credit repair Services free credit repair evaluation.

Removing A Tax Lien From A Credit Report

The rules changed in February 2011, with the IRS announcing new policy regarding their credit reporting.  Tax liens can now be removed from a credit report.  The IRS will "withdraw' the tax lien and the credit reporting agencies will remove the entry like it was never there.

Prior to this policy change the credit bureaus' practice was to update credit reports as to the status of the tax lien.  For example updating a credit report to "released".  A released tax lien is just as bad as an unpaid tax lien from a credit score perspective.


Is it fair to say this is a sea change for how creditors treat credit reporting?  Or, has removal of deragatory items been going on all along?  What is clear, for the first time a major credit reporting agency, the federal government, is now as public policy, removing derogatory trade lines from consumers' credit reports.

Give your credit repair Texas specialist a call to discuss credit reporting and how to increase a credit score to lower borrowing costs

Credit Reporting Agency Argues Consumer Protection FCRA is Unconstitutional

In this case the plaintiff alleges the defendant, a credit reporting agency, disclosed prohibited information to an prospective employer and in defense the credit reporting agency claims that the Fair Credit Reporting Act FCRA is unconstitutional.  This ought to be interesting. Apparently, the US Government has now intervened and now involved.  We will keep you posted:  For more on the case you can find it here.  Ans for those with credit related questions, for a free credit repair evaluation, contact Consumer Credit Capital.

Debt Collector with 6,000 Accounts Settles for $4 million

According to state officials the company repeatedly engaged in bad behavior prohibited by the Fair Debt Collection practices Act. 

SNIP

"The main thing is you don't threaten people in terms of their debt," said Bill Cloud, a spokesman for Georgia's office of Consumer Protection. "You don't threaten them physically. You don't threaten them with arrest. You don't act like a law firm if you're not. These people were just doing everything in the book that was wrong." Cloud says since 2008's financial meltdown, abuse by debt collectors has been one of the most frequent complaints his office receives. 

SNIP

For more on the FDCPA visit Consumer credit Capital at FDCPA.   If you have questions about a collection account give credit repair Texas a visit.  For more on the case above you can find it here.

Soda Ban A Bust

According to a study that looked at the outcome of a soda ban at school it turns out the ban had no appreciable effect on kids sugar intake.  The kids just got their sugar elsewhere.  Yet another example of trying to legislate behavior by a bunch of misguided school boards.  There is much more here.  The study looked at thousands of students across 40 states and found removing soda from the vending machines and cafeterias just prompted kids to choose an alternate with the same sugar content.

Credit Reports to Track; Rent, Utility and Payday Loans

According to FICO -- the most used credit report and credit score provider -- they will stat providing more information to their clients about consumers.  FICO announced it will provide more information to mortgage lenders including payday loans, evictions and child support payments.  And, in the future information on the status of utility, rent and cellphone payments may be included.  There is more here

Seperately in Septmeber the credit burueas began providing estimates of consumer incomes as a credit reprot option.  There is much more here for the inquiring mind.

Of course you credit report and credit score is only as good as the data reported.  If you need credit score repair then give credit repair Texas a call at Consumer Credit Capital a call for a free credit repair evaluation.

Citi Settles fraud charges for $285 million But....

In a nutshell Citi packaged up a bunch of mortagages together and sold them to investors.  At the very same time the Citi sales group was selling the mortgage / product another group within Citi was betting against the value of the product.  In shorthand; making money coming and going - leaving others holding the bag.

While Citi and its Regualator the SEC have ageed on a $285 million dollar settlement the Judge appears to question the s settlement which he has not yet signed off on. Citi may be getting off far to easy.  There is much more here. Stay tuned to see if the settlement sticks.

In the meantime if you have credit related questions we have answers at credit repair texas

Credit Repair Texas - Pay Day Loans

While I am sure no one likes to pay the high cost associated with borrowing money 'right now' --pay day lending - an interesting study by Dartmouth suggests having the option for such a loan is cheaper than not.

According to a study, by Dartmouth University, with the purpose to determine the effect on borrowers the study suggests restricting access to expensive credit hurt consumers on average.  The reason given is the expensive loans were used for things needed, like a car repair, and without the loan the consumer's financial situation was worse in the long run.

The study looked at Oregon legislation that restricted Pay day loans -- capped the rate lenders could charge --which put hundreds of  pay day lenders out of business and reduced the overall number of in state loans.

Of course no one wants to pay high interest rates on a payday loan, or any purchase for that matter.  To discuss how to improve access to lenders by raising your credit score give Consumer Credit Capital credit repair Texas a call for a free credit repair evaluation.

Fix Credit - Auto Dealer Complaints

Second quarter results are in for the Northwest Better Business Bureau and Auto Dealers - New Cars edges out Auto Dealers - Used Cars for a first place finish for Top Complaints for an Industry.
This according to the bureau's website (where the latest data is posted) - it looks like Payment Processors might be able to edge out car dealers this quarter---as they are now in the lead. To round out the list for last quarter:  Payment Processing Service, Auto Repair, and Collection agencies made it into the top 5.

For more on dealing with financing a vehicle purchase you can check out our fix credit program at our fix credit houston website.

Credit Repair Texas - Car Financing

Buy-Here Pay-Here used car lots booming in down economy.  The LA Times is highlighting a profitable nich in the auto business known as Buy Here Pay Here.  "These dealerships focus on people who need cars to get to work, but can't qualify for conventional loans. "They sell aging, high-mileage vehicles at prices well above Kelley Blue Book value and provide their own financing. As lenders of last resort, they can charge interest at three times or more the going rate for regular used-car loans."  There is much more here at the link

Credit Repair Texas is here to help you fix credit rather than use Buy-Here Pay-Here with an industry repossession rates at nearly 1 out of every 4 cars sold.  If you have credit issues give Consumer Credit Capital a call for a free evaluation to see if you qualify for their 5 red flags program.

Groupon: Fizzle or Sizzle?

Groupon goes IPO and raises $700 million or so after raising nearly that much privatly a year or so ago. In the meantime the company is going to lose about $200-$250 million this year and as of september it owes it customers more than it has in cash. So if I have the numbers right; roughly, they have about $250 million in cash and owe their clients around $400 million and sales around $1.2 billion.

Groupon works like this: You cut a deal with them to sell a coupon they sell it, hold the cash for a bit, as you provide the product/service (usually at a deep discout-as you have to bid against other businesslike offerings at discounts) then later the company pays you your cut of the coupon sale.

Sounds good if you can take the hit to cash, which might be minimal if you are filling an extra seat on a raft trip, or hotel room - so no fixed cost increase and minimal variable. But if you are providing a product it might be a bigger hit to cash and less of a winner. I guess it all depends upon a percent of the coupon clipper coming back coupled with the exposure they may provide your business. We shall see, and with the kinda numbers Groupon is dealing in we shall see sooner than later.

Bloomberg has a write up on the IPO here. And over at Techcrunch at least one writer is not impressed here.

If you have been caught in the economic downturn, that Groupon appears to thrive in, the folks at credit repair Texas are available to conduct a free evaluation to review your credit needs.

B of A Employees Jumping Ship / Freddie Sinking Ship

Bank of America has said they plan to cut 30,000 jobs as competitors see an influx of resumes and phone calls out of B of A. There is much more here (B of A says they have 288k employees).

It looks to me B of A is headed to the chopping block; probably to result in a good bank/bad bank with wall street favorites picking up the good pieces and the tax payers picking up the rest.

In the meantime, the other bad bank, is looking for another $6 billion from the taxpayer as they report a stunning $4.4 billion quarterly loss. That brings their tab to about $50 billion--which doesn't include big sister Fannie.

If you have been caught in the housing downturn give credit repair houston texas a visit for a free credit repair plan.

72% of loans in foreclosure Not Paid in over 1year

The guys over at LPS Monitor have an interesting report out that will disabuse anyone of the notion that the housing market is significantly better now even more than 5 years after the first cracks started to show. According to their report, more than 4 million loans are more than 90 days late.

This report coupled with foreclosures picking up pace--- now that legal hurdles have been cleared--- spell trouble for the housing market for years to come. By some counts, there are nearly 12 million homes in trouble--- characterized by either being underwater or at some level of current or past default.

If you have credit issues related to the downturn in the economy give the folks at Consumer Credit capital, credit repair houston, a call for a free credit repair evaluation.

Broker Goes Bust: Again

Another wheeler and dealer on Wall Street goes belly up making bets at 40 to 1 leverage. That is right 40 to 1. Imagine going into a Casino with your net worth of say 1/2 million and trading it for $20 million in chips. You loose 1 or 2 hands and you don't make it out of the casino with anything but the shirt on your back.

This snip tells it all.

snip

The balance sheet reached 40 times the firm’s equity, Egan said.

“They should have been levered in the area of maybe about six-to-one,” he said. “Having only 2.5 percent equity to assets is ridiculous. That means if you have a 2.5 percent downdraft in the balance sheet, which is very likely, then they’re bankrupt.”

snip.

There is much more here at the link

You would think with Lehman and Bear Stearns going belly up (years ago) these guys would take risk off the table. If you had credit problems and could benefit from a free credit repair evaluation give Consumer Credit Capital a visit at: credit repair Houston or credit repair Texas for a quick and easy sign up.

Credit Repair Houston - How We Help

HOW WE HELP At Credit Repair Houston: We start with a free evaluation and create a credit repair plan. A good credit repair plan is more than just filing credit disputes. Good credit requires income above expenses, proper budgeting, on time bill paying, and if required, a negotiation of payment plans with creditors. A credit repair plan starts with a review of your credit report to look for questionable, inaccurate, incomplete, untimely, and biased information. The law requires an investigation into a, non frivolous, credit dispute within 30 days. When the credit report investigation is complete, the credit bureau must provide the results of the credit report dispute in writing. Inaccurate, unverifiable, deleted, items are not allowed back into your credit report. The credit bureau must also provide the name, address and phone number of the furnisher of information. Credit repair doesn't begin and end with the credit bureau. Often times it is more effective to work with the original creditor and/or collection agent depending upon the circumstances and goals.

The credit repair Houston process begins with a free evaluation. Give us a call when you are ready to get started.

Debt Collector Threatens to "dig up daughter" over funeral debt.

You really can't make this stuff up. Seems credit repair houston is fighting the good fight with stories like these. In this case, the FTC is cracking down on debt collectors that are making threats that are absurd.

For more on the story here:

Debt collectors generate more complaints to the FTC than any other industry, according to government agency. Last year, there were 144,159 filings against collection companies, the second largest category of complaints to the FTC. There were 250,854 identity theft related complaints last year, or 19 percent of all complaints.

Credit Repair Houston Texas

Credit repair Houston Texas: Many people reflexively believe credit repair begins and ends with a dispute to the credit bureau. At Credit Repair Houston, Texas, many times the first step is to contact the creditor, validate the debt, if proven ( to the standard required by the FDCPA, FCRA, FACTA ) negotiate a reasonable, timely, best, outcome. It's not rocket science but it can be timely, expensive going about it the wrong way.

Free Evaluation:
We provide free Credit Repair evaluation. We act as the diagnostician. We perform an exhaustive qualitative, as well as quantitative, analysis of a credit report. There is no obligation. However we have an obligation. That is we must identify the problems on the credit report. How are the problems effecting the credit score and what it will take to get the score where it needs to be.

No setup fee:
Most of our clients charge some sort of automatic payment that includes a setup fee. Unique to consumer credit capital we do not charge any type of set up fee or require any type of long term contract for our services.

No long term contract:
Unique to Consumer Credit Capital we do not have a long term contract. There is no long term obligation. A client can cancel at any time. Credit repair Houston pay as you go after services are completed.

Credit Repair Houston

Who is Credit Repair Houston?

A registered, bonded - No Upfront Fee - credit repair company staffed with dedicated professionals with experience dealing with credit bureaus, debt collectors and original creditors, who can assist you in addressing any credit repair need.

HOW WE HELP: A credit repair plan begins with a review of your personal finances, credit reports and credit scores. Once you have been assigned a credit repair specialist together you will create a credit repair plan. Finally, you will execute the credit repair plan agreed upon and monitor the credit score improvement.

Give Consumer Credit Capital a call for your free credit repair evaluation!

Shake-Down: Debt Collection Company unjustly collects $9.4 million according to District Court

The company called nationwide and threatened people who picked up the phone a lawsuite was on the way. The company was recently What many pressured by debt and debt collectors do not know is a debt collector can not legally threaten any action they do not intend to take. Doing so is a clear violation of the Federal Debt Collection Practices Act- FDCPA. Moreover, this violation is easy to prove. Simply put, if the company's normal practice is not to sue in similar cases a threat to sue is against the law. For the inquiring mind, the FDCPA legislation is here FDCPA. If you have questions about a credit account visit Credit Repair Houston a visit for a free evaluation.

For more on the court action you can find it here