By: Robert J. Nahoum THE PROBLEM We are in the depths of the Corona-Economy, as of this writing, nearly 10 million US workers have already filed for unemployment benefits with far more to come. These numbers do not include gig workers and those still working but fewer hours. Given this extraordinary economic disruption for working Americans, the burden to make […]
Must You Pay Your Mortgage During the Corona-Economy?
Student Loan Debt Buyer National Collegiate Student Loan Settles Claims of Unfair Debt Collection Practices with the Federal Government
By: Robert J. Nahoum National Collegiate Student Loan Trust (NCSLT) is a unique “junk debt buyer†that few people have ever heard of. NCSLT is in the business of specifically buying private student loans from banks. Much like the mortgages involved in the financial and foreclosure crisis of just a few years ago, private student loans are packaged together as […]
Consumer Watchdog The National Consumer Law Center Has Issued Key Steps to Minimize Risk After Equifax Data Breach
Consumer Watchdog The National Consumer Law Center® (NCLC®), has issued the following key steps to minimize risk from the Equifax data breach: “Determining Whether the Client Has Been Affected It is very likely that any client with a credit history is one of the 143 million adult Americans whose personal information was exposed in a data breach at Equifax, one […]
The Equifax Data Breach
By: Robert J. Nahoum Equifax, one of the nation’s top credit reporting agencies, recently reported that the private data of roughly 143 million Americans had been compromised due a security hack. It was also revealed that Equifax did not make the hack publicly known until a month and half after Equifax became aware and after Equifax management sold millions of […]
Consumer Financial Projection Bureau Issues Report of Debt Collection
By: Robert J. Nahoum Federal debt collection watch dog the Consumer Financial Protection Bureau (called the CFPB for short) has issued a its findings on a survey conducted of consumer experiences with debt collection. According to the CFPB, “the survey results substantially expand the understanding of debt collection in the United States by providing the first comprehensive and nationally representative […]
5 Careless Credit Mistakes Millennials Make
By: Robert J. Nahoum In a recent survey 30% of millennials said they would sell a body part to pay off student debt. The absurdity of this statement certainly highlights the tremendous attention given to the student debt crisis facing millennials. Weighed down by hefty student debt, any hopes millennials have of ever buying a home, getting a car loan, […]
What is Arbitration?
By: Robert J. Nahoum As technology has advanced our lives have undoubtedly been made easier. There is no shortage of companies lining up to provide us with one sort of a service or another. Some we pay for like our cell phones, cable, internet and Netflix while others are free like Facebook, twitter and Youtube. One thing these companies all […]
What is The Credit Repair Organizations Act?
By: Robert J. Nahoum THE PROBLEM: For many, your credit score has a powerful influence on your life. Your score influences how much your home and your car will cost and whether you will be approved for insurance, an apartment and even a job. With stakes this high, a lot of attention is paid to improving people’s scores. Everywhere you […]
A Smart Tip For Monitoring Your Credit For Free
By: Robert J. Nahoum A Federal Trade Commission study of the U.S. credit reporting industry concluded that 25% of consumers had errors on one of their three major credit reports. With 322,583,006 people in America that means that more than 80 million Americans have errors on their reports. Common errors found in credit reports include: Outdated information (usually older than […]
What is the Equal Credit Opportunity Act?
By: Robert J. Nahoum THE PROBLEM: The use of consumer credit is everywhere in our society. People use credit and incur debt to pay for cars, homes, education and for every day needs. With such widespread use of credit, the United States Congress recognized that consumers seeking credit needed to be protected from discrimination on the basis of race, color, […]