Bill to Ban Employee Credit Checks Clears Legislative Hurdle in New Jersey - 02/15/11 12:42 PM
Think bad credit can't hurt you beyond getting making it difficult to get a loan?  Think again.  For several years, it has been common practice for employers and hiring managers to conduct credit checks on prospective and even current employees.  To an employer, a less than optimal credit score can be a red flag signaling possible inability to budget or handle finances as well as a lack of judgment and responsibility - all qualities that those who hire want to shy away from when it comes to their hires.   
Although this may seem logical to some, others question just how fair this … (3 comments)

Soaring Foreclosure Rate Prompting Credit Score Changes - 02/09/11 11:41 AM
The next time you apply for a loan, you're likely to face even tougher standards than those already clamped on the consumer credit market by wary lenders. The still-soaring foreclosure rate is prompting changes in the way the nation's major credit bureaus evaluate credit risk and determine credit scores. Changing consumer attitudes about credit responsibility sparked by the devastated housing market, high unemployment and a recessionary economy have too often left mortgage lenders holding the bag. An increasing number of homeowners, even those with respectable credit scores, are handing over the keys and walking away from their mortgage loans.
When the bottom … (3 comments)

Student Loan Debt Surpasses Credit Card Debt - 02/08/11 03:53 PM
In a new statement released by FastWeb.com, a website dedicated to helping eligible students find financial aid and scholarships, American student debt totaled 830 billion as of June 2010.  For the first time in history, this is a number that actually surpasses the total American's owe in credit card debt.  These findings are causing some serious concerns when it comes to the financial future of current students, their credit, and for the economy in general.
In response to these concerns, The Department of Education has released new regulation in an attempt to help protect students in the future.  These regulations will … (4 comments)

 

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