Poverty Is Profitable: 1 out of 3 U.S. Consumers in Debt Collection Status

By: Tuesday July 29, 2014 12:09 pm

A new report by the Urban Institute and Encore Capital Group’s Consumer Credit Research Institute shows 77 million Americans– 35 percent of those with files at a major credit bureau– have a debt in collection.

 

Bank Of America To Pay $800 Million For Duping Customers

By: Thursday April 10, 2014 6:44 am

Ever wonder about those “credit card protection” services? In exchange for added fees each month, your card is supposed to be protected from identity theft. Apparently when that service was offered by Bank of America it was a scam with lots of dubious fine print. Even when the banksters offer protection it’s a predatory act.

NSA Successfully Figured Out How to Tap Into VISA’s ‘Complex Transaction Network’

By: Sunday September 15, 2013 12:00 pm

While The Guardian has published the most scoops from former NSA contractor and whistleblower Edward Snowden, the German newspaper, Der Spiegel, has posted its share of revelations from documents Snowden took with him from the NSA. The latest story shows the NSA managed to figure out how to infiltrate and search records of international VISA credit card customers.

Changing the Subject Doesn’t Make Payday Lending in PA a Better Idea

By: Sunday October 7, 2012 7:00 pm

As we’ve explained before — and as the U.S. military, U.S. Congress, and former President George W. Bush have all agreed — payday loans are a debt trap that further impoverishes low-income families, driving more of them into bankruptcy. Pennsylvania should leave in place the strong regulations that make use of payday loans much less common here than nationally.

Credit Card Debt Collection Looks a Lot Like Foreclosure Fraud

By: Monday August 13, 2012 10:45 am

Considering how banks got away with submitting false documents to state courts on mortgage and foreclosure issues, why should we be surprised that they brought the same eye for detail to credit card debt collection? A Times article exposes how the companies are getting away with foreclosure-like fraud.

CFPB Gets Full Refund for Capital One Customers Abused by Add-On Credit Card Fees

By: Wednesday July 18, 2012 10:40 am

In a proof of concept one year after the standing up of the agency, the Consumer Financial Protection Bureau announced an enforcement action that will give consumers a full refund on illegal credit card fees extracted by Capital One.

Brave New Retailing World: Merchants Can Charge Extra for Payment By Credit Card

By: Monday July 16, 2012 1:35 pm

The important element of this multi-billion dollar settlement with MasterCard and Visa on an antitrust lawsuit is not the total amount, though retailers stand to gain about $6 billion in damages. It’s the new regime of pricing, under which retails can charge more when you use a credit care, that will affect all our lives.

Credit Cards: Obama Admin’s Newest Front on the War on Medical Marijuana?

By: Monday July 9, 2012 2:00 pm

In what could potentially be the newest front in the Obama administration’s multiple front war on medical marijuana, major credit card companies will no longer accept transactions from medical marijuana dispensaries, according to SF Weekly.

BofA Also Selling Credit Card Debt to Collectors With No Quality Control

By: Saturday March 31, 2012 1:00 pm

We learned a few weeks ago about the JPMorgan Chase debt collection scandal, which featured robo-signing, shredded documents, and loads of criminal activity. Now there’s evidence that this was more of an industry standard, as Bank of America suffers from similar problems in their debt collection business.

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