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Keyword: credit

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  • Bernie Sanders wants to replace private credit reporting firms with free, public registry

    11/10/2019 10:58:15 AM PST · by gattaca · 48 replies
    CNBC ^ | September 25, 2019 | Annie Nova
    Bernie Sanders wants to change the way your credit score is calculated. He would eliminate the private credit reporting companies and substitute them with a government-managed credit registry. Medical debts would be excluded from people’s reports. There could be a new factor to your credit score: the president of the United States. Independent candidate Bernie Sanders wants to eliminate the private credit reporting companies and substitute them with a government-managed credit registry. The proposal was released over the weekend and, at the same time, Sanders announced his plan to erase $81 billion in past-due medical debt, one of the main...
  • Check your credit cards for "CARD SECURITY 1 800 815 4051"

    10/07/2019 6:27:46 AM PDT · by Salgak · 12 replies
    Self | 10.7.2019 | Keith Glass
    I was looking at my credit card statement Saturday night, when I saw an entry for "CARD SECURITY 1 800 815 4051", for nearly as much as the Interest Charge. Turns out, that some banks are hiding a sign-up for their hideously overpriced "Card Security" services. I never signed up, and yet they had dinged me for a substantial sum over the last 5 years. And, of course, they're only open 9AM to 9PM, weekdays. I did a little investigating, and found that the Federal Consumer Financial Protection Bureau, Fauxchahontas' brainchild, had investigated them, and every single time, a full...
  • After the Mortgage Crisis Bailout: Have Fannie and Freddie Paid the Taxpayers Back Yet?

    09/20/2019 11:52:59 AM PDT · by SeekAndFind · 4 replies
    RCM ^ | 09/20/2019 | Alex Pollock
    The distinguished judges of the U.S. Court of Appeals for the Fifth Circuit have considered how much Fannie Mae and Freddie Mac have paid the Treasury Department to compensate the taxpayers for the giant bailout which kept Fannie and Freddie in existence and business. The court observed in its September 6 judgment: “The net worth sweep transferred a fortune from Fannie and Freddie to Treasury.” Specifically, “Treasury had disbursed $187 billion and recouped $250 billion.” The “net worth sweep” is the dividend on the senior preferred stock in Fannie and Freddie acquired by the Treasury in the bailout. Originally set...
  • China pushing ahead with controversial corporate social credit rating system for 33 million firms

    09/19/2019 9:23:13 AM PDT · by SeekAndFind · 11 replies
    South China Morning Post ^ | 09/19/2019 | Frank Tang
    * China's National Reform and Development Commission has completed its initial assessments, which will be used to label firms excellent, good, fair or poor. * Foreign firms fear they will be targeted in the event of a trade dispute or to give domestic firms a commercial advantage. _______________________________________________________________________________________________________________________________________ China is moving forward rapidly its plans for a controversial social credit rating system that will include 33 million companies, raising fears of reprisals among foreign firms as Beijing seeks to extend its control over the business environment in the country. The National Development and Reform Commission (NDRC) is pushing ahead with...
  • Privatizing Fannie Mae and Freddie Mac is a Start

    09/06/2019 10:47:13 AM PDT · by Red Badger · 3 replies ^ | September 5, 2019 | Daniel Greenfield
    The level of government interference and taxpayer exposure in the housing market has always been a huge problem. Higher education and mortgages have been key weapons of social engineering. The creation of massive amounts of debt and the entanglement of the government and taxpayers in mortgages was a major cause of the last economic meltdown. The solution here is at best incomplete, but it's a reasonable next step. Especially when dealing with 2020 Democrats who would love nothing more than to create another trillion dollar catastrophe by bribing their voters like crazy. The Trump administration on Thursday released its first...
  • Uh Oh, Silicon Valley Is Building Chinese-Style Social Credit System

    08/26/2019 6:50:36 AM PDT · by gaijin · 39 replies
    Fast Company ^ | Mike Elgan
    Have you heard about China’s social credit system? It’s a technology-enabled, surveillance-based nationwide program designed to nudge citizens toward better behavior. The ultimate goal is to “allow the trustworthy to roam everywhere under heaven while making it hard for the discredited to take a single step,” according to the Chinese government. In place since 2014, the social credit system is a work in progress that could evolve by next year into a single, nationwide point system for all Chinese citizens, akin to a financial credit score. It aims to punish for transgressions that can include membership in or support for...
  • Equifax owes you a lot more, but here’s how to get $125 from this week’s settlement

    07/26/2019 6:48:18 AM PDT · by ptsal · 81 replies
    THE VERGE ^ | 25 JULY 2019 | NICK STATT
    [full title] Equifax owes you a lot more, but here’s how to get $125 from this week’s settlement The US credit reporting agency Equifax settled earlier this week with the Federal Trade Commission over the massive 2017 data breach that exposed hundreds of millions of Americans’ Social Security numbers and other sensitive data. Now, you can finally file a claim to collect on the $700 million settlement, which contains a $380,500,000 consumer restitution fund, as part of the class action lawsuit. The FTC this morning posted the claim website, where you can both check if you were affected by the...
  • Equifax to pay up to $650 million in data breach settlement after personal information [tr]

    07/22/2019 8:53:33 AM PDT · by C19fan · 29 replies
    UK Daily Mail ^ | July 22, 2019 | Staff
    Equifax will pay up to a record $650million to settle US federal and state probes into a massive 2017 data breach of personal information, authorities said on Monday. The largest-ever settlement for a data breach draws to a close multiple probes into Equifax by the Federal Trade Commission, the Consumer Financial Protection Board (CFPB) and nearly all state attorneys general. It also resolves pending class-action lawsuits against the company. 'This company´s ineptitude, negligence, and lax security standards endangered the identities of half the US population,' New York Attorney General Letitia James said in a statement.
  • AOC, Bernie Sanders skewer Amazon Prime's new credit card: We 'intend to outlaw it'

    06/13/2019 11:07:05 PM PDT · by knighthawk · 45 replies
    Fox Business ^ | June 13 2019 | Jennifer Earl
    Sen. Bernie Sanders Opens a New Window. and Rep. Alexandria Ocasio-Cortez Opens a New Window. are apparently teaming up to take down Amazon's Opens a New Window. newest credit card for Prime members. Amazon announced Monday Opens a New Window. it partnered with Synchrony Financial to create what it considers the "Amazon Credit Builder" Opens a New Window. for subscribers looking to build or rebuild their credit scores. Cardholders will get the same perks as the Amazon Store Card — such as 5 percent back for online purchases and no annual fee — but customers must be Prime members, paying...
  • AOC and Sanders call for capping credit card interest rates at 15%

    05/09/2019 11:05:26 AM PDT · by Steve1999 · 109 replies
    Washington Examiner ^ | 09-05-19 | Colin Wilhelm
    Bernie Sanders and Alexandria Ocasio-Cortez will introduce legislation to create a national cap on interest rates for credit cards. The Sanders-Ocasio-Cortez legislation would limit credit card annual percentage rates to 15%. Current credit card annual percentage interest rates typically range from the mid-teens to high 20s, depending on a person’s credit score. “Every major religion on Earth ... has condemned usury because it is really disgusting,” said Sanders, a Vermont independent senator who is also a leading candidate in the Democratic presidential primary. “What Alexandria and I are proposing in this legislation is not complicated ... Bringing back the concept...
  • Paul Joseph Watson: Forget Facebook, They Want to Revoke Your Access to Banking

    05/06/2019 2:15:22 PM PDT · by LibWhacker · 62 replies
    Summit News ^ | 5/6/19 | Paul Joseph Watson
    Forget Facebook, They Want to Revoke Your Access to BankingSocial media deplatforming is only the beginning; The ultimate social credit score nightmare is coming. The biggest threat that social media censorship poses is not you being unable to access Facebook or Twitter, itÂ’s you not being able to get a mortgage or have a bank account.The end result of Big Tech silencing conservative voices is banks and corporations removing your access to the marketplace and severely restricting your basic right to buy and sell.We have already seen numerous instances of people being deplatformed by BANKS for the political opinions, from...
  • Maloney to JP Morgan Chase CEO: Will You Adopt Responsible Lending Practices to the Gun Industry?

    04/11/2019 5:58:52 PM PDT · by rktman · 21 replies ^ | 4/10/2019 | Melanie Arter
    Rep. Carolyn Maloney (D-N.Y.) called on J.P. Morgan Chase CEO James Dimon on Wednesday to adopt what she called “responsible” lending policies when it comes to the gun industry. During a hearing by the House Financial Services Committee titled, “Holding Megabanks Accountable,” Maloney pointed out that two other banks on the panel - Citibank and Bank of America - adopted policies “limiting their business with certain gun industry clients.” “After the Parkland shooting last year where a lone gunman killed 17 students and staff with a military-style semi-automatic rifle, two of the banks on this panel - Citibank and Bank...
  • HELP-Anyone know or have info on this law? Legit

    04/04/2019 8:10:22 PM PDT · by Kevin in California · 45 replies
    I'm referring to the Credit Card Accountability, Responsibility,and Disclosure Act of 2009. Been doing some searches on the web and it appears to be legit. Anyway, got a letter the other day that was labeled my Certified Benefits Statement which says I'm eligible for a 65% reduction of my past due debt. Says my benefits must be redeemed by midnight, April 2th. Anyone familiar with this law?
  • Vanity Post- need financial/legal help for a friend.

    04/01/2019 8:20:05 AM PDT · by MissEdie · 47 replies
    self | 4/1/2019 | MissEdie
    Freepers, whenever I have needed wisdom and great help ya'll have always come through! I'm hoping ya'll can help a dear friend of mine who is 15 days away from closing on her house when an issue arose. Bottom line is they need a letter from Chase Mortgage certifying their house/credit is in good standing to sell, but they are refusing because they are saying they have 2 mortgages on their house-but they don't. Even their credit checks stipulate one outstanding loan and it shows them in good credit. Apparently back in 2004 they refinanced their mortgage, they used the...
  • New study highlights just how bad Americans are with credit cards

    03/16/2019 11:53:11 AM PDT · by Libloather · 44 replies
    Yahoo ^ | 3/16/19 | Aarthi Swaminathan
    A new study details how Americans manage credit cards and how stressful credit debt can be. **SNIP** “The most shocking find to me was how many Americans carry credit card balances month to month,” Tommy O'Shaughnessy, an analyst at Clever Real Estate Analyst and the author of the report, told Yahoo Finance. Nearly half of the respondents (47%) carried some amount of credit card debt month to month, according to the survey, with 72% of borrowers carrying more than $1,000. “With the average 17.64% APR, that debt compounds quickly and can become unmanageable for lower income families,” O'Shaughnessy noted.
  • Credit Card Companies Have No Business Playing Second Amendment Censors

    01/18/2019 10:13:02 AM PST · by rktman · 20 replies ^ | 1/18/2019 | Frank Miniter
    Just before Christmas, The New York Times ran an article titled "How Credit Cards Are Used to Finance Mass Shootings." This followed an op-ed the NYT ran last spring calling for credit card companies to track and block some gun sales, such as stopping someone from buying a certain number of guns or from purchasing politically incorrect types of firearms.
  • Dow rallies 1,000 points, logging its biggest single-day point gain ever

    12/26/2018 12:19:40 PM PST · by Candor7 · 164 replies
    CNBC ^ | 26 Dec. 2018 | Fred Imbert & Eustance Huang
    Stocks rose sharply in volatile trading on Wednesday as surges in retail and energy shares helped Wall Street regain the steep losses suffered in the previous session. The Dow Jones Industrial Average traded 657 points higher as of 3:05 p.m. ET, while the S&P 500 gained 3.05 percent. The Nasdaq Composite outperformed, rising 3.96 percent. Both the S&P 500 and Nasdaq were on track for their biggest one-day gains since Aug. 26, 2015 and erased Monday's losses. The Dow also recovered all of its losses from Monday.
  • U.S. Holiday Retail Sales Are Strongest in Years, Early Data Show

    12/25/2018 5:11:34 PM PST · by springwater13 · 53 replies
    Shoppers delivered the strongest holiday sales increase for U.S. retailers in six years, according to early data. Total U.S. retail sales, excluding automobiles, rose 5.1% between Nov. 1 and Dec. 24 from a year earlier, according to Mastercard SpendingPulse, which tracks both online and in-store spending with all forms of payment. The figures suggest a stock-market swoon and partial government shutdown haven’t curbed consumer confidence and spending. “Wall Street is running around like a chicken with its head cut off, while Mr. and Mrs. Main Street are happy with their jobs, enjoying their best wage increases in a decade,” said...
  • How Banks Unwittingly Finance Mass Shootings

    12/25/2018 8:07:09 AM PST · by rktman · 52 replies ^ | 12/24/2018 | ANDREW ROSS SORKIN
    A New York Times examination of mass shootings since the Virginia Tech attack in 2007 reveals how credit cards have become a crucial part of the planning of these massacres. There have been 13 shootings that killed 10 or more people in the last decade, and in at least eight of them, the killers financed their attacks using credit cards. Some used credit to acquire firearms they could not otherwise have afforded. Those eight shootings killed 217 people. The investigations undertaken in their aftermath uncovered a rich trove of information about the killers’ spending. There were plenty of red flags,...
  • Mastercard, Microsoft to Advance Digital Identity Innovations (Global ID the Mark)

    12/04/2018 5:39:09 PM PST · by MarchonDC09122009 · 31 replies
    Mastercard ^ | 12/03/2018 | Microsoft Mastercard
    Mastercard, Microsoft to Advance Digital Identity Innovations Mastercard, Microsoft Join Forces to Advance Digital Identity Innovations PURCHASE, N.Y. and REDMOND, Wash. – December 3, 2018 – Mastercard (NYSE: MA) and Microsoft (Nasdaq “MSFT” @microsoft) today announced a strategic collaboration to improve how people manage and use their digital identity. Currently, verifying your identity online is still dependent on physical or digital proof managed by a central party, whether it’s your passport number, your proof of address, driver’s license, user credentials or other means. This dependence places a huge burden on individuals, who have to successfully remember hundreds of passwords...