Christina Lindstrom, an official with the advocacy group US PIRG, testified that campus card arrangements are costly and unnecessary. “Right now students are being hit with high fees that are hard to avoid as they try to access their federal financial aid refunds through campus sponsored bank accounts and prepaid debit cards,” she said. Lindstrom went on to say that students at some schools were being charged “steep and unusual” fees to get their federal financial aid, including PIN transaction charges and overdraft fees of $37 and higher. “On the whole these accounts are not necessarily a better deal for students than what they might find through a bank not affiliated with the campus,” she testified.
FICO Score 9: Latest Credit Score Version Could Save You Thousands
The new FICO Score 9 is coming out this fall, and it looks very positive for many U.S. consumers. Once implemented and used by lenders, it should help many with poor credit or limited credit histories. Ultimately, this could mean better rates for consumers on loans and credit products such as credit cards. Score Highlights… Continue reading FICO Score 9: Latest Credit Score Version Could Save You Thousands
One-third of Americans in Debt and Facing Collection
Have a few blemishes on your credit report? You’re not alone. According to a new study from the Urban Institute, over one-third of Americans had debt in collections in 2013. The debts averaged $5,178 and include debt like medical bills, credit card balances, student loans, parking tickets and utility bills. In a very real sense,… Continue reading One-third of Americans in Debt and Facing Collection
CFPB To Police Prepaid Debit Cards
In yet another sign of the mainstreaming of prepaid debit cards, the Consumer Financial Protection Bureau (CFPB) announced this week that it would begin accepting complaints from Americans encountering problems with these increasingly popular financial products. Although the market for prepaid debit cards has been steadily expanding and attracting big name financial players like American… Continue reading CFPB To Police Prepaid Debit Cards
Green Dot Fights Scammers
Although the hearing was designed to highlight the impact these crimes have on the elderly, it also resulted in some genuine action. In its own written testimony before the committee, Green Dot Corporation, one of the leading suppliers of prepaid debit cards, announced that it would eliminate the MoneyPak PIN, which allowed money to be added to an account to take place via phone.
How To Fix Your Credit Report
A Federal Trade Commission (FTC) study conducted last year found that five percent of consumers had errors on their annual credit reports that could cause them to have to pay more interest on their loans.