Credit Cards Are Most Important Factor In Credit Reports
The CFPB says that how you use your credit cards has the most effect on determining your credit rating. The conclusion was one of several in the CFPB’s brand new study of credit reports.
The CFPB says that how you use your credit cards has the most effect on determining your credit rating. The conclusion was one of several in the CFPB’s brand new study of credit reports.
The CFPB is not happy to sit tight. The agency has passed brand new regulations and started waging suits against financial providers that run afoul of consumer protection regulations, with credit card corporations being the very first in the firing line. After winning lawsuits against Discover and Capital One, American Express is the latest to settle with the CFPB, along with other organizations, and has consented to refund $85 million to consumers.
In the wake of stiffer regulations, some collectors and financial institutions have turned to the social networking as a way to track down debtors and to drum up brand new business. However, federal experts are looking into limiting the practice.