The Freedom From Debt Blog

In these difficult and rapidly changing economic times, it is more important than ever for us to keep up with new laws and developments that effect our personal finances.  Recently, there has been a flurry of these types of developments.  Here are just a few of things you will want to keep your eye on [...]

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Credit scoring company Fair Isaac has announced that major changes are coming to the credit scoring system.  The changes, termed FICO 08, will attempt to correct what many feel are problems with the current credit scoring systems.  Some of the major changes will involve: Small delinquincies of less than $100, generally non-credit related, will have [...]

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Thousands of borrowers who have student loans with Sallie Mae, the nation’s largest student loan lender, are seeing their credit scores plummet due to an error in Sallie Mae’s reporting to credit bureaus.  The error affects borrowers who are using the company’s graduated payment plan, which allows the borrow to make smaller payments, at times low enough to [...]

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A Senate Subcommittee held a hearing on Tuesday to investigate many common practices of credit card companies.  The committee is concerned that many of these practices could be unfair and potentially abusive to consumers. Pay on Time Every Month, Have Your Interest Rate Raised One issue at the center of the hearing was the case of [...]

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Everyone knows that making late payments on your credit cards can lead to increased interest rates and higher payments.  Most people also realize that a lower credit score will cost you whenever you finance a car or a home.  However, there are other consequences of a low credit score that most consumers remain unaware of. [...]

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