Last week the Consumer Financial Protection Bureau (CFPB) deposed Walter Ledda, the former man in charge of the debt settlement company Morgan Drexen. Ledda disclosed some information that made the ears of the perk up a bit and they filed a new court document. Rather than rehash the entire background of this multi-year court action …
Aug 26 2015 By Seth Frotman and Rich Williams If you’re a student starting college for the first time or transferring to a new college, you may be busy meeting new roommates and going through orientation. During these first few weeks, you may also need to get a checking or prepaid debit account. On campus, …
Aug 25 2015 By Chris Johnson This month’s report puts the spotlight on credit reporting. Credit reports play a big part in major consumer lending decisions, including mortgage loans, auto loans, credit cards and private student loans. The largest three nationwide credit reporting companies (Equifax, Experian and TransUnion) maintain credit files on nearly 210 million …
Aug 17 2015 By Seth Frotman Earlier this year, we asked you to share your #StudentDebtStress story. More than 30,000 of you answered, telling us about payment processing problems, servicing transfer snags, customer service confusion, and obstacles for borrowers in alternative repayment plans. You can check out the comments that were posted. For borrowers who …
Jul 20 2015 By CFPB Web Team Morgan Drexen has gone out of business. If you are a Morgan Drexen customer, you must take action on your debts. You can also request a refund of any money that is currently in your settlement account. In 2013, we sued debt settlement company Morgan Drexen for collecting …
Jul 16 2015 By Ashley Gordon Have you ever found an error on your credit report? These errors can negatively affect loan applications, how much you can borrow, hiring decisions and more. In Jorge’s case, he had lost an apartment because of a bankruptcy, which can stay on credit reports for up to ten years. …
May 13 2015 By Nora Dowd Eisenhower and Holly Petraeus Older Americans, like many of their younger counterparts, increasingly have debts in collection. Over one-third of the complaints that older consumers submit to us are related to debt collection. In some of these complaints, consumers told us that debt collectors threatened to garnish their benefits …
May 14 2015 By Seth Frotman If you are paying back student loans, you are not alone. Over 40 million Americans are repaying more than $ 1.2 trillion in outstanding student loan debt. Significant debt can have a domino effect on the major choices you make in your life: whether to take a particular job, …
Mar 18 2015 By Richard Cordray Since we started accepting complaints in July 2011, we have handled more than 550,000 from people all over the country about problems in the financial marketplace. These complaints help us understand the problems you face and focus our efforts to protect consumers like you. While you can see hundreds …
Mar 11 2015 By Dave Sieminski Even a small savings account for your child could make a powerful difference in their future. A recent study shows that children from low- or-moderate-income families, who have a savings account for college, are three times more likely to go to college, and four times more likely to graduate …