It's stressful when creditors knock on your door, asking you to pay what you owe. Well-meaning friends might suggest, "Just close your account, and all your problems will go away." Unfortunately, this approach could harm your credit score further. Misinformation like...
Credit Repair
The CFPB cracks down on manipulative comparison shopping tactics
Whether used for business or personal purposes, many Illinois adults own at least one credit card. While some people can navigate the hurdles of owning credit cards, others find themselves dealing with rising rates and being stuck making minimum payments. One bureau...
Why the CFPB is going after medical debt collectors
Many Americans living in Illinois have medical debt that they struggle to repay. In many cases, outstanding debt balances are reported to credit bureaus, which can wreak havoc with their credit scores and creditworthiness. However, the Consumer Financial Protection...
The FCRA and sovereign immunity
A recent Supreme Court decision means that consumers in Illinois and throughout the rest of the country can sue the federal government for violations of the Fair Credit Reporting Act (FCRA). The case in question involved a man who sued the USDA after it incorrectly...
How to fix some common credit issues
Running into credit problems may ripple through may aspects of someone’s life. Illinois residents dealing with debt matters could look at typical issues surrounding credit woes to seek a solution. Clearing up troubles with credit cards and other accounts could help...
Signs of a potential debt relief scam
If you are struggling to keep up with your bills, you may be tempted to sign a contract with an Illinois debt relief agency. While there are a number of legitimate organizations to choose from, there are also a number of groups looking to waste your time and money....
Overdraft fees are nothing to overlook
Banks and credit unions throughout Illinois may charge fees when you overdraft your account or otherwise have insufficient funds to complete a transaction. As you may imagine, an overdraft occurs when a purchase exceeds your available checking or savings account...
Credit denials based on artificial intelligence
The Consumer Financial Protection Bureau (CFPB) has provided guidance on specific legal requirements, such as how lenders can use artificial intelligence and various other models. This guidance states that lenders need to give accurate reasons that are specific as to...
Cancelling credit repair services
Credit repair companies may charge fees without delivering the services that they promise. If you are an Illinois debtor and have contracted with one, you are allowed to cancel the agreement. Ask to see results first When a credit repair company conducts telemarketing...
Proposed rule would remove medical debts from credit reports
A report released in 2022 by the Consumer Financial Protection Bureau reveals that about one in five people in the U.S. have medical debts on their credit reports. Delinquent medical bills can make it difficult for Illinois consumers to qualify for mortgages, car...