Keyword: credit

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  • Barclaycard Visa application but never applied/Vanity

    05/28/2016 8:59:15 AM PDT · by 4yearlurker · 72 replies
    Dave Widing
    I recieved a complete your application form in the mail today for a Barclaycard Visa credit card. Never heard of them and never applied. They want a original utility bill with address to verify my address. The letter has no phone number,no Internet site,and no street address.Just a P.O. box in Delaware. Anybody ever hear of this company or had dealings with them?
  • The fuel of the US economy is getting cut off

    05/16/2016 12:31:17 PM PDT · by ChicagoConservative27 · 22 replies
    The warning signs of a credit slowdown are beginning to appear. Late Friday, the Federal Reserve's weekly H.8 report showed that growth in lending for commercial and industrial (C&I) loans has significantly cooled off in recent weeks. According to Bespoke Investment Group, the annualized quarter-over-quarter growth rate of C&I loans fell to 15.17% based on Friday's data. Just two weeks ago this was 19.34%.
  • Moody's Downgrades Saudi Arabia on Lower Oil Prices

    05/15/2016 12:33:12 AM PDT · by nickcarraway · 8 replies
    Jakarta Post ^ | Sun, May 15 2016
    Saudi Arabia's credit rating has been downgraded by Moody's because of the long and deep slump in oil prices. Moody's Investors Service said Saturday that it also downgraded Gulf oil producers Bahrain and Oman. It left ratings unchanged for other Gulf states including Kuwait and Qatar. Saudi Arabia is the world's largest oil exporter. Moody's cut the country's long-term issuer rating one notch to A1 from Aa3 after a review that began in March.
  • [VANITY] Chip in Debit and Credit Cards. Should I Be Worried?

    04/25/2016 4:34:42 PM PDT · by Extremely Extreme Extremist · 121 replies
    EEE | 25 APRIL 2016 | EEE
    Just received my new debit card from my bank. It has a chip in it. Is this the Mark of the Beast?
  • Debtors face day of reckoning as credit bubble bursts

    03/06/2016 8:53:47 AM PST · by NRx · 73 replies
    The Telegraph ^ | 03-06-2016 | Mehreen Khan
    The world's credit boom is beginning to show dangerous signs of unraveling, ushering in a period of fresh turmoil for the over-indebted global economy, the Bank of International Settlements has warned. The globe's top financial watchdog called time on the world's debt binge, noting that debt issuance and cross border flows in emerging economies slowed for the first time since the aftermath of the global credit crunch at the end of last year. With financial markets thrown into fresh paroxysms in 2016, oscillating between extremes of "hope and fear", the over-leveraged world was finally approaching a day of reckoning, said...
  • The Subprime Auto Loan Meltdown Is Here

    02/24/2016 5:36:40 PM PST · by SkyPilot · 29 replies
    The Economic Collapse ^ | 24 Feb 16 | Michael Snyder
    Uh oh - here we go again. Do you remember the subprime mortgage meltdown during the last financial crisis? Well, now a similar thing is happening with auto loans. The auto industry has been doing better than many other areas of the economy in recent years, but this "mini-boom" was fueled in large part by customers with subprime credit. According to Equifax, an astounding 23.5 percent of all new auto loans were made to subprime borrowers in 2015. At this point, there is a total of somewhere around $200 billion in subprime auto loans floating around out there, and...
  • KYLE BASS: There's a 'ticking time bomb' in China

    02/16/2016 7:51:53 AM PST · by TigerLikesRooster · 7 replies
    Business Insider ^ | Feb. 10, 2016 | Julia La Roche
    KYLE BASS: There's a 'ticking time bomb' in China Julia La Roche Feb. 10, 2016, 3:29 PM Hedge fund manager J. Kyle Bass, the founder of Dallas-based Hayman Capital, has a warning about a "ticking time bomb" in the Chinese banking system. Over the last ten years, China's banking system has grown from less than $3 trillion to $34 trillion, equivalent to around 340% of Chinese GDP. To put it in perspective, the US banking system had about $16.5 trillion of assets heading into the financial crisis, equivalent to 100% of US GDP. "Credit has never grown faster or larger...
  • CEO who gave everyone a $70K minimum wage faces more questions (rut-roh)

    02/03/2016 8:49:57 PM PST · by ak267 · 3 replies
    hot air ^ | 2-3-2016 | Jazz Shaw
    The twisted tale of Gravity Payments CEO Dan Price continues to grow more and more convoluted as time goes by. There was a time when the public – particularly the heavily progressive, SJW segment of it – were carrying Price on their shoulders like the second coming of Jesus.
  • Behold Unintended Consequences: Japan Cancels 10Y Auction For First Time Ever Due To Sub-Zero Rates

    02/02/2016 11:55:43 AM PST · by Former Proud Canadian · 31 replies
    Zerohedge ^ | February 2, 2016 | Tyler Durden
    Dear Bank of Japan, how do you spell unintended consequences: •PLANNED MARCH SALE OF 10-YEAR JAPANESE GOVERNMENT BONDS THROUGH BANKS TO BE CANCELED AMID EXPECTED BELOW-ZERO YIELDS - NIKKEI •JAPAN'S MINISTRY OF FINANCE IS EXPECTED TO ANNOUNCE WEDNESDAY THE FIRST-EVER DECISION TO CALL OFF SALES OF 10-YEAR JGBS- NIKKEI Here is the full Nikkei report on this absolute stunner of a development: The planned March sale of 10-year Japanese government bonds through banks to retail investors, municipalities and others will be canceled amid expected below-zero yields following the Bank of Japan's recent move to adopt negative interest rates. The Ministry...
  • Vanity: Identity Theft Protection Services

    12/07/2015 6:40:51 PM PST · by Jed Eckert · 35 replies
    12/7/2015 | self
    Ok Freepers, so my question is are these services (LifeLock and others) worth it? Or are they just a waste of money? Can anyone recommend a particular one based on personal experiences? Reason I ask is one of my credit cards was apparently hijacked today. No fraudulent charges but they did manage to change my profile info and password for online access. Received an email from the bank saying my personal info was changed and if I didn't do the changes contact the bank at the number on the card. Sure enough they had successfully changed all the info including...
  • ACLU: Orwellian Citizen Score, China's credit score system, is a warning for Americans

    10/08/2015 9:29:08 AM PDT · by Dallas59 · 5 replies
    Computer World ^ | 10/18/15 | Computer World
    In China, every citizen is being assigned a credit score that drops if a person buys and plays video games, or posts political comments online without prior permission," or even if social media "friends" do so. The ACLU said the credit rating system, an Orwellian nightmare, should serve as a warning to Americans.
  • Staring into a void, investors pull cash from harm's way

    08/20/2015 5:29:26 PM PDT · by SkyPilot · 59 replies
    Yahoo Finance ^ | 20 Aug 15 | By Michael Santoli
    If nature abhors a vacuum, investors arent so crazy about them either. Its hard to avoid all the voids right now. The August Wall Street vacation evacuation is well underway, markets are facing an absence of inflation, huge air pockets underneath commodities and emerging-market currencies and a vexing lack of clarity about what the Fed might do in less than a months time. The collective response to this environment devoid of strong conviction has been to pull cash out of riskier markets and wait. Barclays Capital says more than $90 billion has sought the shelter of money-market funds in...
  • The sooner Greece defaults and dumps the Euro the better

    06/28/2015 6:46:15 PM PDT · by Tolerance Sucks Rocks · 17 replies
    The Washington Times ^ | June 26, 2015 | Peter Morici
    <p>Greece and its principal creditorsthe European Union, European Central Bank and International Monetary Fundshould acknowledge that Athens will never be able to repay the 131 billion it owes, write down its debt and let the Aegean nation exit the euro gracefully.</p>
  • Chicago credit rating plummets to junk status following pension ruling

    05/12/2015 4:07:05 PM PDT · by NRx · 30 replies
    Chicago Tribune ^ | 05-12-2015 | Hal Dardick
    A major rating agency downgraded the city of Chicago's creditworthiness two notches to junk status, a move likely to increase the city's borrowing costs and make investors skittish as the financial world reacts to last week's Illinois Supreme Court ruling that bodes ill for city efforts to resolve its massive pension fund shortfall. Moody's Investors Service downgraded the city's debt rating on bond issues backed by property, sales and fuel tax revenue to Ba1, one notch below investment grade, from Baa2, specifically citing last week's Supreme Court ruling on an attempt to cut state pension costs. Moody's calls the Ba1...
  • Wells Fargo charged with opening accounts without permission

    05/05/2015 11:36:54 AM PDT · by Timber Rattler · 16 replies
    CNN, via WCYB.com ^ | May 5, 2015 | Chris Isidore
    Wells Fargo is accused of opening up accounts and credit cards in customers' names without their authorization. The complaint charges that bank employees opened new accounts for existing customers without their authorization, in order to meet sales quotas. The employees also allegedly transferred money from customers' authorized accounts to pay fees on the unauthorized accounts. When fees on unauthorized accounts went unpaid, some customers were placed into collection. Others had negative information placed on their credit reports as a result.
  • How Scammers Trick You Into Giving Up That Security Code On The Back Of Your Credit Card

    04/29/2015 2:26:20 PM PDT · by SMGFan · 23 replies
    Consumerist ^ | April 29, 2015
    There are a lot of purchases you can make with the information on the front of a credit card. But ID thieves who have the card number, name, and expiration date will still hit a speedbump if they have to enter that (usually 3-digit) security code on the back of a victims card. Notice that we said speedbump and not dead end, because some scammers have figured out how to get this crucial info from their victims. According to our colleagues at Consumer Reports, the security code scam works by taking advantage of the near-constant news of data breaches that...
  • Notice to Firearms Retailers: Important Credit Card Processing Changes Coming

    04/07/2015 7:47:58 AM PDT · by rktman · 30 replies
    nssfblog.com ^ | 4/6/2015 | Patrick Shay
    In order to provide additional and enhanced credit card protection for consumers, credit card companies will soon implement new rules that will change the way credit and debit card transactions will be processed. All major credit card companies are issuing new EMV (Europay, Mastercard and Visa) cards or smart cards that contain embedded microchips that provide transaction security features and other capabilities not possible with current, traditional, magnetic stripe cards. (Note: Smart cards are not new. They have been around a long time and most of the world has already migrated to EMV technology. The United States is one of...
  • Bar on Swipe Fee Is Unconstitutional

    03/27/2015 9:11:34 PM PDT · by Auntie Mame · 32 replies
    Courthouse News Service ^ | March 27, 2015 | ELIZABETH WARMERDAM
    SACRAMENTO (CN) - A California law prohibiting a swipe fee surcharge for credit card purchases is unconstitutional, a federal judge ruled Thursday. U.S. District Court Morrison England found that the law "is an unconstitutional restriction on plaintiffs' freedom of speech and is void for vagueness."
  • Russia's credit risk is worse than Pakistan's

    02/04/2015 2:11:21 AM PST · by elhombrelibre · 7 replies
    Reuters ^ | 2 Feb 15 | Unknown
    Russian debt insurance costs and yield spreads on sovereign dollar bonds are near six-year highs, surpassing those of countries such as Pakistan whose credit ratings are several notches lower. Analysts said on Monday that last week's shock interest rate cut had worsened the situation by weakening the rouble, making debt repayment costlier for many companies and raising inflationary pressures. Russia is rated Baa3 by Moody's and BBB- by Fitch, their lowest investment-grade ratings, while Standard & Poor's cut its rating to a "junk'' grade BB+ last week.
  • American Express Is Slashing 4,000 Jobs

    01/21/2015 2:40:22 PM PST · by SeekAndFind · 6 replies
    Business Insider ^ | 01/21/2015 | AKIN OYEDELE
    American Express will slash 4,000 jobs, even as the company reported that fourth quarter earnings were dented by foreign currency movements. Bloomberg reported that the job cuts are part of a restructuring, and a spokesperson said they will cut across the company. In its earnings release, the company said it is taking a pretax restructuring charge of $313 million to "improve operating efficiencies." After the bell Wednesday, American Express reported that fourth quarter profits rose 11% to $1.45 billion, or $1.39 a share, versus an expected $1.38 per share. Revenues rose to $9.1 billion from $8.5 billion, a 7% increase,...
  • Another Credit Card charge scam (hotels).

    12/12/2014 5:45:07 PM PST · by Leo Carpathian · 13 replies
    email | 12/12/2014 | myself
    Hello, I have a problem with a payment that you charged twice. For days ago I have paid with my credit card at Your resort and this morning when I checked my account, I had the transaction charged twice with the same amount. I have attached my credit card statement that shows the double charge. Please let me know how and when do I get the second payment from the attachment credited back to me? Thanks M Barber Riggins received from: From: "M Barber Riggins" jjarut@berkeley.edu Subject: Charged twice.. for a single night stay.. - Please help! Date: 12/12/14 02:31:43...
  • Holiday gift season SCAM alert

    11/25/2014 6:43:48 AM PST · by sodpoodle · 34 replies
    email from friend | 11/25/14 | unknown
    BE ON THE ALERT, THE HOLIDAY SEASON IS COMING NEW SCAM Just when you think you've heard it all. Here comes another scam. This scam is very clever. Be very careful out there! One could easily fall for this - beware of people bearing gifts! There is a new and clever credit card scam. Please circulate this. Someone it happened to says it works like this: Wednesday a week ago, I had a phone call from someone who said that he was from some outfit called: "Express Couriers" asking if I was going to be home because there was a...
  • Are you stealing cars without knowing it?

    10/10/2014 6:57:27 AM PDT · by KeyLargo · 4 replies
    The Street ^ | 10-8-2014
    Are you stealing cars without knowing it? 10/08/14 - Here's another reason to protect your identity -- car thieves are stealing personal information to buy new vehicles directly from dealerships, according to the National Insurance Crime Bureau (NICB). The bureau says crooks have been frustrated by late-model cars with advanced safeguards that make hot-wiring difficult. But resourceful thieves are now using stolen IDs and fake driver's licenses to purchase or lease vehicles, which they then sell after changing vehicle identification numbers (VINs). "It's comparable to a hacker stealing IDs," explains Joe Wehrle, the NICB president and CEO, in a written...
  • With S&P downgrade, New Jersey now second-lowest rated state

    09/10/2014 10:35:45 AM PDT · by C19fan · 15 replies
    Reuters ^ | September 10, 2014 | Hilary Russ and Kanika Sikka
    Standard & Poor's Ratings Services cut New Jersey's credit rating one notch to A on Wednesday because of concerns about budgetary pressure from the state's underfunded public pension system. The action makes New Jersey the second-lowest rated U.S. state for S&P, behind only Illinois, rated A-minus with a negative outlook. S&P also rates California A, but that state's outlook is positive. It was the eight consecutive downgrade for New Jersey, but S&P's action contained a silver lining: the rating agency removed a warning of possible further downgrades in the near term and revised its outlook to stable from negative.
  • For Wonks Only

    09/07/2014 3:22:37 PM PDT · by hripka · 48 replies
    Pimco ^ | September 2014 | William H. Gross
    A credit-based financial economy (as opposed to pure cash) depends on an ever-expanding outstanding level of credit for its survival. Without additional credit, interest on previously issued liabilities cannot be paid absent the sale of existing assets, which in turn would lead to a vicious cycle of debt deflation, recession and ultimately depression. It is this expansion of private and public market credit which the Fed and the BOE have successfully engineered over the past five years, while their contemporaries (the ECB and BOJ) have until now failed, at least in terms of stimulating economic growth.
  • Online Retailer Zulily to Add 900 Jobs In Central Ohio

    08/24/2014 2:51:09 AM PDT · by 2ndDivisionVet · 5 replies
    WBNS-TV ^ | July 28, 2014
    SEATTLE - Popular online retailer Zulily is planning to add about 900 jobs in central Ohio as part of new tax credit deal from the state. The Seattle-based company says most of the positions at the new call center will be in customer service. The move is expected to generate $28 million by 2017. This comes in addition to Zulilys existing facility in Obetz. As part of a tax agreement, the Ohio Development Services Agency says the company will receive a 75%, 12-year tax credit in exchange for operating in Ohio for at least 15 years. Zulily is an online...
  • Paltry credit-card debt growth signals restrained consumer

    08/03/2014 12:04:31 PM PDT · by Oldeconomybuyer · 15 replies
    MarketWatch ^ | August 3, 2014 | By Steve Goldstein
    WASHINGTON Jobs growth has been solid of late, and manufacturing sentiment has been strong. But the lack of wage growth has been apparent, and one manifestation of that has been the paltry rise in credit-card debt. The latest data on consumer credit is due out Thursday. Its likely to show non-revolving debt like auto and student debt is continuing to grow rapidly. But credit-card debt has barely budged. Incomes are only growing so much, said Josh Shapiro, chief economist at MFR. [Consumers] are not going to go two-fisted on credit-card and auto debt.
  • John McAfee Predicts Massive Credit Card Hack in 2014 [Varney]

    06/09/2014 8:39:14 AM PDT · by SES1066 · 28 replies
    Fox Business Channel / Stuart Varney Show at 11:30a | 06/09/14 | John McAfee
    On what was a basic discussion of personal privacy between the host of Varney & Co, Stuart Varney, and the founder of McAfee Antivirus (no longer associated), John McAfee, a startling prediction was made by the latter. Mr McAfee stated that the prior credit card breaches at Target and NM were beta tests and that in this year he predicts that there will be a much larger breach of such customer information.
  • Hillary Clintons Hardest Choice: To Give New Ghostwriter Credit

    06/01/2014 2:46:53 PM PDT · by afraidfortherepublic · 14 replies
    Show Biz-411 ^ | 5-30-14 | Roger Friedman
    The world waits for Hillary Clintons new book, Hard Choices, on June 10th. I know I have it all queued up on amazon.com. But Clintons hardest choice may start at home: will she give her ghost writer a credit this time? I wrote about a year ago that Edward Ted Widmer, a long time Hillary associate, was actually writing Hard Choices. Widmer, 51, is a Harvard graduate who wrote for the Harvard Lampoon. He has a long association with Brown University, where he was the Director of the John Carter Brown Library.At least thats where used to be. Widmer now...
  • Kerry: Obama Administration More Engaged with the World Than at Any Time in American History

    05/29/2014 9:13:36 PM PDT · by Nachum · 53 replies
    PJ Media ^ | 5/29/14 | Bridget Johnson
    Coming off a week where President Obama laid out an Afghanistan withdrawal timetable and put forth his foreign policy vision, Secretary of State John Kerry declared Thursday that this administration is more engaged with the world than at any time in American history. I dont think the president, frankly, takes enough credit for the successes that are on the table right now, Kerry told PBS. I mean, if you look at what has happened in Ukraine, the president led an effort to try to keep Europe unified with the United States, to put difficult sanctions on the table. Europe wasnt
  • Lenders' credit score requirements may be stricter than needed

    05/11/2014 9:27:41 AM PDT · by jeannineinsd · 18 replies
    Los Angeles Times ^ | 5/11/2014 | Kenneth R. Harney
    Are lenders' credit score requirements for home buyers this spring too high out of sync with the actual risks of default presented by today's borrowers? The experts say yes. What experts? The developers of the credit scores used by virtually all mortgage lenders. Executives at both FICO, creator of the dominant credit score used in the mortgage industry, and up-and-coming competitor VantageScore Solutions confirmed that mortgage lenders could reduce today's historically high score requirements without raising their risks of loss. In the process, many prospective buyers who currently can't qualify might get a shot at a loan approval. ....
  • Obama Gives No Credit to Israel

    03/14/2014 4:58:18 PM PDT · by Nachum · 6 replies
    The Weekly Standard ^ | 3/14/14 | DANIEL HALPER
    Elliott Abrams writes: Last week’s meeting between Benjamin Netanyahu and Barack Obama must have been tense. Two days before the meeting, the president publicly accused Israel of more “aggressive settlement construction . . . than we’ve seen in a very long time.” Only hours before the meeting, Israel’s Central Bureau of Statistics (CBS) published a report that cited a massive increase in settlement construction during 2013. But the president had his facts wrong, and a careful reading of the CBS data proves it. The pace is not “aggressive,” and almost all of the construction took place within the major settlement “blocs” —...
  • Identity Theft Protection is it worth it?

    03/12/2014 5:49:44 PM PDT · by Ben Mugged · 39 replies
    Me | March 12, 2014 | Me
    Is identity theft a real enough problem to warrant $10/month monitoring service? I must decide whether or not to get the service but to initiate it I must trust the service with a lot of personal data.
  • Capital One says it can show up at cardholders' homes, workplaces

    02/17/2014 10:22:16 PM PST · by Dallas59 · 110 replies
    LA Times ^ | 2/17/2014 | LA Times
    Ding-dong, Cap One calling. Credit card issuer Capital One isn't shy about getting into customers' faces. The company recently sent a contract update to cardholders that makes clear it can drop by any time it pleases. The update specifies that "we may contact you in any manner we choose" and that such contacts can include calls, emails, texts, faxes or a "personal visit." As if that weren't creepy enough, Cap One says these visits can be "at your home and at your place of employment." The police need a court order to pull off something like that. But Cap One...
  • All American Credit Cards Will Disappear In 2015 And Be Replaced With This New Tech

    02/08/2014 3:14:06 AM PST · by kingattax · 68 replies
    Yahoo Business Insider ^ | 2-7-14 | Jim Edwards
    These credit cards are dinosaurs. Every credit card in the U.S. will be replaced by October 2015 with new cards that contain the chip-and-PIN technology that the rest of the world has had for years, according to the Wall Street Journal. Both Visa and MasterCard are committed to the switch, which will render extinct the plastic in your wallets and purses right now. No more black magnetic stripes; no more signing on the dotted line. Americans who have traveled to Europe in recent years will know that the U.S.'s credit card system is embarrassingly old-fashioned by comparison. It's often difficult...
  • Margin Debt Hits All-Time High

    02/02/2014 12:46:29 PM PST · by Red in Blue PA · 16 replies
    In the month of December margin debt on the NYSE surged by over $20 Billion dollars hitting a new all-time high of $444.931 billion. The rise in leverage also sent investors net worth to a negative $149.358 billion which is also a record. This is shown in the chart below.
  • Police Arrest Illegal Aliens With Ties To Massive Target Credit Card Breach

    01/20/2014 6:47:48 PM PST · by montag813 · 27 replies
    Top Right News ^ | 01-20-2014 | TRN
    Police have arrested two Mexican illegal aliens on fraud charges in the first arrests tied to the December Target credit card breach -- a stark reminder of the frequent involvement of illegal immigration and identity theft in the U.S.On Sunday, Police arrested 27-year-old Mary Carmen Garcia and 28-year-old Daniel Guardiola Dominguez both from Monterrey as they tried to cross into the U.S. from Reynosa with 96 fraudulent credit credit cards in their possession, said Police Chief Victor Rodriguez.Account information stolen during the Target security breach was used to produce the credit cards. The illegals, both from Monterrey, Mexico, used cards...
  • Target details free credit monitoring service

    01/18/2014 8:12:17 AM PST · by TurboZamboni · 9 replies
    Pioneer Press ^ | 1-18-14 | Tom Webb
    Target shoppers can now sign up for free credit monitoring and identity theft assistance, which the discount chain is offering to all customers affected by its security breach. Target will pay for the services for 12 months, provided by Experian through its ProtectMyID alert system. After a year, consumers must pay for the service themselves if they choose to continue. To enroll, first visit CreditMonitoring.Target.com to request an activation code. You'll need to provide your name and email address. The activation code will be sent by email, arriving in one to five days, Target said. Once you have your unique...
  • Obamacare tax credit suit rejected

    01/15/2014 2:07:56 PM PST · by Theoria · 7 replies
    Politico ^ | 15 Jan 2014 | JASON MILLMAN
    A District of Columbia federal judge rejected a lawsuit Wednesday that challenged tax credits for Obamacare coverage in the 36 states with federal-run exchanges one of the most significant remaining legal fights over President Barack Obamas health care law.The four individuals who brought the lawsuit, Halbig v. Sebelius, had argued that the IRS overstepped its legal authority by allowing federal-run exchanges to provide tax credits for people who purchase health insurance. They contended that the Affordable Care Act only allows for state-run exchanges to access such credits and that Congress purposefully designed the law that way to incentivize states...
  • Schumer Calls for CFPB Probe of Target; Blumenthal Wants FTC Investigation of Credit Card Hacking

    12/24/2013 2:20:25 AM PST · by SoFloFreeper · 14 replies
    pjmedia.com ^ | 12/23/13
    Senators are going after Target in the wake of a massive hacking that compromised the credit card numbers of some 40 million customers between Nov. 27 and Dec. 15. The numbers were swiped from U.S. stores and not from Target.com purchases, the retail giant said. There was no indication that PIN numbers on debit bank cards were compromised.
  • Stolen Target customer data is flooding the black market

    12/21/2013 8:48:52 AM PST · by Dallas59 · 57 replies
    The Verge ^ | 12/20/2013 | The Verge
    With Target already reeling from a massive hack that left up to 40 million credit and debit cards compromised, The New York Times now reports that all that data has been pouring into the black market since the break-in. With the breach taking place between Black Friday and December 15th, criminals on hundreds of illicit card-selling markets have likely had access to consumer information for weeks to date. "Guests will not be held responsible for fraud" Security experts, including security blogger Brian Krebs, say that criminals sell stolen credit cards in bulk, with individual cards going for as little as...
  • Democratic senators push for end to pre-employment credit checks ("women and minorities")

    12/18/2013 12:06:42 PM PST · by ConservativeStatement · 102 replies
    http://www.pottsmerc.com ^ | December 18, 2013 | Danielle Douglas
    WASHINGTON Hank Ronan knew he would get the job. He had sailed through three rounds of interviews and hit it off with the doctors at the diagnostic center in Annandale, Va., where he had applied to be a driver for $11 an hour. Shuttling patients to appointments was a world away from his 20 years as a software engineer, but it was the best that Ronan could find after being laid off in 2011. He was eager to get back to work and granted the doctors office permission to run a credit check. Ronan never heard back, he said...
  • Man who created own credit card sues bank for not sticking to terms (Russia)

    11/30/2013 5:29:09 PM PST · by ReaganberAlles · 14 replies
    The Telegraph ^ | 11/30/2013 | Andrew Trotman
    When Dmitry Argarkov was sent a letter offering him a credit card, he found the rates not to his liking. But he didn't throw the contract away or shred it. Instead, the 42-year-old from Voronezh, Russia, scanned it into his computer, altered the terms and sent it back to Tinkoff Credit Systems.
  • Insight: Yellen Feared Housing Bust But Did Not Raise Public Alarm

    11/02/2013 8:20:16 AM PDT · by Son House · 4 replies
    Reyters ^ | Oct 30, 2013 | Marilyn W. Thompson, Ann Saphir and Alister Bull
    In 2004, the new president told risk managers in San Francisco that closer supervision had "made our financial system far more resilient to shocks." In Phoenix that year, she reported "more positive signs in the economy." She flagged real estate as a concern in March 2005, telling a banking group in Hawaii that her staff was examining commercial lending and was concerned about the "easing of credit standards and terms on loans" for home mortgages. But Yellen ended optimistically, concluding that "we don't think widespread problems are likely" and that "industry conditions in many respects are stronger now than they've...
  • In Order To Be Verified At Healthcare.gov - You MUST Have Used Credit In The Last 2 Years ...

    10/28/2013 11:43:01 PM PDT · by Lmo56 · 55 replies
    self | 10/29/2013 | self
    The FR Mods WON'T let me post a link to a web site that has a thread concerning this - but its name rhymes with DU. I have been trolling the site recently to see their reactions to the recent ACA debacle - as you can guess, their are ALL ecstatic over it, EXCEPT for one current post. They are REALLY upset about the MANDATORY use of credit in order to be verified by the ACA. You may want to read it, it MIGHT concern you too ...
  • Detroit Pensioners To Get 16 Cents On the Dollar (Mismanagement Has Consequences)

    10/27/2013 4:10:10 PM PDT · by whitedog57 · 44 replies
    Confounded Interest ^ | 10/27/2013 | Anthony B. Sanders
    Reuters may get the award for the worst headline of the year. Detroit pension cuts function of mathematics -investment banker. It just told me that Detroit pension would be cut. But what you learn later in the article is pretty shocking: Buckfire, a Detroit native and investment banker with restructuring experience, later told the court the city plans to pay unsecured creditors, including the citys pensioners, 16 cents on the dollar. There are about 23,500 city retirees. 16 cents on the dollar? Well, that is what happens when municipal government spends too much money (inefficiently) and suffers a decline in...
  • Why We Need the Full Faith and Credit Act

    10/03/2013 4:18:47 PM PDT · by TurboZamboni · 6 replies
    Daily Beast ^ | 5-9-13 | Jhhn Avlon
    The debt ceiling should really be renamed the default ceiling. This catastrophic game of chicken cost the U.S. our AAA credit rating and $19 billion when it was last employed in the summer of 2011 by House radicals who pretended their intransigence was a stand for fiscal responsibility. Now the default ceiling is looming again, promising yet another showdown between President Obama and House Republicans. But even Speaker John Boehner realizes that the 50 or so radicals on the far right of his own partythe Bachmann, Broun, Gohmert and King creware the greatest impediment to responsible self-government right now. Thats...
  • CFPB's data-mining on consumer credit cards challenged in heated House hearing

    09/13/2013 7:56:11 PM PDT · by Innovative · 15 replies
    Washington Examiner ^ | Sept 13, 2013 | Richard Pollock
    Consumer Financial Protection Bureau officials are seeking to monitor four out of every five U.S. consumer credit card transactions this year up to 42 billion transactions through a controversial data-mining program, according to documents obtained by the Washington Examiner. A CFPB strategic planning document for fiscal years 2013-17 describes the markets monitoring program through which officials aim to monitor 80 percent of all credit card transactions in 2013. This is one step closer to a Big Brother form of government where they know everything about us, said Rep. Sean Duffy, R-Wis.
  • Posted August 17, 2013 Fake Bank Scam Targets Those Rebuilding Credit

    08/18/2013 4:33:24 AM PDT · by William Tell 2 · 1 replies
    Main Street.com ^ | 8-17-13 | Philip van Doom
    NEW YORK (TheStreet) -- A scam being operated through an imaginary bank is being used to steal money from consumers seeking to rebuild their credit ratings by signing up for secured credit cards....
  • HHS: Small Businesses May Keep Current Health Plans in 2014, But Will Lose Tax Credit

    07/29/2013 2:49:17 PM PDT · by Nachum · 8 replies
    Weeky Standard ^ | 7/29/13 | JERYL BIER
    When the Affordable Care Act passed in 2010, one provision that kicked in immediately was a Small Business Health Care Tax Credit. The IRS explains how the fairly generous credit works: For tax years 2010 through 2013, the maximum credit is 35 percent for small business employers and 25 percent for small tax-exempt employers such as charities... Heres what this means for you. If you pay $50,000 a year toward workers health care premiums and if you qualify for a 15 percent credit, you save $7,500. If you save $7,500 a year from tax year 2010 through 2013,...