Employers who use a person’s credit report as a factor in hiring are discriminating against potential hires and unfairly targeting people who may have fallen on hard financial times, according to Democratic lawmakers who want to ban this practice.
Four in five Americans (77 percent) don’t realize that credit accounts with high outstanding balances hurt their credit score — even if they pay the bills on time.
CardHub projects that card debt will cross $900 billion by the end of the year, bringing the average indebted household’s balance to $7,813 — the highest amount since the Great Recession.
The July 2015 figure of 38,000 foreclosures is 80 percent higher than the pre-crisis average.
The national average FICO score is now 695 — the highest it has been in at least a decade, according to the newest analysis from Fair Isaac Corporation, the score’s creator.
San Antonio consumers face the longest time, 16 months, for wiping out their credit card debt.
The Consumer Finance Protection Bureau said that Chase sold “zombie debts” to third-party debt buyers, which include consumer accounts that were inaccurate, settled, discharged in bankruptcy, not owed, or otherwise not collectible.
Consumer advocates, though, support the bureau’s plan, praising the potential for unveiling new or emerging objectionable practices.
The first of a wave of consumers caught up in the foreclosure crisis who lost their homes could be re-entering the housing market beginning this year.
For these homeowners, the situation looks bleak with little opportunity to refinance or sell without taking a major financial hit — at least for the foreseeable future.