Personal Credit Coach

Illegal 'zombie' debt collections rampant in Florida, advocate says

Stephen Leifer - Thursday, March 08, 2018
Illegal 'zombie' debt collections rampant in Florida, advocate says David LyonsSun-Sentinel Invalid and illegal debt collections are at record levels across the U.S., and Florida is No. 2 for complaints about the practice, according to a national tracker of frequent flier programs and credit card rewards. The practice, dubbed “zombie debt collections” by RewardExpert, are defined as attempts to collect debts not owed, those that were already paid or discharged, de ..

Equifax possibly profiting off data breach

Stephen Leifer - Friday, March 02, 2018
Sen. Elizabeth Warren has led the charge against Equifax for not doing enough to protect its customers before it was hit with a major data breach last year. Now she's saying the credit reporting agency might be making money off this breach. "Equifax may actually make money off this breach because it sells all these credit-protection devices, and even consumers who say, 'Hey, I'm never doing business with Equifax again' -- well, good for you, but you go buy credit protection from someone  ..

Mulvaney says his CFPB keeps Elizabeth Warren up at night

Stephen Leifer - Friday, March 02, 2018
If Senator Elizabeth Warren is having sleepless nights worrying about the fate of financial regulation in Republican hands, she has only herself to blame, acting Consumer Financial Protection Bureau Director Mick Mulvaney said Tuesday. Concerns raised by the Massachusetts Democrat about Republican control of the agency she’s credited with conceiving and designing “doesn’t bother me at all,” Mulvaney said at the Credit Union National Association conference in Washi ..

How to build a budget and save for your down payment

Stephen Leifer - Tuesday, February 27, 2018
One of the most daunting parts of buying a home is saving up enough money for a down payment. While there are plenty of low down payment loan options (https://admortgage.com/blog/low-payment-home-loan-options/), even smaller down payments require a fairly considerable amount of cash. There are some alternative ways to get a downpayment—like getting gift payments (https://admortgage.com/blog/guide-gift-payments/) for example—but most people will save money for a down payment. In o ..

The CFPB Could Be a Force for Good

Stephen Leifer - Wednesday, February 21, 2018
During Richard Cordray’s tenure as director of the Consumer Financial Protection Bureau, the CFPB pummeled American consumers and the economy while doing little to promote financial stability. The pain was especially acute for low- and middle-income consumers who lost access to credit cards (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2499819), faced higher bank fees and reduced access to free checking (https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2446080), and found it  ..

Getting a Mortgage When You’re Self-Employed

Stephen Leifer - Friday, February 02, 2018
Being self-employed can be a freeing lifestyle in which you can make your own schedule, take charge of your own projects, and feel the passion in your work each day. The entrepreneurial lifestyle definitely has its pros, but it also comes with a lot of hard work and different challenges. As a self-employed person, you may see getting a mortgage (https://admortgage.com/rate-quote-2/) as a challenge because of traditional lending guidelines and regulations. While the loan process (https:/ ..

The Many Ways to Be Relieved of Your Timeshare Obligations

Stephen Leifer - Friday, February 02, 2018
While it is true that a timeshare contract is a binding legal document, it is often mistakenly thought that such a contract cannot only be cancelled. In fact, most timeshare companies maintain that their contracts are non – cancellable. This misconception is perpetuated by timeshare companies and user groups that are funded, maintained and controlled by the timeshare industry. The truth of the matter is, that under the law, contracts are cancellable for a variety of reasons, inc ..

As lenders targeted veterans with risky mortgages, VA failed to act

Stephen Leifer - Friday, February 02, 2018
The Department of Veterans Affairs has known for more than a year that military service members were being sold a flood of costly and risky mortgages and done little to stop it. The result: Borrowers have been saddled with thousands of dollars in fees, and interest rates have risen for millions of rank-and-file homeowners. Lenders, hunting for business in a slow market, have swarmed into VA mortgages, sometimes selling military homeowners new loans every few months. Some are pushing shor ..

Equifax Promises A New Lifetime Service, As New Leader Offers An Apology

Stephen Leifer - Wednesday, January 31, 2018
Equifax is promising consumers new control over access to their personal credit data — for free, and for life — as interim CEO Paulino do Rego Barros Jr. apologized to people affected by the company's recent data breach. He said the company had failed to live up to expectations. "On behalf of Equifax, I want to express my sincere and total apology," Barros wrote in an op-ed for The Wall Street Journal (https://www.wsj.com/articles/on-behalf-of-equifax-im-sorry-1506547253 ..

Paying off Your Mortgage in 15 Years vs 30

Stephen Leifer - Friday, January 19, 2018
Paying off your mortgage early and living mortgage-free so you can use the money for other things—such as travel and an early retirement—can sound like a pipe-dream that’s impossible to get to, but it doesn’t have to be. If you have a 30-year mortgage, there are a few ways to cut that time in half, or at least come close to it: Add a monthly payment each year This easy step will cut about three years off a 30-year mortgage by spreading out one extra mon ..