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BofA credit card unit settles lawsuit over collection practices

One of the practices that big banks practice is allow their collection companies and agencies to break the law. BofA encourages results by any means possible.  In this economy, collectors become aggressive and use deceptive practices to collect funds from consumers in any way possible.  That is why when the banks to get caught, they [...]

Can credit card companies ruin your credit rating?

How is it possible for credit card companies to ruin your credit rating or lower your score?  It is actually quite easy for them especially in this sensitive economic environment.  All they have to do is lower your credit limit to your outstanding balance owed at you will become 100% of your credit line.  .
I [...]

Reprieve on bank foreclosures

There was a good article in the NY Times about Reprieve on Foreclosures caused by the backlog. According to the article there are about 2 million foreclosures nationally and 2 million more in the pipeline. I think that number is conservative.
Due to the large swelling numbers, the average time of the [...]

Bank of America Gets Pad Locked After Homeowner Forecloses On It

The story is a Florida couple was wrongly foreclosed on even thought they paid for their house in cash.  Bank of America has been known to make many foreclosure mistakes and forced this couple to defend themselves in court with an attorney.  BofA lost the case and were told to pay attorney fees which they [...]