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Duke Law: The Bootstrap Trap

The corporate owned media is constantly repeating the mindless mantra that a person’s credit score is so important. That is only true up to a point. It is better to live as frugally as possible and to save up and pay cash for items whenever possible to avoid having to borrow unless absolutely necessary. But you will rarely, if ever, find any mention of this strategy in the major media.

Livinglies's Weblog

The Bootstrap Trap

By J. Guggenheim

Duke Law Professor Sara Sternberg Greene’s paper The Bootstrap Trap  describes the tragic oppression of consumer credit on low-income households as people strive desperately to become secure and self-sufficient and the limited influence of poverty law. Professor Sternberg Greene, a practicing sociologist, evaluates the disturbing impact of credit scores on low-income consumers’ lives- that are also applicable to the middle class living paycheck-to-paycheck.

“…..respondents referred to their credit reports or scores as “the most important thing in my life, right now, well besides my babies,” as “that darned thing that is destroying my life,” and as “my ticket to good neighborhoods and good schools for my kids.” Many respondents believed that a “good” credit score was the key to financial stability.”-Greene

“One respondent, Maria, told a story about a friend who was able to improve his score.  She said…

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Recent class action lawsuits you may be eligible for

Via Class Actions Reporter TCPA Rules The Day Still Here is this week’s update on class actions and settlements. Clearly violations of the TCPA rule the day. Not sure what the TCPA is? You have to read one of the many lawsuits with TCPA in the title. Class Action Lawsuits Nextgen Leads TCPA Class…

via Recent Class Actions You May Be Eligible For — considertheconsumer

Equifax waited several months before fixing their security issues

Welp, the saga continues. After about a week’s worth of news damaging the company name, it surfaced this morning that Equifax waited months before finally admitting to having to fix a widely known vulnerability in its security software which enabled hackers to compromise the personal information of as many as 143 million US consumers. “We know that criminals…

via BREAKING: Equifax Waited Months Before Fixing Their Security Issues — considertheconsumer

That is outrageous that Equifax waited several months before they fixed the vulnerability in their security software, and also waited several months before disclosing that they had been hacked.

What you should know about identity theft

Recently, we have reported on a few identity theft based stories after the massive Equifax Data Breach. When Equifax reported this massive data breach, you may have been concerned that you could become a victim of identity theft. On the other hand, you might be only vaguely aware of the threat and not sure what identity…

via What Should I Know About Identity Theft? Look No Further — considertheconsumer

New service will allow you to sue Equifax with one click

The entrepreneur behind DoNotPay, a free online chatbot that has successfully fought around 375,000 parking tickets in New York, Seattle, and the U.K., is launching a new service on Tuesday that will allow people to sue Equifax automatically, for $15,000, with one click. On September 7, Equifax revealed a massive cybersecurity breach that potentially exposed the Social Security numbers and…

via Sue Equifax Automatically, With One Click — considertheconsumer

This is a great idea.  Small claims court, particularly in California is very user friendly and attorneys are not allowed.

Citibank ordered to pay $770 million over credit card practices

Citibank has been ordered to pay $700 million in relief to borrowers for illegal credit card practices and will also have to pay $35 million each in civil penalties to the U.S. Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency.

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(Reuters) – Citigroup Inc’s (>> Citigroup Inc) consumer bank has been ordered to pay $700 million in relief to borrowers for illegal credit card practices, the U.S. Consumer Financial Protection Bureau said.

The bank will also pay civil penalties of $35 million each to the consumer finance watchdog and the Office of the Comptroller of the Currency.

The $770 million total payout is about 1 percent of Citi’s estimated revenue for 2015, according to Thomson Reuters StarMine.

Read on.

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Common violations of the Fair Debt Collection Practices Act (FDCPA)

http://www.legaldocspro.net/blog/the-fair-debt-collection-practices-act/

 

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