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Online Resource Library
The NACRA Online Resource Library is a complimentary service provided by NACRA to both the public and the media whom interested in the issue of credit responsibility, accuracy and advocacy. We encourage you to share with others the benefits of this service and our membership.
Personal Money Management
Money Management Software
As part of NACRA’s “Credit and Financial – Direction and Protection”, we recommend using a FREE money management software provided by Mint.com to help you manage your personal finances.
Bankruptcy and the Consumer
Harvard Study: 60% of Bankruptcies Caused by Health Problems
A new study finds that more than 60% of personal bankruptcies in the United States in 2007 were caused by health-care costs associated with a major illness. That's a 50% increase in the number of bankruptcies blamed on medical expenses since a similar study in 2001.
Credit Scores
“Bad Credit Costing Jobs”
Dan Denton is stuck in a vicious cycle: He's behind on his bills after losing his job. But lousy credit is spoiling his chances of finding new employment. Recruiters from a St. Louis-based investment firm rescinded an offer after looking at his credit history, which has been mauled by overdue card payments and an impending foreclosure on his house. He and his wife, Dana, filed for bankruptcy protection this month to try to hang on to their home.
“Understanding Your FICO Score”
This article goes into great depth regarding credit scores. It explains all one would need to know about credit scores and provided by myFICO®
“7 Ways to Improve Your Credit Scores”
Actual and real ways to improve your credit scores.
“Fair Isaac and Credit Scoring for 2009”
By now, you should know that a new credit scoring system is headed your way. Fair Isaac, the company that developed the formula which determines your FICO credit score will be rolling out a new version FICO 08 with the credit bureau TransUnion for 2009.
“Fair Isaac’s Reaction to Vantage Score System”
The information in this article was provided by
a Fair Isaac employee and provides answers to the most common questions
directed to Fair Isaac employees regarding the new credit risk score,
VantageScore.
“New Credit Scoring System Not Likely to be Successful”
This is an opinion piece stating the positives and negatives of the new VantageScore system.
“Fair Isaac Files Lawsuit Against Major Credit Reporting Agencies”
Company cites anti-trust and unfair competition claims in action naming Equifax, Experian, TransUnion and VantageScore LLC
Credit Reports
“’Free’ Credit Reports Sometimes Aren’t Free”
This article is about all the free credit reports available on the Web,
which ones are reliable and which ones are simply ploys to get you to
purchase a credit monitoring service.
“Marketer of "Free Credit Reports" Settles FTC Charges ”
Consumerinfo.com, Inc., doing business as Experian Consumer Direct, has settled Federal Trade Commission charges that it deceptively marketed "free credit reports" by not adequately disclosing that consumers automatically would be signed up for a credit report monitoring service and charged $79.95 if they didn't cancel within 30 days, in violation of federal law.
“FTC Fights FreeCreditReport.com with spoof Ad”
You're the federal agency charged with protecting consumers. You have a $250 million annual budget, subpoena power and the ability to refer cases to the Justice Department for prosecution. So what do you do when one of America's biggest companies continually flouts the law?
“Credit Bureaus Adopt Unified ‘Data Protection’ Standard”
The three major credit agencies have adopted a new “data
protection standard” involving an encryption system. This system
is designed to ensure the safety of consumer information transmitted
from lenders to credit bureaus, therein preventing identity theft.
“Mistakes Do Happen: A Look at Errors in Consumer Credit Reports”
This is a report detailing some of the inaccuracies found in credit
reports, who can make those mistakes and recommendations on how to
prevent and correct inaccurate information before it causes problems.
“Consumer Credit File Rights Under State and Federal Law”
This discusses consumer’s rights in regards to their credit reports.
“Fair Credit Reporting Act Update”
This article explains the rights people have when dealing with credit
history and credit reports. Topics highlighted include correcting
errors in your credit report, information in your credit report and
access to your credit report.
“The Fair Credit Reporting Act”
This is the Fair Credit Reporting Act (FRCA) as prepared by the Federal
Trade Commission (FTC). It is intended only as a convenience for the
public and not a substitute for the text in the U.S. Code.
Credit Bureaus
“Why the Credit Bureaus Can't Get It Right”
A mistake on your credit report can cost you literally thousands of dollars, especially in this economy. So what can you expect from a big credit bureau if you ask them to investigate and correct the error? About 50 cents worth of effort, conducted by offshore workers at third-party firms. That's just one of the findings from SmartMoney's investigation into why credit report errors continue to pop up so frequently and why consumers often have so much trouble getting them fixed!
“Consumer Lawsuits Against Credit Bureaus Are Multiplying”
With more people checking their credit reports for fear of identity
theft, the nation’s top three credit bureaus have come under much
scrutiny lately. This article is about how consumers are alleging the
bureaus are engaging in practices that artificially lower their credit
scores, and in addition, are ignoring pleas to remove inaccurate
information from the reports.
“Lawsuit Challenges Credit Bureaus’ Fairness”
A lawsuit filed in 2006 charges the three national bureaus of not using
‘reasonable procedures to assume maximum accuracy of information
in consumer credit reports’. The three suits are explained in
further detail.
“Why you should never dispute credit errors online”
One important factor you have on your side when disputing a credit report item is time. By law, the credit bureaus have 30 days within receipt of a dispute to properly investigate your claim. Read why by using the credit bureaus online dispute system (E‐OSCAR) you will put yourself at a big disadvantage.
Debt and Debt Collection
“Debt cut in half? Don't count on it”
In this informative article, read about what NY Attorney General Andrew Cuomo calls a ‘Rogue Industry’ Debt Settlement. ‘Basically you are saving your money instead of paying your bills and paying someone to do that. The concept is nuts,’ said Gail Hillebrand, legeislative director for Consumers Union. ‘Those who can't pay their bills should be in bankruptcy.’
“Debt Validation: The Ultimate Weapon Against the Collection Agencies”
This article explains how a collection company
works and what they legally need to provide to you as the debtor.
Provided are explanations of technicalities, different situations and
solutions that can occur with the collection process.
“A Big Lender’s Credit Card Trap”
This article goes into depth regarding credit card issuer, Capital One
Financial’s, unsavory business practices. Four different
individuals describe their experiences with Capital One, while multiple
industry experts weigh in on how Capital One’s strategies
negatively affect their customers.
“How To Settle Your Debts Without Committing Financial Suicide”
This is a book written to educate and assist businesses and
people that are unable to pay, or who have valid reasons for not
paying, their debts. It’s a ‘survival guide’ for
those faced with being deeply in debt.
Public Citizen Wins Case and Strengthens Protections for Consumers
July 9, 2008. Debt Collectors Cannot Blame Their Mistakes on Creditors, Federal Appeals Court Rules.
Identity Theft
“Here are 16 Steps to Protect Yourself and Six Ways to Clean Up Things if You Are a Victim of Identity Theft”
Explained are the ways your identity can be at risk, tips to protect
yourself and steps on how to deal with identity theft if it happens to
you.
“Measuring Identity Theft at Top Banks (Version 1.5)”
There is no reliable way for consumers, regulators, and businesses to assess the relative rates of identity fraud at major financial institutions. This lack of information prevents a consumer market for bank safety from emerging. As part of a multiple strategy approach to obtaining more actionable data on identity theft, the Freedom of Information Act was used to obtain complaint data submitted by victims in 2006 to the Federal Trade Commission. Read the entire report authored by Chris Hoofnagle of the University of California, Berkeley.
Homeownership
“What is a Loan Modification?”
In this report, we explain what a loan modification is, who is eligible, why you should Do-it-Yourself, and what options you have as a homeowner if you do not qualify for a Loan Modification.
“Mortgage Modification Scams Targeted by US Officials”
Top federal and state officials on Monday announced a broad crackdown on mortgage modification scams, accusing "criminal actors" of preying on desperate borrowers caught up in the nation's housing crisis.
“Obama's Loan Modification Plan: 7 Things You Need To Know”
At the heart of the President Barack Obama's ambitious plan to rescue the housing market is the conviction that restructuring distress mortgages will keep struggling borrowers in their homes and help insert a floor beneath plummeting property values. With $75 billion dedicated to reworking troubled loans, that's a big bet — especially considering that a top banking regulator said last December that almost 53 percent of loans modified in the first quarter of 2008 went bad again within six months.
Miscellaneous
‘Getting Through Tough Economic Times”
This guide provides practical advice on how to deal with the effects financial difficulties can have on your physical and mental health and is provided by SAMHSA the Substance Abuse & Mental Health Services Administration.
