Credit and Debt Blog

HUD Secretary Alphonso Jackson rendered his resignation on Monday. The official date for his departure will be April 18 according to his statement. The reason for his resignation is listed as personal. Jackson is currently being investigated by the Federal Bureau of Investigation over possible ethical concerns.

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White House spokeswoman Dana Perino announced that President Bush will visit a nonprofit credit counseling organization in Freehold, NJ. Originally known as Garden State Credit Counseling, Novadebt has provided credit and housing counseling services nationally as well as in New Jersey.

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Fair Isaac Corporation is continuously tweaking their FICO credit scoring models to more accurately predict consumer risk. They also want to cater to the needs of lenders that buy these scores. In doing so, it is important to let consumers know how these changes will affect them. Here are the newest revisions:

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In a move that might upset some married filers, the IRS has announced that taxpayers that filed a joint tax return will not receive an economic stimulus payment if at least one of the filers does not have a valid social security number. Only taxpayers with a valid social security number are eligible for economic [...]

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Several California mortgage companies were recently shut down by Attorney General Edmund Brown for duping homeowners into “illegal and unconscionable loans.” Lifetime Financial, Nations Mortgage, Greenleaf Lending, Virtual Escrow, Direct Credit Solutions and Olympic Escrow, all owned by Eric Pony and his family, have been forced to cease all operations and have had their assets [...]

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In February, the Arkansas state Supreme Court declared that payday lending fees are indeed interest, and are thus subject to the state interest rate limit of 17%. Now Attorney General Dustin McDaniel is ready to enforce it.

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The Internal Revenue Service has announced that stimulus payments will be mailed based on the last two digits of your social security number. They have released this schedule so that you may anticipate your stimulus payment.

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After years of haggling by both sides, the Maryland state Senate voted to eliminate the nonprofit requirement for credit counseling organizations. If approved by the House of Delegates, it will open the gates for companies looking to profit at the expense of Maryland debtors.

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The volunteer income tax assistance (VITA) program has been popular with low and moderate income taxpayers for years. One firm has changed the rules by matching eligible taxpayers with asset-building programs. Instead of simply filing a free tax return, taxpayers are also treated to two of their credit scores. They can find out if they [...]

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If you are anticipating a stimulus payment this year, the Internal Revenue Service has announced they will follow the following schedule for sending notices and rebate payments.

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