On April 30, the Internal Revenue Service announced that taxpayers who had their stimulus payments deposited into any account that has favorable tax treatment may withdraw the funds without penalty. Announcement 2008-68 by the IRS details the special allowance that the IRS has made regarding stimulus direct deposits. 
Credit and Debt Blog
A Service of Debtors Unite, Inc.
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28
Apr 2008
Stimulus Payments Ahead of Schedule
Treasury Secretary Henry Paulson announced that the 2008 stimulus payments will be released ahead of schedule. Nearly 8 million taxpayers will receive their stimulus payments via direct deposit by Friday, May 2.
24
Apr 2008
LendingTree Consumer Files Hacked
Customers of LendingTree, a popular online mortgage lead service, have been informed that their personal information on file has been compromised. Customers use the LendingTree service to have several different banks compete and see who offers the best terms on a mortgage. Consumers provide personal information including their social security number, address, birthday, income and employment information to LendingTree. This information is normally passed on to authorized banks who use the information to determine whether the consumers qualify for a mortgate and, if so, under what terms.
14
Apr 2008
Ellis Crosby Loses $1.3 Million Judgment
On April 7, 2008 Florida Attorney General Bill McCollum announced a judgment of $1.3 million to be paid by a debt collector that violated collection laws. Ellis Crosby & Associates, including the owner Ted Ellis Crosby himself, engaged in willful violations of Florida’s Consumer Collections Practices Act and Deceptive and Unfair Business Practices Act.
09
Apr 2008
IRS Expected to End Refund Anticipation Loans
The Internal Revenue Service has quietly been studying the impact of refund anticipation loans (RALs) on both lower income taxpayers and on government revenues. The results of their study suggest that the IRS will close the loophole that allows tax outlets to offer refund anticipation loans.
08
Apr 2008
Recession May Be Worse than Expected
Recently released minutes of the Federal Reserve Board meeting reveal that the Fed is increasingly worried that the already beginning recession may be much worse than initially feared.
Many unsuspecting debtors flock to debt settlement companies because they offer the lowest payment available for a debt relief program (excluding bankruptcy). However, a high number of debt settlement company clients find that the settlement company offers very little benefit at a very high cost. Worst yet, there are no protections from legal action.
31
Mar 2008
HUD Secretary Alphonso Jackson Resigns
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.
27
Mar 2008
President Bush to Visit Novadebt
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.
27
Mar 2008
Latest FICO Changes
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:
