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We all live in a world that is pretty overwhelming. Especially when it comes to personal finances. Fact is, it costs a lot of money to cover even basic living [...]

In recent years, the credit union industry has grown faster than any other financial intermediary, adding more than $100 billion in assets between 1988 and 1995. Still, many people remain [...]

A study was conducted to determine the status of consumer credit services in Turkey. Secondary data and personal interviews of 14 bank officers were analyzed. Results showed that consumer credit services in the country have improved considerably since the 1980s. However, improvements have to be made in some areas to further entrench such services, such as the use of computerized credit scoring systems, improved information in advertisements, more aggressive selling strategies, more innovative services and further market segmentation.

Byline: Rachel Witkowski WASHINGTON -- When Fair Isaac Co. announced a new credit scoring model last week, it earned significant media attention and won praise for helping consumers marred by [...]

Credit organizations can improve their customer service by establishing improved communication with customers. The techniques that may be used to establish good communication include keeping the message simply by avoiding industry jargons, repeating an important information to facilitate memory retention, being concise by getting to the point and being sensitive to the feelings of customers when their application for credit is rejected. If credit companies are confronted by unhappy customers, there are eight strategies they can use. These are being upfront about loan application, maximizing their chances of obtaining credit, giving them a second chance, acting as their friend, helping them, offering another line of product, informing them where to go and talking to them. These guidelines can help companies attain good PR, improved sales and better customers.

Credit repair companies offer to improve a buyer's credit record, history or rating for a fee. Many of these credit services organizations also claim that they can help potential debtors extend their credit or that they can provide other forms of assistance regarding the debtors' credit-related objectives. Such companies have been recognized or legitimized in quite a number of jurisdictions, including 35 states and the District of Columbia. Adopting a 'make it legal but subject to standards' approach, these jurisdictions have enacted laws that require credit services organizations to comply with set standards. Common to these laws are a list of prohibited practices and an enumeration of disclosure requirements, such as a description of services offered and a detailed account of the buyer's rights. Credit repair activities, however, are considered illegal in the states of New Jersey, Georgia and Hawaii.

Byline: CollectionsCreditRisk.com Asset Acquisition Group LLC, a Denver company that buys consumer debt, has purchased a $240 million portfolio from a large national bank it did not identify. The purchase, [...]

Current economic conditions have brought about significant changes when it comes to consumers' use of debit rather than credit. Tightened consumer credit combined with the fading of the 'buy now, [...]

Byline: Keith Crain I had breakfast last week with Bill Muir and Tim Russi, top executives of GMAC. We had an interesting conversation about the car business and credit. The [...]

The economic downturn and its negative impact on credit have created a new reality for many consumers. Even those with excellent credit ratings, and with the income to repay a [...]

The subprime mortgage meltdown continues to cause financial ruin for both consumers and lenders. But while lenders contemplate how to recalibrate their operations, the credit needs of consumers live on. [...]

Federal Deposit Insurance Corp. Chairman Sheila Bair said Thursday that mortgage lenders and servicers were not being active enough in helping borrowers restructure their troubled loans. Loan modifications have been [...]

A recent hike in the cost of applying for U.S. citizenship is providing bankers a fresh opportunity to court Hispanic immigrants as customers. Citizens Union Bank of Shelbyville in Kentucky [...]

Logs Group LLC, which manages a national network of law firms and title agencies, has created a 'home retention' unit that will work directly with borrowers whose delinquent loans have [...]

WASHINGTON -- In response to congressional pressure to reduce fees and interest rates, Citigroup Inc. plans to stop a controversial credit card practice commonly referred to as universal default, a [...]

The Senate Banking Committee credit card hearings Thursday were the opening salvo in what likely will be a vigorous national debate about credit card practices. The Responsible Credit Roundtable offers [...]

AccountNow Inc. has developed a way for consumers to build or repair their credit histories and improve their chances to get loans -- reporting online bill payments. The San Ramon, [...]

When BankWest Inc. of Pierre, S.D., started funding payday loans three years ago, exporting unfettered interest rates to other states, it understood that the business might not last. 'We knew [...]

The Office of the Comptroller of the Currency has issued revised retail lending exam procedures that outline proper risk management and controls for retail portfolios. The national bank regulator said [...]

If America's financial services industry had the opportunity to start from scratch in building a system of consumer household credit, how would the program be conceived and implemented? Such a [...]

To tap the fledgling Russian consumer credit market, a Czech banking company plans to offer an unorthodox card product at relatively little risk to itself. Home Credit Group of Prague, [...]

The Nehemiah Corp. of California has entered into an exclusive partnership with Profina Debt Solutions to create a consumer credit counseling and homebuying referral network that aims to 'significantly' increase [...]

INFO1 Holding Company Inc., Atlanta, which operates both a nationwide consumer credit reporting agency and an information technology firm, has acquired a number of regional credit reporting firms that it [...]

Give Credit When Credit Is Due Springboard, a non-profit consumer credit management organization based in Riverside, Calif., rolls out a new financial education program for consumers, entitled Credit When Credit [...]

Fair, Isaac & Co. has introduced a service that lets consumers find out what mortgage and auto loan interest rates lenders in their state are offering to people with their [...]

College students are getting credit for more than just courses these days. A recent analysis of credit card debt from students who applied for credit-based loans with Braintree-based student loan [...]

Instead of simply disclosing your credit score as a customer service, most sites will make you pay for it. And while they have your attention, they'll try to sell you [...]

In a marketplace saturated with credit cards, issuers face a tough task in luring new customers. Essentially, they are limited to just two paths: either tempt customers to leave rival [...]

Profile Experian uses the power of information to help clients target prospective customers, manage existing customer relationships and identify opportunities for profitable growth. Case study Many consumers face a dilemma [...]

CITIBANK CONSUMER FINANCE, STAMFORD, Connecticut, has introduced the Debt Health Check service on the company's my Home Equity.com Web site. The free Debt Health Check feature uses data from credit [...]

ORANGE, CALIFORNIA-BASED EXPERIAN HAS announced the launch of its online Income and Employment Verification solution, with its partner, St. Louis-based TALX. The Income and Employment Verification solution is designed specifically [...]

Las Vegas-To Mark Bragg, senior vice president at Aames Financial Corp., day to day customer service is where default management and portfolio retention begin. Especially in the subprime credit quality [...]

Washington--First Tennessee National Corp., Memphis, has obtained Office of Thrift Supervision approval to move its consumer finance business into a federally chartered thrift institution that will be called First Horizon [...]

San Francisco--Following the July launch of its Loan Prospector automated underwriting system on the Internet, Freddie Mac announced that LP has become the first AU service approved for Internet credit-report [...]

GE Money's Retail Sales Finance unit and Granby Steel Tanks, a division of Granby Industries Income Fund, have announced a new multi-year relationship to provide consumers with revolving credit under [...]

With the increase in the number of consumer credit counseling agencies, a grown number of them have had complaints filed against them. So, prospective customers should be cautious when choosing such a service.