Browsed by
Author: Amy Loftsgordon

Trump Veto Makes Getting a Student Loan Discharge More Difficult

Trump Veto Makes Getting a Student Loan Discharge More Difficult

Under an Obama-era rule, known as the “borrower defense to repayment” rule, if your school fraudulently convinced you to enroll or remain enrolled, you can get a discharge of your federal student loans relatively easily. Education Secretary Betsy DeVos has long argued that the Obama rule makes it too easy for borrowers to get student loan forgiveness, and that a new rule is necessary to save taxpayers billions of dollars. So, last year, DeVos declared that for loans first disbursed…

Read More Read More

Forbearance During Coronavirus Might Prevent You From Getting a New Mortgage or Refinance Loan

Forbearance During Coronavirus Might Prevent You From Getting a New Mortgage or Refinance Loan

Under the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, homeowners with federally backed mortgage loans who’ve been affected by COVID-19, regardless of delinquency status, can get a forbearance. Also, even if you don’t have a federally backed mortgage loan, your lender might agree to a forbearance plan. Under the CARES Act, any loan that’s in forbearance must be reported as “current” on credit reports, so long as the borrower wasn’t already delinquent on payments at the time of…

Read More Read More

Your Credit Card Company Is Probably Checking Your Income

Your Credit Card Company Is Probably Checking Your Income

With millions of people out of work due to the coronavirus (COVID-19) outbreak, some Americans are using more of their existing credit lines. Anxious lenders are worried about repayment, and many credit card issuers are trying to figure out who still has a job so they can decide whether to let consumers keep spending or reduce their credit limit. How Creditors Find Out About Your Job and Income Lenders and creditors verify employment and income when consumers apply for loans…

Read More Read More

Lenders and Creditors Are Stepping Back While the Coronavirus Outbreak Goes On

Lenders and Creditors Are Stepping Back While the Coronavirus Outbreak Goes On

With millions of people out of work in the U.S., mortgage lenders are getting inundated with calls from people seeking help. And some of those who are struggling have started relying on their credit cards more and more to cover basic expenses. In response, many anxious lenders and creditors are taking a step back in different areas. It’s now become much harder to get a mortgage or a refinance loan. Credit card companies, too, are turning down new applications that,…

Read More Read More

How to Review Your Credit Reports Weekly During the Coronavirus Crisis

How to Review Your Credit Reports Weekly During the Coronavirus Crisis

Frequently accessing and monitoring your credit information is especially important when you’re having trouble paying your bills. If you’re among the millions who’re now getting a reduced income—or are out of work altogether—due to coronavirus (COVID-19), you should review your credit reports often so you can take steps to try to preserve your credit score. Under the Fair Credit Reporting Act, you get the right to receive a free copy of your credit report from each of the three major…

Read More Read More