Tag Archives: PersonalFinance

What Are Common Errors on Credit Reports?

Errors on your three credit reports could reduce your access to credit and certain types of employment. Unfortunately, credit reporting errors are quite common. According to the Consumer Financial Protection Bureau (CFPB), it received 43,000 complaints involving credit score errors during 2016. Common credit report errors may include: Incorrect reporting status: Your credit reports could contain very old accounts that should no longer be listed. Accounts that you have paid may be listed as unpaid. In addition, your credit reports may list the wrong balance or lender for an account. Mistaken identity: Your credit reports could list accounts that do not belong to you. This type of error may occur when your credit report lists an account that belongs to someone with a similar name. A family member’s negative account status may also be listed on your report by mistake. Data management errors: On its website, the CFPB lists common…
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Are Student Loan Payments Damaging Your Health?

Recent surveys conducted by Student Loan Hero and Gradafi show how the $1.4 trillion in outstanding student loan debt is affecting the health of borrowers. Gradafi is a start-up that helps companies create student loan payment benefits. Student Loan Hero is a well-known website that analyzes and covers topics related to higher education debt. According to surveys conducted by both groups, borrowers are reporting multiple mental health problems. Respondents to Student Loan Hero’s survey reported experiencing depression, social isolation, sleepless nights, restlessness, irritability and apprehension or dread. More than 3,000 respondents to Gradafi’s survey reported similar problems. Eighty percent of respondents claimed that student loans were a significant or very significant source of stress. Borrowers also reported that student loan payments made it more difficult to buy a car, clothing or homes. The results of these surveys will not be surprising to many people with excessive student loan debt. For…
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What Student Loan Repayment Options Are Available for FFEL Loans?

The Department of Education recently reported that an increasing number of student loan borrowers are failing to make payments. According to the Education Department, 580,671 borrowers who entered repayment by October 1, 2013 defaulted by September 30, 2016. What is interesting is that almost half of defaulted student loans are from the Federal Family Education Loans program (also called FFEL Loans). FFEL Loans were discontinued in July 2010 by President Barack Obama. However, many Americans with federal education debt still carry this type of loan. After July 2010, federal loans were moved under the Direct Loan program. FFEL Loans do not have as many repayment options as Direct Loans. Furthermore, loan servicers are bad at informing student loan borrowers of their repayment options. If you are struggling to pay back FFEL Loans due to fees or high interest rates, we have good news. You may have access to income-driven repayment…
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