Digital Federal Credit Union’s Post

The CFPB put its thumb on the scale by including credit unions in its recent Data Point comparing credit card APRs between large and small issuers. Credit unions are fantastic (so fantastic that some are even CBA members). But, by Federal law, they serve different consumers than large banks. The Consumer Bankers Association re-ran the CFPB's math, per attached. The inclusion of credit unions accounts for 70% of the difference between the APRs for subprime/deep subprime applicants. Further, once you remove credit unions, only a handful of small issuers even offer cards to subprime/deep subprime applicants. We understand that the CFPB may feel the need to flood the field with a parade of horribles in the run-up to the release of its Late Fee rulemaking and the State of the Union next week. But consumers, media, and industry need to be able to trust the government to state facts accurately. https://lnkd.in/e9WY75eh #CFPB #SOTU #CreditCards #policy #factsmatter

I commented on this post, (semi-) joking about the CFPB getting it's math wrong again. I take this back. Having read the article quoted, I'm sorry to say that the Consumer Bankers Association got this one wrong.... The crux of the CBA's argument is that "the CFPB’s math is skewed by its inclusion of credit unions." The CBA claims that "removing credit unions from the CFPB’s survey data reduces the difference between big and small credit card issuers APRs." Technically, that might be true. However, the Consumer Financial Protection Bureau's claim is about "card issuers" -- not just banks. Credit unions are card issuers. There is no reason why they should be excluded from the CFPB's analysis. Now, if the CBA wants to point out the rate differences between community banks and credit unions, that's their prerogative. But the CFPB's math isn't at fault here.

💳 Understanding your credit is a critical part of managing your financial life. A great place to start deepening your understanding of your personal credit is learning how to properly read a credit report. In this educational piece, E. Napoletano gives a well-rounded overview on exactly that, offering detailed advice and a step-by-step guide. They also speak with expert Eric Kirste, CFP®, CIMA®, AIF® of Savvy Wealth about the importance of ensuring accuracy, and how to dispute errors on credit reports when they arise. 📰 Via U.S. News & World Report: https://lnkd.in/gD_H3fc4

What exactly do credit reference agencies do, and how do they impact our financial lives? In this article, we’ll delve into the roles of CRAs, explore what a typical credit reference looks like, and shed light on the process that occurs during a credit check. Read on to find out more. #OctaneFinance #CreditReferenceAgencies

Interested in taking control of your credit journey? A recent study by TransUnion reveals the power of credit monitoring in achieving financial goals, detecting fraud and improving your credit scores. Elevate your financial journey and dive into the full report now: https://lnkd.in/gxrT26Ys 💼📈 #CreditEmpowerment #FinancialFreedom

Great "news" from the FTC - everyone now has free weekly access to their credit reports from the major bureaus! (I say "news" because most of us missed this change back in October 2023!) This change is effectively the final step in a decades-long campaign to give all of us free access to our own credit data. If you or someone you know wants to check their credit report, visit www.annualcreditreport.com. Thanks Robert Rea, MBA, CFP®for bringing this to the attention of the readers of the Financial Planning Association (FPA) Daily Digest!

🔍 Are credit repair companies the solution or the problem? A recent article sheds light on how for some Americans, these companies turned out to be scams, leaving them with more debt and lower credit scores than before. 🔐 Discover the essential steps to rebuild your credit and protect yourself from scams in this insightful read. From understanding credit scores to disputing false information, this article covers it all. 🔍 Did you know? Negative information on your credit report can stay for years, impacting your score. Learn how to address various derogatory marks and take control of your credit health. 📈 Want to improve your credit score quickly and safely? Explore practical tips like securing your identity, disputing false information, and monitoring your credit activity effectively. 🔍 Take charge of your financial well-being by educating yourself on credit repair practices and spotting red flags of potential scams. Stay informed and safeguard your credit score. https://lnkd.in/gJV4ynUn

Dive into the world of credit bureaus with Durant Enterprises in this enlightening short video titled "Credit Bureau Secrets: Why You'll NEVER See a Mistaken Higher Score". In this video, I will show you the obscure practices of credit bureaus that might be hindering you from achieving a higher score. Learn how credit bureaus such as Experian, Equifax, and TransUnion, worth billions, might be handling your data without your consent, in possible violation of the Fair Credit Reporting Act. This video is perfect for anyone who wants to understand more about the credit repair process and streamline their approach towards a higher credit score. By the end, you will be well-versed in these secrets, empowering you to take control of your credit future. Watch now, and let's unravel these credit bureau secrets together!

According to a recent study, more than 30% of Americans have no idea what their credit score is. Being in the dark about your credit history can have serious financial ramifications: errors on your credit report could be lowering your credit score. Read on for details on how to review your credit report regularly.

Keys to managing risk from financial cyber crimes…