Installment Loan Borrowers Being Saddled With Unnecessary Insurance Add-Ons

Ouch! Propublica and Marketplace just published a story about installment loans…One borrower who is profiled in the story thought she was paying 90% APR, but with extra “add-on” fees, her effective interest rate was 182%!!!

Consumers should also have access to their credit scores for FREE, considering how important the score can be in determining your cost/access to loans, employment decisions, and whether or not you can rent an apartment. Rebuilding your credit after a foreclosure or short sale? Read our earlier blog: https://foreclosurehelpscc.wordpress.com/2012/09/07/rebuilding-credit-after-a-foreclosure-or-short-sale/

This is a great list to refer back to if you have collectors calling you, and you can also submit a complaint to the Consumer Financial Protection Bureau, which now regulates about 60% of the debt collection industry (all collectors with more than $10 million in annual receipts): http://www.consumerfinance.gov/pressreleases/consumer-financial-protection-bureau-to-oversee-debt-collectors/