Sader Law Firm Blog

What Are Common Errors on Credit Reports?

Posted on November 15, 2017 by The Sader Law Firm

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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How Can I Spot Student Loan Scams?

Posted on November 13, 2017 by The Sader Law Firm

The Federal Trade Commission (FTC), 11 state Attorneys General (AGs) and the District of Columbia recently launched Operation “Game of Loans” to shut down scammers who were ripping off struggling student loan borrowers. As a result of the operation, the FTC and the AGs have filed actions against dozens of defendants who are accused of charging borrowers $95 million in illegal fees. The acting chairwoman of the FTC was not kidding when she said, “winter is coming” for debt-relief scams that prey on struggling borrowers. Operation Game of Loans may not succeed in permanently shutting down student loan scams. Some student loan advocates have compared these scam operations to a game of “whack-a-mole.” Once student loan scams are shut down, more appear to take their place. Fortunately, student loan scams are typically easy to recognize because they make similar promises to borrowers. Scammers could make claims that include: They are…
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Are Student Loan Payments Damaging Your Health?

Posted on November 8, 2017 by The Sader Law Firm

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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