Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
IMarketWatchI on refinance scams advises Join a CU
CHICAGO (8/23/10)--A MarketWatch article warning consumers about loan-modification and auto refinance scams told readers having trouble with their auto loans to "Join a credit union." Thursday's Consumer Confidential column by Jennifer Waters described an Illinois man who got scammed by an auto finance company claiming it could reduce his $700 a month car payment to about $400 a month. His initial contacts with the company were easy, but after he paid a couple of fees, the company essentially disappeared. He took the matter to the Better Business Bureau, which helped him get an apology and his money back. The company has gone into receivership and is no longer doing business, said the article. The bureau is warning consumers to be picky and do the legwork before signing up for a company that claims it can get them out of a bad deal, the article said. "Instead, try a credit union, a group like CARS, the Consumer Federation of America or the National Foundation for Credit Counseling," said Waters. She offered several tips, including joining a credit union. "For the $5 or so membership fee, you can have your credit union review the loan and offer advice," she wrote. For the full article, use the link.
Other Resources

RSS print
News Now LiveWire
NCUA re-schedules start of tomorrow's closed meeting to 9 a.m. ET. Open meeting still at 10 a.m. ET.
11 hours ago
.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
12 hours ago
Now up on News Now: Fed stays course on taper, interest rates http://t.co/6DntsW58vA
14 hours ago
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
17 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
17 hours ago