News That Matters

Tag: credit

House and Senate agree: The adoption tax credit stays

House and Senate agree: The adoption tax credit stays

Finance
What's in the GOP proposed tax planBoth the House and Senate agree: The adoption tax credit is off the chopping block. Republican Senators introduced their tax overhaul Thursday afternoon and it preserved the adoption tax credit, according to initial materials from the Senate Finance Committee. Last week, House Republicans introduced its 429-page tax overhaul that included repealing the credit. But Ways and Means Committee Chairman Kevin Brady offered an amendment on Thursday that would preserve the credit. Related: What's in the Senate Republicans' tax bill Adoption advocates breathed a sigh of relief at the change. Denise Bierly, a family attorney, is set to finalize her daughter's adoption by the end of year. She said the news gave her a sense of justice. "I had this rather guilty f...
Is locking your Equifax credit report good enough?

Is locking your Equifax credit report good enough?

Finance
Freezing your credit after Equifax hack...not so easyAfter facing outrage over last month's security breach, Equifax said it will offer a new, free service that gives consumers more control over their personal information.It's called a credit lock, and it will allow people to decide who has access to their Equifax credit report. Problem is, locking your credit at Equifax will still leave you vulnerable to identity theft -- you need to block access at all three agencies. Richard Smith, who retired as CEO after the hack, told Congress that locks should become an industry standard, calling on the other two credit reporting agencies to step up. "I would encourage TransUnion and Experian to do the same. It's time we change the paradigm and give the power back to the consumer to control who a...
Why aren't credit freezes free for all?

Why aren't credit freezes free for all?

Finance
Freezing your credit after Equifax hack...not so easyConsumer advocates agree that a credit freeze is the strongest protection against new account identity theft -- exactly the kind of fraud that might happen to the 145 million victims of the Equifax data breach, in which Social Security numbers, addresses, names and birth dates, among other information, were accessed by hackers. But the only people who get a free credit freeze in every state are those who are already victims of identity theft. As for the rest of us who want to protect ourselves and prevent ID theft, credit freezes probably aren't free. Approximately 158 million consumers between 18 and 65 years old in 42 states and the District of Columbia must pay a fee to get credit freezes, ranging from $ 2 to $ 10, according to the U...
Yes Bank claims credit card book crosses Rs 250 crore, with 2 lakh users

Yes Bank claims credit card book crosses Rs 250 crore, with 2 lakh users

Finance
MUMBAI: Midsize private sector lender Yes Bank today claimed that its credit card portfolio has grown to over Rs 250 crore with 2 lakh customers within one year of entering the segment."We are running ahead of time in achieving milestones which we had set for ourselves. Our focus is on building the user-base right now and we have 2 lakh cards now," its retail head Pralay Mondal told reporters here.Exuding confidence that the bank will be the fastest to achieve the 1 million credit cards mark, he said it now offers 10 products.Its head of credit cards Rajanish Prabhu said the total size of the portfolio is over Rs 250 crore and it does not have any issues with regard to asset quality.Mondal said the bank, which launched a new card today which will be sold to select millionaires by invitatio...
UK's credit rating downgraded by Moody's

UK's credit rating downgraded by Moody's

Business
The UK's credit rating has been cut over concerns about the UK's public finances and fears Brexit could damage the country's economic growth.Moody's, one of the major ratings agencies, downgraded the UK to an Aa2 rating from Aa1.It said leaving the European Union was creating economic uncertainty at a time when the UK's debt reduction plans were already off course.Downing Street said the firm's Brexit assessments were "outdated".The other major agencies, Fitch and S&P, changed their ratings in 2016, with S&P cutting it two notches from AAA to AA, and Fitch lowering it from AA+ to AA.Moody's said the government had "yielded to pressure and raised spending in several areas" including health and social care.It says revenues were unlikely to compensate for the higher spending.Media pla...