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Tag-Archive for ◊ poor credit ◊

“There’s even more work to be done for our portion of the business sector to recover and make advancements,” Evans said.

To increase access to capital for minority business owners, Evans and his organization support an effort by state Senate Majority Leader Aaron Ford to create a revolving loan fund for disadvantaged businesses.

“The fact that we could create a revolving loan fund that is targeted to… helping out the traditionally underserved or unserved individual so that they can develop themselves that’s good not only for the specific African-American community or the Latino community, it’s good for the overall community,” he said.

There are some warning signs in the economy that have Restrepo and PeQueen concerned. The biggest worry is the increase in consumer debt. It is now easier to get credit cards, car loans, and student loans.

PeQueen said student loans for for-profit trade schools is at $1 trillion, which could be a big drag on the economy.

“That threatens to keep the next generation of Americans and Southern Nevadans from starting households and buying homes until their late 30s, early 40s,” he said, “It really does hold economic development back.”

PeQueen is also concerned about the return of easy money for home loans. One of the factors that brought about the housing crisis was subprime loans, which were home loans for people with low incomes, poor credit and very little to put towards a down payment.

“Lending standards for consumers buying homes has dropped precipitously and they’re taking people with lower credit scores and they’re requiring smaller down payments,” he said, “All those things allow people to get into the housing market, but it doesn’t bode well in the next downturn.”

While the announcement this week that the Raiders would be allowed to leave Oakland for Las Vegas excited sports fans and tourism officials, economists like Restrepo and PeQueen are still skeptical about what the real impact will be.

“The jury is still out when you look at the data and you look at the case studies of whether or not stadiums – whether they’re publicly funded or not – are transformative in terms of economies,” Restrepo said.

Restrepo said that while the stadium and the team will drive tourism and create jobs in the short term, it won’t remake the valley’s economy from low-paying, low-skill jobs to higher paying, higher skilled jobs.

One of the main critiques of the stadium and the Raiders deal is that Las Vegas does not have the people to support three sports franchises: The Raiders, the Golden Knights, and the UNLV Rebels.

PeQueen believes that decision making will be an indicator of just how well the economy is doing.

“I think you’ll start to get the answer to how well we’re doing when we begin to see how well people buy Rebel season tickets and how they convert these $100 deposits in Raiders tickets into personal seat licenses and season tickets,” he said.

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Delaware is poised to go back to the future with its approach to auto insurance. Inspired by California’s 1988 ballot initiative, Proposition 103, new Insurance Commissioner Trinidad Navarro wants the First State to embrace the insurance equivalent of a Casio Walkman in an era of big data, telematics, and self-driving vehicles.

Navarro has thrown his weight behindHB 80, sponsored by Rep. Trey Charles Paradee, D-Cheswold.Like Prop 103, the Delaware legislation would strictly limit which factors an insurance company may take into account when underwriting consumers and setting rates. In arecent op-ed, Navarro argued that factors such as credit scores, marital status, and employment status are “irrelevant” and their use by insurance companies leads to customers “being treated unfairly.”

“I do not believe that having poor credit, whether due to being laid off from a job or another life-changing event, is indicative of whether or not someone is a good or bad driver,” Navarro wrote in theNews Journal.

Actually, credit-based insurance rating does not take into account employment status or income history, facts about which Navarro should already be aware. But his beliefs notwithstanding, the evidence has been clear for decades that a poor credit history is strongly correlated with a driver’s propensity to file claims in the future. Moreover, contrary to Navarro’s characterization of credit scoring as an “unfair discriminatory practice,” the largest studies of the topic, by theFederal Trade Commissionand theTexas Department of Insurance, both found that credit scores were not a proxy for race.

Navarro instead proposes a system that would only allow insurers to consider a driver’s at-fault claims experience, driving safety record, the number of miles he or she drives annually and the number of years of driving experience, with mandatory discounts for more years of experience. But the data show that preventing insurance companies from using factors that distinguish between higher-risk and lower-risk drivers in an effective way forces everyone to pay more than they otherwise would. When rating is more precise, insurers can craft finer rating distinctions that benefit good drivers, including those with good credit, instead of needing to use overly general categories that lump risks together.

By looking to follow California’s lead, Navarro is asking the vast majority of Delaware drivers to subsidize their riskier compatriots. Functionally, HB 80 would levy a tax on safe drivers. It’s also short-sighted. The very rating flexibility the commissioner seeks to do away with actually will prove more crucial as self-driving and automated vehicles are rolled out in the years to come.

These vehicles, though sophisticated, will continue to experience accidents – in large part, because they will share the roads with human drivers. While the frequency of accidents is likely to fall, the cost of repairs will rise, thanks to the sophisticated components needed to operate these vehicles. To ensure that consumers pay as little as possible to insure these new types of vehicles, we need robust competition between carriers.

HB 80 would undermine that goal by eliminating insurers’ ability to innovate and mandating a myopic focus on driving records, just as the significance of those records begins to diminish. In fact, a recent California Senate Insurance Committeehearingon how Prop 103 would cope with the arrival of automated vehicles found that the state’s rigid structure, virtually identical to the one Navarro is seeking to adopt, will require modification and increased flexibility to cope.

Fortunately, one of the great strengths of the insurance regulatory system in the United States is that it is state-based. While there are costs associated having to comply with 50 different regulatory bodies and deal with some jurisdiction’s eccentricities, the system effectively insulates consumers from the rapid spread of malignant regulatory pathogens. What doesn’t work in one state becomes a learning experience that need not hobble another state.

As regulatory pathogens go, there is none more problematic than California’s Prop 103. Whatever the populist appeal of HB 80, lawmakers and drivers need only cast their gaze westward to understand the costly impact of such an affliction.

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Bank Camp;I loans and credit creation slowdowns – a warning sign?

While the overall slowdown in growth of bank loans has not gone unnoticed, its differences across categories and the varied risks they pose have not been fully assessed. So UBS Securities delved deeper into the numbers to answer the question: Should investors be concerned about the marked decline in credit creation?

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The Swiss bank’s short and quick answer: The decline in credit creation is not likely to herald significant corporate stress in the coming months because the supply of credit remains sufficient, but businesses and investors could be understating the headwinds of policy uncertainty and high corporate leverage, two key factors causing the lower credit offtake.

“While there are some potential risks with the consumer and housing markets, we see the real worries emanating from the corporate sector,” the Swiss bank said. “The slowdown in bank Camp;I (commercial and industrial) loans is drastic by any recent point of comparison.”

To assess the real impact of credit growth levels, UBS used Federal Reserve’s H.8 data but discounted, among other things, reverse repos and loans to foreign governments and banks, and lending by the foreign banks. The adjusted measure still showed overall bank credit slowing appreciably but at a lower rate when compared to the unadjusted measure. – at an annualized pace of 2.2% per month since November 2016, compared to a medium-term trend of 4.8% from 2012-2016.

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ACCC Provides Tips on How to Use Credit Wisely
Saturday, April 08th, 2017 | Author:
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Home loans under Trump
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Examining the causes of homelessness
Friday, April 07th, 2017 | Author:

Between 20 to 50 percent of homeless women cite intimate partner violence as the primary cause of their homelessness, according to the report.

Additionally, women experiencing homelessness report that lack of stable housing is a major reason reason they remained in violent relationships. Studies in two Midwestern states found that approximately 45 percent of homeless women reported staying in a violent relationship for up to two years because of lack of alternative housing, and women experiencing domestic violence are four times more likely to report housing instability than women who are not.

Economic abuse, which is defined as efforts to control an individual’s ability to acquire, access, and maintain economic resources, poses a serious threat to women’s economic stability, and economic abuse can lead to high debt-to-income ratios, poor credit and rental histories, lack of savings or access to bank accounts, and difficulty maintaining stable employment. These factors make it more difficult for a woman leaving a violent relationship to find stable housing, increasing the risk of homelessness, according to the report.

Unaccompanied youth

“Unaccompanied youth are students, typically teenagers, who are couch surfing. They always have a schedule of where they think they could go. We have had some kids living in cars,” said Dr. Dill of Camdenton.

Unaccompanied youth include those who are homeless and on their own – not living with their families. These kids include “runaways” who choose to leave after some disagreement at home, who are encouraged to leave or locked out of their homes by their parents or who have irreconcilable conflicts with those at home. These youth can also include victims of abuse or also those who have spent time in foster care.

According to Child Trends Data Bank’s Homeless Children and Youth Report in 2015, surveys of city officials in the US cited mental illness, substance abuse and lack of affordable housing as the most frequently cited reasons for unaccompanied youth.

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BOSTON –Santander will pay a $22 million settlement to Massachusetts for issuing high-rate auto loans to consumers with poor credit.

Attorney General Maura Healey announced the agreement Wednesday.

Santander is the largest packager of subprime auto loan securities in the US Subprime auto loans are those made to consumers with poor credit by private financial institutions like Santander working through car dealerships.

Healey said the loans made by Santander to more than 2,000 Massachusetts residents were unfair and unaffordable.

Healeys investigation, done jointly with the Delaware Attorney Generals office, found that Santander allegedly made the loans without believing the borrowers could repay them. Santander predicted many of the loans would default and allegedly knew that reported incomes of the borrowers were incorrect or inflated, according to Healeys office.

According to Healey, Santander identified a group of dealers with high default rates, which the company called fraud dealers, but continued to fund loans through those dealers.

The settlement will provide $16 million to more than 2,000 Massachusetts borrowers who were affected and $6 million to the state of Massachusetts. Santander agreed to implement more oversight of its auto lending.

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Western amp; Southern told MarketWatch that the company had “not yet had the opportunity to present all of the facts as they actually occurred” and said it disagreed with the appeals court’s decision. “Her employment offer was withdrawn because she publicly took a position that was in opposition to our organization and its business interests,” David Nevers, Western amp; Southern’s director of communications, said in the statement. (The woman in the case was not immediately available for comment.)

This case, however unfortunate, is a timely reminder of the many ways that job applicants can fall out with prospective employers, even after they received an offer. And job seekers looking to hold onto those offers — and to circumvent legal proceedings — should be aware of some equally surprising ways they could come a cropper.

Oversharing about personal matters

Most people know they should clean up their Twitter and Facebook accounts. But there are other ways they can overshare that could spook an employer. A job applicant’s inclination may be to forewarn their soon-to-be employer about potential conflicts such as needing to pick a child up from daycare on certain days before the official workday is over or about medical issues that need certain accommodations, but raising these matters too soon could be a mistake.

In 2014, an administrative assistant’s job with a Massachusetts hospital fell through the week she was supposed to start after she disclosed a severe peanut allergy. Cases like this are rare, since the Americans with Disabilities Act requires employers to provide accommodations for workers except in cases where there’s a direct threat to their health or well-being, said Daniel Schwartz, an employment law partner at Shipman and Goodwin in Hartford, Conn.

Still, nuance is important when raising such an issue. “By bringing it up early, you may unintentionally be exaggerating what your situation is,” said Lynn Taylor, workplace expert and author of “Tame Your Terrible Office Tyrant.”

Applicants should consider whether failing to divulge a personal matter would come across as lying by omission. If an employer will need to make serious accommodations for a new hire, it may be in the prospective employee’s interest to mention the situation earlier in the hiring process, so that the company is not put in the position of needing to rescind an offer.

Bungling the salary negotiation talk

Going in with an overinflated — or, potentially worse, an underwhelming — sense of self-worth can give an employer pause. Coming in with knowledge of the position’s market-rate salary is key, but remaining flexible can be just as important. “You want to let the hiring manager guide you a bit,” Taylor said. “Use your emotional intelligence — it comes in really handy during salary negotiations.”

Picking up on a hiring manager’s cues during salary negotiation can prevent them from souring on a particular candidate. To this end, Taylor recommends that job seekers, whenever possible, ask to have the salary talk in person and gauge them by asking questions. But applicants should also avoid the discussion turning into “a ping-pong match,” Taylor said. “It’s better to listen more than talk during this sensitive time.” Failing that, take this former Federal Bureau of Investigation hostage negotiator’s advice on negotiating a salary:

Not paying your bills

Some 47 percent of companies conduct a credit check as part of the customary background check performed on candidates, according to a 2012 study from the Society of Human Resource Management. Everything from late credit-card payments to, yes, unpaid library fines can turn up on a credit report, and poor credit history can be seen as a proxy for a prospective employee’s dependability.

“Many organizations will look at your credit history as a check on your personal reliability,” said Tim Sackett, president of HRU Technical Resources, a staffing firm in Lansing, Mich. “If you can’t pay your car payment on time, are you really going to show up to work on time?”

Consumers are entitled to a free copy of their credit report every 12 months from each of the three national credit reporting companies: TransUnion, Equifax and Experian. A credit check at the beginning of the hiring process can help applicants uncover and resolve any problems.

Revealing whether you’re a Democrat or a Republican

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DriveTime to takeover former Taylor Ford site
Tuesday, April 04th, 2017 | Author:

The site has been empty for about three years. The dealership moved to southbound Telegraph, south of North Line Road, during an $8M consolidation, expansion and modernization project. The old site was owned by the Whitfield family, another auto dealer.

DriveTime is a private company headquartered in Tempe, Arizona, with a business model is focused on selling previously owned vehicles to car-buyers with poor credit. It uses a proprietary credit scoring model to finance car purchases at its dealerships in-house, and also leases vehicles.

DriveTime buys 150,000 cars annually at various auctions, puts them through a 14-day inspection at one of 24 centers and makes necessary repairs before sending the vehicles to its dealerships.

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How’s Detroit Doing? Weak Demand, Insufficient Supply, Poor Credit Hurt Housing Market [CHARTS + GRAPHS]

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