credit rating

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Facing Public Wrath, Equifax Ditches Fee

Company says credit freezes will be free until Nov. 21

(Newser) - Equifax has decided not to anger 143 million Americans any further by charging them to protect themselves from its massive data breach . The credit-monitoring company, facing a flood of complaints about its handling of the breach, bowed to public pressure Tuesday and said it would drop fees until Nov. 21... More »

Medical Debt Gets a Break in Credit-Report Overhaul

Big 3 agencies agree to revamp system to better address errors, medical bills

(Newser) - Good news for consumers who've had to play the waiting game to pay off medical debt: The three largest credit-reporting agencies in the US are working together to overhaul their systems to take better care of customer issues and the way medical debt is handled, Reuters reports. In a... More »

Why Your Credit Score Might Be Going Up

Change in way they're calculated will be more forgiving of medical debt

(Newser) - A modification to how one of the most common credit scores is calculated will mean better credit ratings for many Americans, reports the Wall Street Journal . Fair Isaac Corp. said yesterday that it won't place as much emphasis on medical debt when calculating consumers' FICO scores and will turn... More »

Guy Named 'God' Has a Problem

He's had to file a lawsuit over credit reporting issue

(Newser) - If you thought Rainbow Aurora , Lyric Sonny Roads Goldberg , Janice Keihanaikukauakahihuliheekahaunaele , and whoever made these laws necessary had it bad, consider the plight of God Gazarov. The Russian-born Gazarov was named after his grandfather, and now lives in Brooklyn. But the 26-year-old businessman was recently rejected for an auto loan... More »

Guy Wins Epic Legal Brawl With Bank Over Laptop Loan

His credit rating was zapped over computer he returned to store

(Newser) - Score one for the little guy in a fight against the banking industry—a 16-year fight to be exact. The Supreme Court in London has ruled in favor of a 44-year-old man who got severely penalized over a small loan for a laptop that he never actually owned, reports the... More »

Fitch Puts US Credit Rating on 'Negative' Watch

Keeps it at AAA, but warns things might change because of debt ceiling

(Newser) - As lawmakers scramble to strike a last-minute deal that would allow the government to keep borrowing money, Fitch Ratings issued a shot across the bow this afternoon: It put the nation's AAA on a "negative" watch, reports MarketWatch , meaning a downgrade is possible unless things get resolved soon.... More »

Lew: The Government Runs Out of Money in 3 Weeks

Jack Lew says we need a debt ceiling deal by Oct. 17

(Newser) - Treasury Secretary Jack Lew today for the first time offered a debt ceiling deadline—and it's pretty soon. In a letter to John Boehner, Lew said the government will be unable to pay its bills unless Congress passes a debt limit bump by Oct. 17. On that day, the... More »

S&P Says Lawsuit Is Feds' Revenge for Downgrade

Justice Department calls claim 'preposterous'

(Newser) - Standard & Poor's is claiming that the Justice Department's massive lawsuit against it is simply "retaliation" for the rating agency's 2011 decision to downgrade the US credit rating . In a court filing yesterday, S&P argued that the downgrade was "free speech" and that hence... More »

Fake Bank Scamming Victims Out of Hundreds

People deposit up to $900 for semi-secured credit cards they never receive

(Newser) - A new scam is bilking people looking to rebuild their credit rating out of hundreds of dollars by offering semi-secured credit cards then pocketing their deposits, TheStreet reports. The Treasury has sent a letter to US bank executives and federal and state regulators warning them of the scam, run by... More »

Fitch Upgrades Greece, Deems Rating 'Stable'

...But that's still junk status

(Newser) - We have something rare for you today, folks: Positive economic news out of Greece. Fitch has upgraded the beleaguered country's dismal credit rating from CCC to B-, saying it had made "clear progress" toward trimming its budget deficit and its risk of dropping out of the euro currency... More »

Fitch Threatens Downgrade If Debt Deal Is Too Weak

Meanwhile, Pat Toomey introduces backup bill

(Newser) - The US credit rating is once again in danger thanks to a debt ceiling showdown. Fitch today announced that it may downgrade the US even if lawmakers manage to strike a deal, CNN Money reports. Fitch already has a negative outlook on the US' AAA rating, and said that would... More »

German Credit Rating Downgraded to Negative

Move may indicate threat to Germany's AAA rating

(Newser) - Germany, the Netherlands, and Luxembourg may have strong credit ratings, but that didn't stop Moody's from downgrading all three to "negative" yesterday, as the never-ending euro crisis continues to deepen, reports Reuters . The rating agency specifically warned about yesterday's threat by Germany to kick Greece out... More »

Moody's Will Downgrade Spain's Banks

Across-the-board move coming within a few hours

(Newser) - Moody's intends to cut the credit rating on every single bank in Spain today, sources tell Reuters . The cuts, which could come in a matter of hours, follow on the heels of Moody's slashing Spain's sovereign rank by a whopping three grades on June 13. The banks... More »

Moody's Slams BofA, Citigroup With Downgrades

JPMorgan and Goldman Sachs also walloped by rating agency

(Newser) - Moody's warned that the ax was coming , and today it came. The credit rating agency downgraded 15 major financial firms today in a move that is sure to hurt their bottom lines and rattle markets, the New York Times reports. Moody's knocked Credit Suisse down by three levels,... More »

Moody Cut Sends Spanish Bonds to Dangerous High

Italy's borrowing costs jump as well

(Newser) - Spanish bond yields hit a whopping 7% today, after Moody's cut the country's credit rating to just one level above "junk" yesterday. The New York Times ominously notes that the 7% mark is the level that "triggered" full-blown bailouts of other eurozone countries. Moody's said... More »

Moody's Slaps Wall Street's Big Banks With Review

Along with most of Europe's banks

(Newser) - Moody's isn't feeling great about the health of the financial industry right now. The rating agency put a host of banks under review for possible downgrade today, including US giants Bank of America, Citigroup, Goldman Sachs, JPMorgan, and Morgan Stanley, the Wall Street Journal reports. It said the... More »

S&P: We'll Likely Declare Greece in Default

As Greece struggles to restructure debt

(Newser) - Standard & Poor's will likely downgrade Greece's rating to "selective default" after its debt restructuring, the rating agency said at a Bloomberg event today—though it adds that the move might not destroy the European Union's credit. "It's not a given that Greece's... More »

Stocks Plunge on Super Committee Failure

Dow drops triple digits

(Newser) - Stocks plunged at the opening bell today, thanks to the super committee's failure to reach a deal and the ongoing debt crisis in Europe. As of 9:37am, the Dow was down 158 points, while the Nasdaq and S&P were down 40 and 19 points, respectively, as investors... More »

Moody's Downgrades Spain, Warns France

Sarkozy vows to take bold action at debt summit

(Newser) - Credit ratings in Europe are continuing to slide downward: Moody's has followed Standard & Poor’s lead and cut Spain's rating by two notches, warning that France could be next, reports the Washington Post . "Spain continues to be vulnerable to market stress and event risk," said... More »

Moody's Downgrades Top UK Banks

Including Lloyds, RBS, which are partially nationalized

(Newser) - Moody’s sliced the credit ratings of a dozen British financial companies today, including two of the UK’s "Big Four" lenders, Lloyds and Royal Bank of Scotland, both of which were partially nationalized during the financial crisis. Moody’s explained that it "believes that the government is... More »

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