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The expansion of accessible credit can come with a downside of exclusion as people with poor credit (those that are considered high risk by credit scoring systems) become dependent on short-term alternatives such as licensed money lenders (the home credit industry), pawn brokers, payday lenders, and even loan sharks. [19]
Forty-nine US states (sans Montana [4] [5]) regulate (i.e., require licensure for) money transmitters, although the laws vary from one state to the other. [6] Most of the states require a money transmitter surety bond with widely ranging amounts from as little as $25,000 to over $1 million and maintain a minimum capital requirement.
A loan shark is a person who offers loans at extremely high or illegal interest rates, has strict terms of collection, and generally operates outside the law, often using the threat of violence or other illegal, aggressive, and extortionate actions when seeking to enforce the satisfaction of the debt. [1]
AnnualCreditReport.com allows you to obtain a free credit report from each major consumer reporting company weekly. Claim your reports online, then review them carefully to see if the debt is listed.
In order for your authorized user account to affect your credit, the lender or credit card issuer needs to report that account to the three major credit bureaus (Equifax, Experian and TransUnion ...
Talk to a title office: “Title offices record loans for hard money lenders regularly and can give you referrals to hard money lenders who lend in your area,” says Robert Taylor, a full-time ...
Introduced in the House as "Financial Institutions Reform, Recovery and Enforcement Act of 1989" H.R. 1278 by Henry B. Gonzalez (D-TX) on March 6, 1989; Committee consideration by House Banking, Finance, and Urban Affairs, House Government Operations, House Judiciary, House Rules, House Ways and Means
A former TD Bank employee based in Florida was arrested and charged with facilitating money laundering to Colombia, New Jersey's attorney general said on Wednesday, in the first such arrest since ...