Michigan Insurers Can’t Use Credit Scores To Determine Rates

The Michigan Court of Appeals made a decision today, prohibiting Michigan home, auto, and casualty insurance providers from using policyholders’ FICO credit scores to determine their rates. The Court of Appeals had overruled a decision made by a lower-level Michigan court in 2005. [Read more]

Federal Government Cuts Interest Rates

The US Federal Government has recently announced a large 75 basis point rate cut, which brings the total key rate to only 2.25%. In doing so, the prime rate will also fall, bringing itself down three-fourths of a percentage point, leaving it at 5.25%.

This strategic maneuver, deftly employed by the FOMC, or Federal Open Market Committe, closely trailed a .5% cut in the month of January and brought the total federal funds rate down to the lowest level established since late 2004. [Read more]

MasterCard Optimistic, Perceives Positive Future

The credit card company MasterCard, Inc, apparently hasn’t been strongly affected by the credit crisis that has struck the U.S. in 2007 and continues to hurt its economy until the present day. According to Walt Macnee, the president of the global markets division of MasterCard, Inc, the market for credit in countries other than the U.S. is looking particularly good right now. Thus, even while America continues to be wracked by the credit crisis, MasterCard is anticipating economic expansion and growth for itself. [Read more]

Have Your Say With Credit Cards

The Federal Reserve is offering consumers a chance to have their voices heard about credit card practices. Now through August 4 consumers are able to go to the Federal Reserve’s website and voice their opinions on a set of new rules aimed at reforming the business practices of credit card companies. [Read more]

Non-profit Cooperates With Credit Card Bureau to Help Small Business Owners Build Credit

Experian, one of America’s three major credit reporting agencies, has declared that it will work together with the Credit Builders’ Alliance (CBA) to help lower-income individuals - especially lower-income entrepreneurs - work on building their credit history. This will help the  lower-income small business owners borrow microloans from community organizations to qualify for bigger loans from mainstream financial institutions. [Read more]