Tracy Davidson

Consumers continue to spend billions on overdraft fees, despite a Federal Reserve regulation that requires banks to obtain customers’ permission before signing them up for overdraft-protection programs, consumer advocates say. Consumers will spend an estimated $38.5 billion in overdraft penalty fees in 2011, up from $18.6 billion in 2000, according to a study out today by the [...]

Sony has admitted that hackers have stolen the personal information of customers who use the company’s online PlayStation Network.

For the first time in more than three years, consumers say they are happier with their banks. No, this isn’t a joke. While you can find stories every day about new fees popping up, and credit card interest rates rising as banks squirm under new regulations, consumers have actually become more satisfied with their banking experiences this [...]

Battle lines are being drawn in state capitals over whether workers should be judged by their creditworthiness. In 25 states, 49 proposed bills are being debated. The majority of the bills are aimed at restricting when credit histories can be used in the hiring process, says Heather Morton, analyst at the National Conference of State [...]

The promise of a free credit score may no longer be a bait-and-switch marketing ploy. A couple of changes should have an impact. A new rule that went into effect in January requires lenders to inform you if a poor credit score resulted in less favorable terms for your loan, such as a higher interest [...]

The sweeping new credit card regulations enacted last year were intended to protect consumers from numerous deceptive billing practices. But a few card issuers responded by looking for ways to get around the spirit of the rules. Now the Federal Reserve is moving to close the loopholes. On Friday, the Fed approved amendments to clarify any [...]

No cash on hand to pay the babysitter? Owe your mom $10? Soon you’ll be able to send payments directly to their Visa card. Visa Inc. on Wednesday said it is creating a service to allow individuals to use their own Visa or a bank account to send money to a personal Visa debit, credit [...]

During the battle over Credit CARD Act, much talk focused on what the legislation would — and wouldn’t — do. A year after the two-phase law was rolled out, what’s the word now? Mostly, it’s been a mixed bag. Some of the significant changes under the law included: 45-day notice if the terms of your [...]

Credit scoring has confused consumers for as long as it’s been used by lenders, insurers, and others seeking an instant read on a prospective customer’s reliability. And unfortunately, the problem may be getting worse. If you have any doubts, consider the recent experience of Stephen Brobeck, executive director of the Consumer Federation of America and [...]

Detroit is crowing that the auto industry is back, but so far, at least, it is a success story built as much on a revival in lending as on the development of desirable cars. Sales of new cars rose 11 percent, to around 11.4 million, in 2010 and are off to an even stronger start [...]