EasyPay Brings the Pain
Plus, the impact of Equifax's latest error
EasyPay Finance is making the news and not in a good way. 8 News Now in Las Vegas has noted that auto repair lender EasyPay is teaming up with Utah-based TAB Bank to offer predatory auto repair loans with rates up to 189%.
If you’re thinking about financing an auto repair loan, you may want to read the fine print. A Utah-based online bank was recently flagged by the National Consumer Law Center (NCLC) for issuing up to 189% interest in loans.
The company, EasyPay Finance, works in tandem with TAB Bank, which is based in Ogden, Utah. The bank offers financing through auto repair and tire shops across the country.
I’ve written before about EasyPay and TAB Bank and the predatory partnership that allows them to pilfer from desperate borrowers.
The story out of Nevada is just one more reminder: When you need a loan to cover the cost of an auto repair, stay away from EasyPay.
“A car repair can be a devastating expense, and financially fragile families don’t need predatory lenders amplifying the damage. EasyPay and its rent-a-bank partner TAB Bank are preying on people in a way that exploits the centrality of cars in American society. For most people, having a car that runs well is essential to their daily economic life and to managing a family,” said Elyse Hicks, Consumer Policy Counsel at Americans for Financial Reform.
Unexplained Credit Score Drop? Here’s What You Need to Know
Whether we like it or not, credit scores matter. They factor into financing for houses and cars and the information on credit reports that helps make up a credit score may be used when you go to rent an apartment or even when you get insurance.
This means it’s important to monitor your score. You can do this for free by using annualcreditreport.com.
But what happens when your score drops and you don’t know why?
The consumer protection attorneys at Finn Law Group have some insight as to why this may happen and what you can do about it.
Your Credit Score Just Dropped, Now What? (finnlawgroup.com)
Here’s what they have to say:
If you see a drop in your credit score or errors on your report, you can file a dispute with the credit bureau. You can do this online, by mail, or over the phone. The credit bureau has to investigate your claim and get back to you within 30 days.
If the credit bureau finds that the information is incorrect, it will be removed from your credit report. You might also request that the credit bureau send a correction notice to anyone who’s received your report in the past six months (or two years, if it’s a mistake that could impact your employment).
You can also file a direct dispute with the company or furnisher that provided the information to the credit bureau. The company also has to investigate your claim and report back to the credit bureau within 30 days with the results of the dispute.
Consumers may be especially alarmed following news of a recent error at Equifax that sent letters containing inaccurate credit scores impacting hundreds of thousands of potential borrowers.
It’s important to be vigilant in monitoring your score and fighting to correct errors if you detect them.
Here’s more on how to do that:
How to Fix Mistakes on Your Credit Report
MORE CONSUMER NEWS
Hello Digit Fined for Causing Overdrafts