Credit Report – How To Occupy http://howtooccupy.org/ Wed, 11 May 2022 05:01:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://howtooccupy.org/wp-content/uploads/2021/07/icon.png Credit Report – How To Occupy http://howtooccupy.org/ 32 32 ‘Can I take out a bank loan to pay my employees?’ https://howtooccupy.org/can-i-take-out-a-bank-loan-to-pay-my-employees/ Wed, 11 May 2022 05:01:43 +0000 https://howtooccupy.org/can-i-take-out-a-bank-loan-to-pay-my-employees/ I am running a business in UAE and am currently awaiting funds from investors. Due to a lack of cash for operating expenses, I was only able to pay my employees in installments and not on a monthly basis. So far, I owe my employees around Dh200,000 ($54,458) in arrears. I have also been unable […]]]>

I am running a business in UAE and am currently awaiting funds from investors. Due to a lack of cash for operating expenses, I was only able to pay my employees in installments and not on a monthly basis.

So far, I owe my employees around Dh200,000 ($54,458) in arrears. I have also been unable to pay my children’s school fees of Dh70,000 for this term and the school is threatening to suspend them. I suffer from severe mental stress due to my financial situation.

Is it possible to take out a loan to pay the salaries of my employees and the school fees of my children? However, my credit rating is less than ideal due to late card and car loan payments over the past few years. What should my ideal credit score be if I apply for a loan? Can you advise me on what to do? DR, Dubai

Debt Speaker 1: Sameh Awadallah, Acting Global Head of Retail Banking at Islamic Bank Abu Dhabi

It’s not easy to get a bank loan if you have bad credit, but it is possible. Your history of not paying refunds on time is likely to prolong the application process.

Please note that lenders prefer to receive regular repayments that lead customers to repay their debts rather than having borrowers unable to manage short term payments.

I suggest you contact your bank and explain your situation so that they can advise you on the best option.

It is crucial that you contact your bank. It may be best for you to seek secure financing, with some form of collateral to guarantee that repayments will be made.

In the meantime, you should also check your credit report with the Al Etihad credit bureau. A credit score below 580 is generally considered bad.

If you think there is a mistake, don’t worry. It can be corrected by registering with the AECB and filing the relevant documents.

You can also think of ways to improve your credit score during the financing application process.

Adopt better spending habits even after getting the loan and ensure that other financial commitments are paid on time.

Your bank will want to know that you are trustworthy, even if you have a bad credit rating. Additionally, you should be able to manage the debt to loan ratio.

If you have trouble making payments, it will further hurt your credit score. Therefore, I advise you to be realistic about the amount of money you intend to borrow.

If you are able to repay the loan on time, you will find that your credit score will improve. Whatever you decide to do, it’s important to keep your bank informed.

Debt 2 Panelist: Jaya Ratnani, Managing Partner at Freed Financial Services

People often start their own business with the goal of having more financial stability, but sometimes even the best of plans can go wrong.

Running a business during the pandemic must be extremely difficult and stressful. It is admirable that you were able to manage it with some delays and support your family and employees even in these difficult times.

An AELC credit score is a three-digit number between 300 and 900. It represents your creditworthiness and risk to lenders. Banks use credit score to decide whether to lend money to an individual and, if so, at what interest rate.

The ideal credit score must be above 570 to qualify for all banking products. However, lenders prefer credit scores above 700.

If you have missed loan repayments in the recent past, it will hurt your credit score. Even if you used to pay your dues on time, your recent history could lower your credit score.

Having a low credit score could also lead to lower limits on credit cards or customers could have their loan applications rejected. Even if you manage to get a loan despite having a low credit score, you will have to pay a higher interest rate.

Since you’ve been late with your payments for the past few months, I’m assuming your credit score is very low, which will affect your eligibility for a loan. To prevent your credit score from deteriorating, you could:

  • Pay your dues on time. Making timely payments for at least one year is required to qualify for any new loan.
  • Request a payment holiday or a restructuring plan from your bank on your existing debts.

It is important that you contact the bank and request an appointment to discuss a restructuring plan. Alternatively, you can contact a debt counseling company who can help you understand your options.

It’s crucial that you don’t let this escalate further and risk non-payment, which will not only affect your credit score, but also have legal implications.

Debt 3 Panelist: Alison Soltani, Founder of Leap savvy savers

I would recommend evaluating your business operations and systems before considering taking out a loan.

Regularly paying your employees must be your priority because one of them could complain to the Ministry of Human Resources and Emiratization about your payment practices.

If this happens, you could incur additional costs in legal fees if the case is referred to the UAE Labor Court.

I would also advise you to take a close look at your company’s balance sheet and check all income and expenses. Are there overheads that you could cut or reduce and continue production?

Are all your systems effective and efficient? For example, if someone takes payments or schedules appointments manually, but it could be automated, this can be a strategy to reduce costs in the future.

Another option could be to sell business (or personal) assets to pay off debts before taking out loans at potentially high interest rates.

In terms of tuition and other personal expenses, you might consider how you could reduce them by researching cheaper school, housing, and transportation options.

Again, this isn’t ideal, but if your situation is stressing you out, chances are a loan is contributing to higher stress levels. Making changes to your personal situation may be the most favorable option.

After you’ve followed all the steps above and you still want to take out a loan, your eligibility will be assessed based on your income and credit history.

To qualify for a loan, your credit score must be above 570 at a minimum. A good score generally ranges from 680 to 730 and a great score, which provides access to more loan options and lower interest rates, is deemed to be above 730.

It may be possible to take out a loan against your business, as the AECB will generate a credit score for you as an individual and your business, but you still have to take responsibility for paying it back.

Before applying for a loan, assess the likelihood that you will be able to continue paying your employees and other expenses, in addition to loan repayments and accrued interest.

If you are confident that funds from your investors will be received and your business is generating growing revenue, this may be an option. However, if future funds are uncertain, I would be wary of going into debt at this stage.

The Debt Panel is a weekly column to help readers manage their debts more effectively. If you have a question for the panel, write to pf@thenational.ae

Updated: May 11, 2022, 05:00

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Philippines Presidential Election: Live Updates https://howtooccupy.org/philippines-presidential-election-live-updates/ Mon, 09 May 2022 13:34:54 +0000 https://howtooccupy.org/philippines-presidential-election-live-updates/ Police on Monday near a polling station in Manila. Violence is common in elections in the Philippines and the government has deployed more than 250,000 police and military to prevent it.Credit…Jes Aznar for The New York Times MANILA — Election violence erupted in the Philippines over the weekend and Monday after a shootout between two […]]]>
Credit…Jes Aznar for The New York Times

MANILA — Election violence erupted in the Philippines over the weekend and Monday after a shootout between two groups linked to rivals for the mayorship left four people dead and a grenade attack injured nine others.

The shooting occurred in the northern province of Ilocos Sur on Sunday. Separately, local police in the southern town of Maguindanao said five rounds of grenades were fired into a town hall, prompting an exchange of gunfire with police. In Lanao del Sur, videos on social media showed people storming a voting center to destroy ballots and machines. An election official said the government was investigating the episode.

Violence is common in elections in the Philippines, where the government on Monday deployed 270,000 police and military to thwart such attacks.

Tight security was apparent at elementary schools converted into polling stations, and there were reports of broken voting machines and some voters having difficulty locating their names on voter rolls. At a press conference, Marlon Casquejo, an election official, said the government had counted 143 faulty machines across the country. He said these were mostly “isolated incidents” and blamed the old equipment for the problem.

Later that day, George Garcia, the Elections Commissioner, said more than 1,800 voting machines had malfunctioned and there were 1,100 backup machines across the country.

Analysts and election observers have described the race between Ferdinand Marcos Jr. and Leni Robredo, the vice president, as an existential battle for the soul of the country, with consequences that cannot be overstated.

Chester Cabalza, the founder of the Manila-based research institute International Development and Security Cooperation, said voting was not just about the next president, but “choosing between good governance in transparent government or continuity of leadership marred by lies and revised”. the story.”

Carl Merencillo, a Manila voter who works at a construction company, brought his wife and two young daughters to Ms. Robredo’s latest campaign rally in Manila’s financial district on Saturday. Mid-morning Monday, he voted for “hope,” he said.

“Certainly, it was for children. It was really a way for me to ensure that the future will be better for the children and their generation,” said Mr. Merencillo.

It took voters between 45 minutes and an hour to cast their ballots in a constituency outside Manila, as the line snaked for about a mile in the scorching tropical sun. Officials tried to enforce social distancing rules to prevent the spread of Covid-19, but voters were packed side by side at many polling stations.

Apart from the top job, thousands of local officials, mayors and senators are also running for office in the Philippines. There are more than 65 million registered voters in the country – a record – and poll workers said polling stations would be open until 7 p.m.

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Personal loan rates drop for 3- and 5-year loans https://howtooccupy.org/personal-loan-rates-drop-for-3-and-5-year-loans/ Sat, 07 May 2022 00:04:46 +0000 https://howtooccupy.org/personal-loan-rates-drop-for-3-and-5-year-loans/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders, all opinions are our own. The latest personal loan interest rate trends from Credible Marketplace, updated weekly. (Stock) […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders, all opinions are our own.

The latest personal loan interest rate trends from Credible Marketplace, updated weekly. (Stock)

Borrowers with a good credit application personal loans in the last seven days pre-qualified for lower rates for 3-year and 5-year fixed rates than in the previous seven days.

For borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender between April 28 and May 4:

  • Rates on 3-year fixed-rate loans averaged 10.82%, down from 10.89% the previous seven days and 11.72% a year ago.
  • Rates on 5-year fixed-rate loans averaged 12.83%, down from 13.60% the previous seven days and from 12.62% a year ago.

Personal loans have become a popular means of consolidate and pay off credit card debt and other loans. They can also be used to cover unexpected expenses like medical billstake care of a major purchase or finance home improvement projects.

3- and 5-year fixed personal loan rates have fallen over the past seven days. While the rates for 3-year terms only fell by a slight 0.07%, the rates for 5-year terms experienced a more significant drop of 0.77%. Borrowers can enjoy interest savings with a 3 or 5 year personal loan now.

Whether a personal loan is right for you often depends on several factors, including the rate you may qualify for. Comparing several lenders and their rates could help you get the best possible personal loan for your needs.

It’s always a good idea to comparison store on sites like Credible to understand how much you qualify for and choose the best option for you.

Here are the latest personal loan interest rate trends from the Credible Marketplace, updated monthly.

Personal Loan Weekly Rate Trends

personal-loan-tendencies-may-6.jpg

The table above shows the average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender.

For the month of April 2022:

  • 3-year personal loan rates averaged 10.69%, down from 10.36% in March.
  • 5-year personal loan rates averaged 13.36%, down from 12.73% in March.

Personal loan rates vary widely depending on credit rating and length of loan. If you’re curious about what kind of personal loan rates you might qualify for, you can use an online tool like Credible to compare the options of different private lenders. Checking your rates will not affect your credit score.

All Credible Marketplace lenders offer fixed rate loans at competitive rates. Since lenders use different methods to assess borrowers, it’s a good idea to ask for personal loan rates from multiple lenders so you can compare your options.

Current personal loan rates by credit score

credible-personal-prets.jpg

In March, the average prequalified rate retained by borrowers was:

  • 8.03% for borrowers with credit scores of 780 or higher choosing a 3-year loan
  • 29.70% for borrowers with credit scores below 600 choosing a 5-year loan

Depending on factors such as your credit score, the type of personal loan you are looking for, and the repayment term of the loan, the interest rate may differ.

As the chart above shows, a good credit rating can mean a lower interest rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms.

How to get a lower interest rate

Many factors influence the interest rate a lender can offer you for a personal loan. But there are steps you can take to increase your chances of getting a lower interest rate. Here are some tactics to try.

Increase credit score

Generally, people with higher credit scores qualify for lower interest rates. Steps that can help you improve your credit score over time include:

  • Pay your bills on time. Payment history is the most important factor in your credit score. Pay all your bills on time for the amount owed.
  • Check your credit report. Check your credit file to make sure there are no errors. If you find any errors, dispute them with the credit bureau.
  • Reduce your credit utilization rate. Paying off credit card debt can improve this important credit score factor.
  • Avoid opening new credit accounts. Apply for and open only the credit accounts you really need. Too many serious inquiries on your credit report in a short time could lower your credit score.

Choose a shorter loan term

Personal loan repayment terms can vary from one to several years. Typically, shorter terms come with lower interest rates because the lender’s money is at risk for a shorter period.

If your financial situation allows it, applying for a shorter term could help you get a lower interest rate. Keep in mind that the shorter term doesn’t just benefit the lender: by choosing a shorter repayment term, you’ll pay less interest over the life of the loan.

Get a co-signer

You may be familiar with the concept of a co-signer if you have student loans. If your credit isn’t good enough to qualify for the best personal loan interest rates, find a co-signer with good credit could help you get a lower interest rate.

Remember that if you are unable to repay the loan, your co-signer will have to repay it. And co-signing a loan could also affect their credit score.

Compare rates from different lenders

Before applying for a personal loan, it’s a good idea to shop around and compare offers from several different lenders to get the lowest rates. Online lenders generally offer the most competitive rates and can be quicker to disburse your loan than a physical establishment.

But don’t worry, comparing rates and terms doesn’t have to be a tedious process.

Credible is easy. Simply enter the amount you wish to borrow and you can compare multiple lenders to choose the one that suits you best.

About Credible

Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options without putting their personal information at risk or affecting their credit score. The Credible Marketplace delivers an unparalleled customer experience, as evidenced by over 4,500 positive Trustpilot reviews and a TrustScore of 4.7/5.

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What is the average payment for a car? – Forbes Advisor https://howtooccupy.org/what-is-the-average-payment-for-a-car-forbes-advisor/ Wed, 04 May 2022 17:08:51 +0000 https://howtooccupy.org/what-is-the-average-payment-for-a-car-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. Car prices have soared since the start of the Covid-19 pandemic, sending the average monthly payment for a new car jumping 11% to $644 in the fourth quarter of 2021 from a […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Car prices have soared since the start of the Covid-19 pandemic, sending the average monthly payment for a new car jumping 11% to $644 in the fourth quarter of 2021 from a year earlier, according to a Experian report.

If you’re on the hunt for a new car and want to get a better idea of ​​what you might be paying monthly, here are some statistics on the average car payment and what goes into calculating those numbers.

Average monthly car payment

Here’s an idea of ​​the average monthly payment for a car by certain types of car purchases based on Experian’s fourth quarter 2021 data.

  • New car: $644
  • New rental car: $531
  • Used car: $488

Leasing, a popular type of car financing that allows you to “rent” a car from a dealership for a fixed term, is generally less expensive than buying. Since you plan to return the car, you pay less than someone financing a car with the intention of owning the title one day.

However, you will not have equity or ownership of the vehicle when you lease it. And you could face additional costs for washing up and tearing at the end of the lease.

Used cars, which generally cost less than new cars, have lower average monthly payments than newer models. Average monthly payments for used cars for the fourth quarter of 2021 were $488, according to Experian.

What makes up your car payment?

Car payments are determined largely by your loan amount, interest rate and term of your loan, but they can also take into account:

  • The type of car
  • Deposit amount
  • Lender
  • Credit score
  • Costs

As such, everyone pays a different car payment for the same car purchase. For example, consumers in March spent an average of $43,025 on a full-size car and $99,953 on a luxury SUV or crossover, according to Kelley Blue Book. These figures are based on the purchase price and do not include the full cost over the life of the loan.

Your car payment breaks down as follows:

  • Major: The principal amount is the amount of money you borrow to buy the car.
  • interest: Interest is what you pay a lender to borrow money. Your interest is based primarily on your credit score: the higher your score, the lower your interest rate. Your interest rate is also based on your lender, your credit history, and the type and age of your car.
  • Fees, Taxes and Fees: Every vehicle purchase comes with a fee, which varies greatly depending on where you live and where you purchased the car.
  • term of the loan: The term of your loan is the time it takes to fully repay your loan. The longer your term, the longer you will pay off your car loan, which means the total interest you will pay over the term of the loan will be higher. But it also means lower monthly payments, which may be better if you don’t have a lot of room in your monthly budget.

Related: Auto loan repayment calculator

How credit affects your car payment

Your credit score is one of the most important factors in paying for your car. Your credit score influences your interest rate and the amount a lender is willing to lend you.

The higher your credit score, the more likely you are to qualify for an auto loan and get the lowest interest rate available. A higher credit score also gives you more buying power. It shows lenders that you are responsible for paying your debts and encourages them to approve the loan.

A lower credit score means paying a higher interest rate, and you might not get the full loan amount you want. If you are looking for a new car, you may have to settle for a car that costs less than the other models you are considering.

Related: How to improve your credit score

5 ways to lower your car payment

Making room in your budget for the payment of a car, whether new, used or leased, is major. Here are some ways to lower the cost of a car payment.

1. Get pre-approved

Finding the best loan deal and getting pre-approved ahead of time gives you more buying power when you finally make your way to the dealership. It shows how much car you can afford and what interest rate you are most eligible for based on your credit history.

If you can’t be pre-approved on your own, you might consider asking a trusted friend or family member to serve as a co-signer. A co-signer not only helps you qualify for a loan, but if they have great credit, you can get the lowest interest rate available. Keep in mind, though, that if you don’t repay your loan, your credit score will plummet, as will your co-signer’s.

2. Browse used vehicles

New cars are almost always more expensive than used cars. If you don’t think you can afford the monthly payments on a new car, consider buying a used one.

Look for one that is certified pre-owned and preferably one with low mileage. The less the car has been used, the more like new it will be and the less maintenance you will have to do at the start of your ownership.

If buying a car is still too expensive, consider renting a car.

3. Increase your down payment

The more you can pay upfront, the lower your monthly payments will be. Try to save as much as possible before you start your car search. If you can wait for your dream car, take the time to set aside as much money as possible for when the time comes.

4. Get a longer repayment term

Most borrowers, regardless of their credit rating, get a term of five years or more to keep monthly payments manageable. Even with the added accrued interest as a trade-off for lower payments, getting a loan term of 72 or 84 months is becoming more common as the cost of vehicles continues to rise.

5. Pay off an old debt

When you complete an auto loan, lenders look at your debt-to-income ratio (DTI) to see if you can comfortably afford to continue making payments in an emergency. This is a ratio based on your total monthly debt to your income. The lower your DTI, the more you turn to lenders; the higher your DTI, the less likely lenders are to give you a low interest rate or approve the amount you need to finance your car.

Pay off as much debt as possible before applying for a car loan. Whether it’s student loans, medical bills or credit cards, pay it to lower your DTI. This proves to lenders that you are responsible for the credit.

Be sure to research the cost of the car you want as well as the cost of financing thoroughly. A little pre-planning and research can set you up for a positive car buying experience and lay the foundation for future purchases.

Compare rates and save on your car loan

Get up to 4 loan offers in minutes at myAutoloan.com.

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Paycheck to Paycheck and Credit Debt Consumers https://howtooccupy.org/paycheck-to-paycheck-and-credit-debt-consumers/ Mon, 02 May 2022 08:00:12 +0000 https://howtooccupy.org/paycheck-to-paycheck-and-credit-debt-consumers/ Rising inflationary pressures continue to weigh on the economic outlook for U.S. consumers, even as pandemic-related restrictions continued to be lifted in late March 2022. The U.S. government reported that inflation has climbed to 8.5% over the past 12 months, with energy and food prices seeing the largest increases. With inflation still on the rise, […]]]>

LendingClub - New Reality Check: The Paycheck-To-Paycheck Report: The Credit Edition - May 2022 - Find out how American consumers living paycheck to paycheck are accessing and managing their credit

Rising inflationary pressures continue to weigh on the economic outlook for U.S. consumers, even as pandemic-related restrictions continued to be lifted in late March 2022. The U.S. government reported that inflation has climbed to 8.5% over the past 12 months, with energy and food prices seeing the largest increases. LendingClub - New Reality Check: The Paycheck-To-Paycheck Report: The Credit Edition - May 2022 - Find out how American consumers living paycheck to paycheck are accessing and managing their creditWith inflation still on the rise, consumers of all income brackets are feeling the financial crisis, increasing the share of consumers living paycheck to paycheck.

A recent PYMNTS study found that 64% of consumers lived paycheck to paycheck in March, up two percentage points from 62% in February. Additionally, 49% of Americans earning more than $100,000 a year were living paycheck to paycheck in March, down slightly from 50% the previous month. Living paycheck to paycheck means spending your entire salary on expenses with little or nothing at the end of the month. Despite this, these consumers remain solvent, actively managing their cash flow in real time. Nearly a quarter of consumers who live paycheck to paycheck report a credit score above the FICO average of 750.

These are just some of the conclusions that emerge from New reality check: the paycheck-to-paycheck reporta PYMNTS and loan club collaboration. The credit edition examines the growing share of American consumers in all economic brackets living paycheck to paycheck and the impact on their ability to access credit and other expense management tools. The series draws on information from a March 9-11 survey of 2,326 US consumers, as well as an analysis of other economic data.LendingClub - New Reality Check: The Paycheck-To-Paycheck Report: The Credit Edition - May 2022 - Find out how American consumers living paycheck to paycheck are accessing and managing their credit

Other key findings from the study include:

• In March 2022, 49% of consumers earning over $100,000 a year reported living paycheck to paycheck, down slightly from 50% in February. The share of those earning between $50,000 and $100,000 who reported living paycheck to paycheck also fell to 63% in March from 65% in February. Meanwhile, the share of those earning less than $50,000 living paycheck to paycheck has risen from 80% to 82% over the same period.

LendingClub - New Reality Check: The Paycheck-To-Paycheck Report: The Credit Edition - May 2022 - Find out how American consumers living paycheck to paycheck are accessing and managing their credit• Consumers who live paycheck to paycheck have average credit scores ranging from “fair” to “good”. Paycheck-to-paycheck consumers with no problems paying their bills have an average credit score of 694, while those who struggle to pay their bills each month have a below-average credit score of 613. The average credit score for all paycheck-to-paycheck consumers is 664, more than 90 points below the average for consumers who don’t live paycheck-to-paycheck.

• Paycheck-to-paycheck consumers are three times more likely to rollover credit card debt and have higher monthly balances overall. Among cardholders who live paycheck to paycheck, 34% of those who have no problem paying their monthly bills and 47% of those who have trouble paying their bills “always” or “usually” have a revolving balance. Only 12% of consumers who don’t live paycheck to paycheque “always” or “usually” use credit.

To learn more about how paycheck-to-paycheck consumers of different income brackets are faring in today’s changing economic times, To download The report.

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The mobile bus provides financial knowledge https://howtooccupy.org/the-mobile-bus-provides-financial-knowledge/ Sat, 30 Apr 2022 13:00:00 +0000 https://howtooccupy.org/the-mobile-bus-provides-financial-knowledge/ CINCINNATI — Having a low credit score can be a challenge when looking to buy things like a house or a car. But with a mobile bus service, families in need can help build credit and gain better financial literacy. What do you want to know Fifth Third Bank’s eBus recently traveled to Avondale, a […]]]>

CINCINNATI — Having a low credit score can be a challenge when looking to buy things like a house or a car. But with a mobile bus service, families in need can help build credit and gain better financial literacy.


What do you want to know

  • Fifth Third Bank’s eBus recently traveled to Avondale, a neighborhood in Cincinnati
  • The eBus is a mobile bus equipped with desktop computer stations for use by residents of historically underserved neighborhoods
  • Residents meet with a professional banker who will review their credit score and credit report and then make suggestions
  • The eBus has helped nearly half a million people since 2004

For months now, Angela Ramsey has been looking forward to buying her first home. She stopped at the Fifth Third EBus for some tips and advice.

“It will be mine,” Ramsey said. “I don’t need to move. I don’t need to be late for rent and someone fires me. I will be my own owner.

Once on the bus, Ramsey met a personal banker from Fifth Third Bank. They checked his credit rating and reviewed his credit file. Through this process, she learned that she needed to improve her credit before buying a house.

“I already know my credit cards are a little high, so he wanted to remind me to keep them below 30%,” she said. “So I’m going to bring them down to 30%, and I’ll be ready to flip for my mortgage.”

The eBus is made possible through a collaboration between Fifth Third Bank, Greater Southwest Ohio Urban League and Avondale Development Corporation.

Community Economic Development Fifth Third Senior Vice President of Marketing Royce Sutton said the service is important in communities like Avondale, where the percentage of homebuyers is 23%, nearly half the rate. of Cincinnati shoppers.

“The opportunity for us to bring information to really connect with families to talk about these things that will create legacies, create opportunities for wealth growth, but more importantly, for people to start that journey “Sutton said.

In addition to the eBus, residents like Ramsey have explored other stands with Jobs and Family Services and the Women’s Business Enterprise Council Ohio River Valley. Overall, Ramsey said the experience helped her get back on track financially.

“It’s been very beneficial for me, I believe,” Ramsey said. “That’s exactly how I feel because things I didn’t know give me this opportunity to know.”

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Q1 2022 Class Action Update https://howtooccupy.org/q1-2022-class-action-update/ Thu, 28 Apr 2022 23:41:37 +0000 https://howtooccupy.org/q1-2022-class-action-update/ April 28, 2022 Click for PDF This update provides an overview of key class action developments during the first quarter of 2022 (January to March). First part deals with Eleventh and Ninth Circuit cases regarding the diversity and amount of controversy requirements for federal court jurisdiction under the Class Action Fairness Act of 2005 (“CAFA”). […]]]>

April 28, 2022

Click for PDF

This update provides an overview of key class action developments during the first quarter of 2022 (January to March).

First part deals with Eleventh and Ninth Circuit cases regarding the diversity and amount of controversy requirements for federal court jurisdiction under the Class Action Fairness Act of 2005 (“CAFA”).

Part II covers a recent Seventh Circuit decision analyzing when immaterial harm resulting from a violation of law is sufficient for Article III to be valid in putative class actions.

Additionally, while not covered in this update, the Ninth Circuit recently issued a significant en banc advisory regarding class certification issues in Olean Wholesale Grocery c. Bumble Bee Foods— F.4th —, 2022 WL 1053459 (9th Cir. Apr. 8, 2022) (en banc), including burden of proof for a plaintiff seeking group certification, evaluation of expert testimony at the collective certification stage and the interaction between Rule 23 and injury and Article III. olean is discussed in our separate Customer Alert.

I. The Eleventh and Ninth Circuits Take an Expanded View of CFAA Jurisdiction

During the past quarter, the Eleventh and Ninth Circuits issued notable decisions regarding aspects of federal court jurisdiction under the CAFA (minimum diversity and amount of controversy).

In Cavalieri vs. Avior Airlines CA, 25 F.4th 843 (11th Cir. 2022), the Eleventh Circuit addressed the CAFA’s “minimum diversity” requirement, which provides federal jurisdiction over a class action if there is more than $5 million controversy and “every member of a plaintiff class is a citizen of a state and every defendant is a foreign state or a citizen or subject of a foreign state”. 28 USC § 1332(d)(2)(C). The court held that this requirement can be satisfied in a foreign defendant case by plausible claims that a domestic class includes at least one U.S. citizen.

In Riders, two Venezuelan citizens, one of whom is a lawful permanent resident of the United States, filed a class action lawsuit against a Venezuelan airline for breach of contract. 25 F.4th at 848. On appeal, the Eleventh Circuit spontaneously considered whether the Complainants had sufficiently asserted diversity competence. Identifier.

The court first ruled that a foreign citizen who is a permanent resident is not considered a “citizen[] of a State” under the 2011 CFAA Amendments, which meant that the case did not meet general diversity requirements because the plaintiffs and defendant were non-nationals. 25 F.4th at 848–49 (citing 28 USC § 1332(a)). Nonetheless, the Eleventh Circuit found that the allegations supported a minimum diversity competency under the CAFA because the plaintiffs had plausibly alleged that “at least one unnamed class member is a U.S. citizen and resident and , therefore, is different from” the Venezuelan airline. Identifier. at 849. The court added that it was for “a later stage in the litigation for the district court to make the factual determination on the actual existence of jurisdiction”. Identifier. at 850 (citation omitted).

The Ninth Circuit addressed the CFAA’s Amount in Dispute requirement in Jauregui v Roadrunner Transportation Services, Inc., 28 F.4th 989 (9th Cir. 2022). In this case, the plaintiff filed a putative class action lawsuit over wages and hours on behalf of all of the defendant’s current and former hourly workers. Identifier. at 991. Although the defendant remanded the case to federal court under the CFAA and presented substantial evidence to establish the requirement of the amount in dispute, the district court nevertheless remanded the matter to the court of ‘State. Identifier.

The ninth circuit reversed. He held that by erroneously excluding substantial evidence from the defendant showing that the amount in dispute was satisfied, the district court had impermissibly imposed a “heavy burden” on the defendant which “contravenes the text and understanding of the CAFA and ignores the previous one”. 28 F.4th at 992. In particular, the District Court improperly “put a thumbs-up against withdrawal” by assigning a value of $0 to most of Plaintiff’s claims simply because he was not agree with the assumptions underlying the defendant’s estimates. Identifier. at 992. But “the mere fact of preferring an alternative hypothesis is not an appropriate basis for setting aside a claim” and “at most, it only justifies reducing the claim to the amount resulting from the alternative hypothesis”. Identifier. at 994. Thus, the district court’s approach to “turn[ed] the process of removing the CFAA into an unrealistic all-or-nothing exercise of guessing the precise presumption the court will choose, even if . . . the defendant has provided substantial evidence and analysis in support of its amount in the controversy estimate. » Identifier. The Ninth Circuit also reaffirmed the “broad understanding of the CAFA” under Circuit precedent, and encouraged district courts to give defendants “latitude” when analyzing withdrawal “so long as the [defendant’s] the underlying reasoning and assumptions are reasonable. Identifier. at 993.

II. The Seventh Circuit deals with cases where a violation of consumer financial protection laws gives rise to Article III

As noted in our previous updates, federal courts have continued to apply a combination of approaches to determining whether plaintiffs alleging violations of law have alleged concrete harm to satisfy Article III under TransUnion LLC vs. Ramirez, 141 S.Ct. 2190 (2021). The Seventh Circuit weighed in this quarter in a case analyzing quality under the Fair Debt Collection Protection Act (“FDCPA”).

In Ewing vs. MED-1 Solutions, LLC, 24 F.4th 1146 (7th Cir. 2022), the Seventh Circuit held that the failure of debt collectors to report a customer’s debt dispute to credit reporting agencies is sufficient concrete harm to justify the quality under the FDCPA. Although the defendants argued that the plaintiffs lacked standing under Trans Union because “there is no evidence that [the credit agencies] Send it [plaintiffs’] credit reports to potential creditors,” the court said in disagreement. 24 F.4th at 1150, 1152. “In the wake of Trans Union“, the Seventh Circuit framed the ongoing analysis as asking “whether the [plaintiffs] suffered a concrete injury when the [debt collectors] provided false information (ie, undisputed debt reports) about them to a credit reporting agency. » Identifier. at 1152. Because the FDCPA protects against “damage to reputation”—which “is analogous to damages caused by defamation, which has long roots in common law”—the claim satisfied Trans Unionthe requirement that the harm must have a close connection with a traditionally recognized harm. Identifier. at 1153. Also, the failure of credit reporting agencies to release credit reports to third parties was “a red herring” as debt collectors released false information to the agency of credit, and complainants did not need to show that the credit agency then”also shared this false information” to other third parties. Identifier. at 1152–53.


The following Gibson Dunn attorneys contributed to this client update: The following Gibson Dunn attorneys contributed to this client update: Jessica Pearigen, Gillian Miller, Yan Zhao, Wesley Sze, Lauren Blas, Bradley Hamburger, Kahn Scolnick and Christopher Chorba.

Gibson Dunn attorneys are available to answer any questions you may have regarding these developments. Please contact the Gibson Dunn lawyer with whom you usually work in the firm’s Class Actions, Litigation or Appeals and Constitutional Law practice groups, or one of the following lawyers:

Theodore J. Boutrous, Jr. – Los Angeles (+1 213-229-7000, tboutrous@gibsondunn.com)
Christopher Chorba – Co-Chair, Class Actions Practice Group – Los Angeles (+1 213-229-7396, cchorba@gibsondunn.com)
Theane Evangelis – Co-Chair, Litigation Practice Group, Los Angeles (+1 213-229-7726, tevangelis@gibsondunn.com)
Kahn A. Scolnick – Co-Chair, Class Action Practice Group – Los Angeles (+1 213-229-7656, kscolnick@gibsondunn.com)
Bradley J. Hamburger – Los Angeles (+1 213-229-7658, bhamburger@gibsondunn.com)
Lauren M. Blas – Los Angeles (+1 213-229-7503, lblas@gibsondunn.com)

© 2022 Gibson, Dunn & Crutcher LLP

Publicity for Lawyers: The attached materials have been prepared for general information purposes only and are not intended to provide legal advice.

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Climate change threatens 4% of global GDP, says new study https://howtooccupy.org/climate-change-threatens-4-of-global-gdp-says-new-study/ Wed, 27 Apr 2022 08:15:00 +0000 https://howtooccupy.org/climate-change-threatens-4-of-global-gdp-says-new-study/ Army soldiers evacuate people from a flooded area to safer places as Cyclone Yaas makes landfall in Ramnagar in Purba Medinipur district in the eastern state of West Bengal, India on May 26 2021. REUTERS/Rupak of Chowdhuri/File Photo Join now for FREE unlimited access to Reuters.com Register LONDON, April 27 (Reuters) – Climate change could […]]]>

Army soldiers evacuate people from a flooded area to safer places as Cyclone Yaas makes landfall in Ramnagar in Purba Medinipur district in the eastern state of West Bengal, India on May 26 2021. REUTERS/Rupak of Chowdhuri/File Photo

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LONDON, April 27 (Reuters) – Climate change could lead to a loss of 4% of annual global economic output by 2050 and disproportionately affect many of the world’s poorest regions, according to a new study of 135 countries. .

Ratings firm S&P Global, which assigns countries credit ratings based on the health of their economies, released a report on Tuesday examining the likely impact of rising sea levels and heat waves, droughts and more regular storms.

In a baseline scenario where governments are largely hesitant to adopt major new climate change policies – known as “RCP 4.5” by scientists – lower and lower-middle income countries are likely to experience on average gross domestic product losses 3.6 times greater than wealthier countries.

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Bangladesh, India, Pakistan and Sri Lanka’s exposure to wildfires, floods, major storms and water shortages means South Asia has 10-18% of GDP at risk , about three times that of North America and 10 times that of the least affected region, Europe.

The regions of Central Asia, the Middle East and North Africa and Sub-Saharan Africa are also suffering significant losses. Countries in East Asia and the Pacific face similar levels of exposure to those in sub-Saharan Africa, but mainly due to storms and floods rather than heat waves and drought.

“To varying degrees, this is a problem for the world,” said Roberto Sifon-Arevalo, senior government credit analyst at S&P. “One thing that really stands out is the need for international support for many of these (poorer) parts of the world.”

The regions hardest hit by climate change

Countries around the equator or small islands tend to be more at risk, while economies more dependent on sectors such as agriculture are likely to be more affected than those with large service sectors.

For most countries, exposure to climate change and the resulting costs are already increasing. Over the past 10 years, storms, wildfires and floods alone have caused losses of around 0.3% of GDP per year worldwide, according to insurance company Swiss Re.

The World Meteorological Organization (WMO) also calculates that on average, a weather-, climate- or water-related disaster has occurred somewhere in the world every day for the past 50 years, causing 115 daily deaths. and over $202 million in daily losses.

S&P’s Sifon-Arevalo said some countries have already suffered credit rating downgrades due to extreme weather, such as some Caribbean islands after major hurricanes.

But he said the new data was not about to be incorporated into the firm’s sovereign rating models because there were still too many uncertainties such as how countries might adapt to the changes.

A study last year by a group of UK universities looking at a more extreme rise in global temperatures predicted that more than 60 countries could see their ratings drop due to global warming by 2030.

Some experts have also suggested a sliding scale for the ratings, where highly exposed countries would have one credit score for the next 10 years or so and another for later when problems are likely to arise.

“We strive to say what is relevant and where,” Sifon-Arevalo said. “But we’re not evaluating against a worst-case scenario, we’re evaluating against a base-case scenario.”

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Reporting by Marc Jones Editing by Tomasz Janowski

Our standards: The Thomson Reuters Trust Principles.

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Why should I care about my personal finances? | News, Sports, Jobs https://howtooccupy.org/why-should-i-care-about-my-personal-finances-news-sports-jobs/ Sat, 23 Apr 2022 19:07:42 +0000 https://howtooccupy.org/why-should-i-care-about-my-personal-finances-news-sports-jobs/ Your bank balance is low; your bills are high, and so is your anxiety. Here’s a bombshell truth we all need to hear: managing personal finances is an essential life skill. For some people it’s a matter of satisfying both wants and needs, and for others it’s a matter of survival. Besides being […]]]>

Your bank balance is low; your bills are high, and so is your anxiety. Here’s a bombshell truth we all need to hear: managing personal finances is an essential life skill. For some people it’s a matter of satisfying both wants and needs, and for others it’s a matter of survival. Besides being able to keep a roof over your head, here are some reasons why you should care about managing your finances.

Why you should care about your personal finances

Your health and well-being

Over a thousand American adults were asked to discuss their feelings about their current financial situation. One of the main findings of this report is that Americans are worried about their financial future via The Mind over Money Study.

68% worry about not having enough money in their savings to retire 56% worry about not being able to meet the cost of living 45% feel stressed about managing their debts Survey respondents also admit that financial stress affects other aspects of their lives.

43% feel tired, 42% find it hard to concentrate at work, 41% say they don’t sleep well because of their financial burden.

Your relationships

Additionally, financial stress can have a huge impact on relationships. According to a survey by The Cashlorette, 48% of American respondents who are married or living with someone say they argue over financial matters. As a result, one of the main contenders for failed marriages is disagreements over money.

TD Ameritrade backs this up with data showing that 41% of divorced Gen Xers and 29% of Boomers say they ended their marriage because of disagreements over money.

Not worrying about personal finances will have a negative impact on your long-term health, your relationships, and your ability to take care of yourself and provide financial security for your family.

Your credit score

Maintaining a strong credit score and a good credit report can help you pass a rental credit check to rent a nice place to live, secure a lease, mortgage, or finance. Monitoring your credit card debt is just as vital as it helps you establish your credit score. Factors that affect your credit score and credit report are:

Payment habits

A history of not keeping up with regular payments with multiple accounts over several years may indicate irresponsible credit behavior.

Debt charge

Having large debts, especially relative to your gross income, will hurt your credit score.

Late payments

Late fees can be costly, especially with high-interest credit card debt. Additionally, late payments will show the inability to keep up with your regular debt payments.

Other financial issues

Accounts sent to collection agencies and filing for bankruptcy are just a few financial issues that will kill your credit score.

Of all the factors, payment history is the most critical factor to consider as it accounts for 35% of a credit score.

Another reason you need a good credit rating is to take on more debt if you need to. With a low credit score, you can expect any mismanagement of your finances to show up on your credit report. This can close the doors to favorable loan terms and credit cards to help you get your home, car, and other needs.

Achieve financial goals

A survey of 1,000 American adults asked respondents what their top financial goals were. The top five responses were:

20% answered: “Buying my own house or my own apartment”. 19% answered: “I have enough to finally be able to retire”. 14% answered: “Payment of credit card debt”. 6% answered: “Building my credit score”. 7% of respondents felt they would never reach their financial goals. When asked why they didn’t think they could achieve this, 20% said their expenses were too high and they had no discretionary income to use for other things. 14% said they had too much debt to pay off.

These are all common goals that people dream of achieving. Unfortunately, not meeting these goals is also a common problem for people who don’t care about managing their finances properly. A solid financial plan can turn your dream of achieving your financial goals into reality.

Ways to manage personal finances

Create a budget

According to a Penny Hoarder poll, about 55% of Americans don’t use a budget to manage their money. Penny Hoarder also determined that people who don’t track their spending tend to owe $5,000 or more in credit card debt. On the other hand, those who use a budget to track their money are more likely to know how much they are spending and are less likely to splurge.

To create a budget, you can sit down with a pencil, notepad, and your stack of bills and get started. You can also use a spreadsheet like Excel or download a budgeting app to your phone. Any of these methods of tracking your expenses will work.

Calculate your monthly fixed and variable expenses once you have determined your net income, your net salary after tax. Variable expenses such as groceries and gas are more difficult to determine, so consider using a 12-month average from the previous year as the monthly expense for your budget.

The old saying “Live within your means” still holds today. Do your best to ensure that your expenses do not exceed your income.

Monitor discretionary spending

Discretionary spending is money used for non-essential items and entertainment. A review of consumer spending in 2018 found that the top three areas where discretionary spending was highest were:

Food is consumed outside the home. Entertainment equipment and services such as sports equipment and hobbies such as photography. Clothing products and services. There are many ways to plan your spending in this area. One is the 50-20-30 rule, where 50% goes to necessary expenses, 20% to savings, and 30% to everything else.

But if you live in an area with a high cost of living, have large debts, or have a low-paying job, 30% of your income for entertainment and non-essential expenses is excessive. Make a judgment based on your financial situation.

Another way to budget non-essential expenses is to rank them in order of importance. Think about the top priority expenses and set your discretionary spending budget for the amount of those expenses.

You should also assess your recurring costs, such as monthly subscriptions. We often continue to pay these types of expenses without any consideration as to whether the product or service is still of value to us and worth the cost. Cancel any non-essential recurring expenses that you no longer need or no longer value.

Pay your bills on time and pay off your debts

Late fees are expensive and can add up. As already mentioned, late bill payments will also have a negative impact on your credit score. Pay your bills on time and pay off your high-interest debt.

It’s best to pay your credit card debt straight, or at least more than the minimum. Otherwise, you will continue to accrue interest charges, and paying off the loan will take longer and cost more.

To keep debt at manageable levels, try not to spend more than you earn, unless you’re acquiring an asset like a mortgage to buy a house.

Start an emergency fund

An emergency fund is a separate savings account used strictly to cover unexpected expenses. A rule of thumb is to save three to six months of your regular monthly payments to cover an unexpected cost.

This way, you don’t have to dip into your savings and stray from your financial goals, and you don’t have to further increase your debt at high interest rates.

Creating an emergency fund is a necessary part of the budgeting process. If you have significant debt that you’d like to focus on paying off, keep doing it, but set aside even amounts as small as $5-10 a week for emergencies.

Automate savings and invest

Set up automatic transfers from your checking account to your savings or investment account, preferably when your paycheck hits your account. This way, your savings can continue to add up without thinking about it.

Retirement plans

Even though this survey found retirement to be the second most important goal, more than a third of Americans don’t even see it happening. Additionally, 36% of Americans believe they will never have enough money to retire.

It’s never too late to start investing to save for your retirement. A 401(k) is an employer-sponsored plan. First, check with your employer to see if they have an employee contribution matching program.

You would agree to have a percentage of each salary paid directly into an investment account in this program. The employer can match part or all of the contribution. If you are self-employed and have no employees, you can contribute to a solo 401(k) plan.

33% of private sector workers in the United States do not have access to an employer pension plan. Unfortunately, people often don’t save for retirement without access to a 401(k) plan. But if your employer doesn’t offer a 401(k) retirement plan, a great alternative is to invest in an Individual Retirement Account (IRA).

Again, automate transfers from your checking account to your IRA to continue building your retirement savings.

The importance of financial autonomy

83% of people who set financial goals feel better about their financial situation even after one year. Create a budget, be consistent with your tracking, and commit to your plan. Automate your savings and build an emergency fund. You will pay your debts before you know it and your savings will increase. Not only will your financial health improve dramatically, but also your health and peace of mind.

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The Best Personal Finance Software of 2022The 47 Best Personal Finance Blogs (And Why You Should Read Them)This article was produced and syndicated by Wealth of Geeks.



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What Employers Need to Know When Doing a Background Check https://howtooccupy.org/what-employers-need-to-know-when-doing-a-background-check/ Thu, 21 Apr 2022 23:47:13 +0000 https://howtooccupy.org/what-employers-need-to-know-when-doing-a-background-check/ Related practices and jurisdictions In an effort to hire the best employees, employers often look at an employee’s background – previous employment, credit history, and criminal history. If you perform background checks, you know you must comply with the Fair Credit Reporting Act (FCRA), but what other federal, state, and local laws exist? Here are […]]]>

In an effort to hire the best employees, employers often look at an employee’s background – previous employment, credit history, and criminal history. If you perform background checks, you know you must comply with the Fair Credit Reporting Act (FCRA), but what other federal, state, and local laws exist? Here are some key points to remember and consider:

When can employers perform background checks?

With the exception of some bans on federal contractors conduct criminal background checks prior to the offer, federal law generally does not prohibit criminal background checks. However, state and local laws may limit when you can conduct criminal background checks on applicants or employees and how you can use that information. For example, some states allow background checks only after you make a conditional job offer. These laws may also limit how and when you can use a potential employee’s criminal history.

What advice should you give during the background check?

If you use a third party agency (a screening agency, private investigator or other third party), you must comply with the requirements of the Fair Credit Reporting Act (FCR). If the FCRA applies, you must provide a disclosure and receive clearance before proceeding with any background checks. Additional requirements apply if you make a negative employment decision based on the background check. For example, before making a decision, you must provide the plaintiff with a notice of adverse action, a copy of the background report, and an opportunity to rebut the contents of the background report. The FCRA does not limit your ability to make an adverse decision – it simply requires that you provide the notice before making it.

The Equal Employment Opportunity Commission has also non-binding advice which discusses how employers should use criminal history information to make hiring decisions. These guidelines state that an employer should generally not screen out applicants based on prior arrests or convictions (for example, screen out anyone convicted of a felony). Instead, the EEOC advises employers to create a focused selection process to allow for individualized assessment based on a candidate’s beliefs. For example, you would consider the nature of the offense and the elapsed time, as well as the nature of the position the candidate is applying for to determine if that particular arrest or conviction would preclude hiring.

Take away food

Here are some things to keep in mind if you are doing background checks:

  • Review all applicable federal, state, and local laws to confirm what basic information you may collect and how you may use that information. For example, New York prohibits investigations into an arrest that is not in progress or has not resulted in a conviction and requires that you complete an individualized assessment using eight different factors (e.g., time elapsed since arrest). offence, age at time of offence, seriousness of offence, etc.) before refusing employment or taking any action adverse to employment based on a prior criminal conviction.

  • Distinguish between arrests and convictions and, as a best practice, develop a process that allows for individualized review based on the position and any potential convictions.

© 2022 Bradley Arant Boult Cummings LLPNational Law Review, Volume XII, Number 111

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