Yes Cash App did have a data breach in December of 2021, and yet you are probably only hearing about it now, 4 months later.
And quick question, how many of you used the new Credit Karma, Cash App sign in to do taxes this year? Would you have still done that had you known about the data breach?
According to the US Securities and Exchange Commission this is what happened, per their report.
On April 4, 2022, Block, Inc. (the ‘Company’) announced that it recently determined that a former employee downloaded certain reports of its subsidiary Cash App Investing LLC (‘Cash App Investing’) on December 10, 2021 that contained some U.S. customer information. While this employee had regular access to these reports as part of their past job responsibilities, in this instance these reports were accessed without permission after their employment ended.
Clark.com did a full article on this on April 21st and you can read that in full at: Cash App Data Breach: Why It’s a Big Deal for Your Wallet
Link to the story: https://clark.com/protect-your-identity/cash-app-data-breach/
In the last few months rates have increased more than 2% and that can cost you a lot more in the long run when purchasing a home. Add to that the fact that lenders add in more things the lower your score is - remember they are deciding on the risk they are taking that you will be able to pay back the loan, and pay off the home.
If your FICO score is under 740 you need to take a look at the article that CNBC posted up on Thursday.
They even cover 5 ideas on how to improve your credit score.
The article is called: Mortgage rates are rising. Here’s why your credit score matters and 5 ways to improve it
Link to the article: https://www.cnbc.com/2022/04/14/heres-why-your-credit-score-matters-and-how-to-improve-it.html
If I file for an extension, will I automatically get audited? Or does it increase my chances of being audited?
This one falls under urban myth status, and no, your extension is not a trigger for an audit.
Most people have heard this, and many have repeated it as a "fact", but it's not a fact at all. So will you get your taxes in tomorrow for the deadline? Or do you need an extension?
VerifyThis did an article last week on this topic, and you can read through their coverage to see that no, it's not the trigger for an audit. And in fact about 1 out of every 10 people get an extension each year.
And as they say in their story, do the right thing, follow the steps, don't try to be tricky or smarter than and you should be just fine.
Read their in depth look at the topic at: No, filing a tax extension doesn’t increase your risk of being audited
Link to the article: https://www.verifythis.com/article/news/verify/taxes-verify/tax-extension-doesnt-increase-audit-risk/536-81360507-8793-41b0-838c-ce369b8282a1
CBS News was one of many outlets that covered the decision by the Consumer Financial Protection Bureau to sue TransUnion.
"TransUnion is an out-of-control repeat offender that believes it is above the law," CFPB Director Rohit Chopra said in the statement. "I am concerned that TransUnion's leadership is either unwilling or incapable of operating its businesses lawfully."
The CFPB was unable to ignore all of the complaints they have received about the same things over and over again - and took steps to hold TransUnion accountable.
Considering the amount of pull they have over people's lives and credit, it makes sense that the arm of the government that is there to make sure you are actually treated fairly stepped in.
You can see the video of the story that CBS did, or read the story at -
Feds sue TransUnion, calling it "unwilling or incapable" of operating lawfully
Link to the coverage: https://www.cbsnews.com/news/transunion-cfpb-dark-patterns-consumer-credit/
Some of your habits in spending could be bad habits that are effecting both your credit card bill and your credit. Many of these are habits that you can change. Yahoo Finance just did a look at eleven of the most common ones, and odds are you have at least one of these bad habits.
Just like any other habits, it's not always easy to make the changes that make a difference for the outcome that you really want. Even though these are simple changes, to better habits, it will take some "pause" before you act if they are well ingrained habits.
A couple of examples, are spending just to get the bonus, or the extra that is offered. Did you really need that extra $100 worth of product to get the free gift? Might have been cheaper to just buy the reward yourself.
Or what about those trial subscriptions that you started, did you cancel them? Or are they getting paid each month and you aren't even thinking about them?
And the small print? Have you read it?
Remember how much of your credit you are using effects your credit score!
See the article titled 11 Bad Habits That Hike Up Your Credit Card Bill by Jordan Rosenfeld it's a quick read, and you may find one or two of your own habits, that it's time to change.
Link to article: https://finance.yahoo.com/news/11-bad-habits-hike-credit-150012616.html
In California 44% of the population rent, and for those 17 million people most of the time their rent exceeds the 30% of income ratio.
Currently the elected officials are considering a Tax Credit increase that would last for 5 years. While it doesn't solve the high rents that are paid in CA it can offer a small amount of assistance to the folks that are really struggling to stay housed.
You can read in detail about the proposal in the LA Times in the article titled California’s renter tax credit has remained unchanged for 43 years. It could soon increase
Link to the article: https://www.latimes.com/california/story/2022-04-10/california-renter-tax-credit-unchanged-for-43-years-lawmakers-might-soon-raise-it
One in three people have medical debt. That is a stress that works against people in many ways, first stress creates more health issues. Second medical debt that can't be paid, or paid timely that ends up on a credit report can hold people back from the opportunities they need, to get ahead, to pay the debt. And third many people choose to not seek medical care because they already have medical debt, or know they won't be able to pay for the diagnosis, care, treatment, prescriptions.
Today Vice President Kamala Harris is announcing the White House plans for reform on the following 4 areas.
You can see the fact sheet from the White House here: https://www.whitehouse.gov/briefing-room/statements-releases/2022/04/11/fact-sheet-the-biden-administration-announces-new-actions-to-lessen-the-burden-of-medical-debt-and-increase-consumer-protection/
Identity theft is scary, costly and time consuming, and many times it's best to hand it off to a professional company. BUT if you want to get a jump on it, on your own there is a resource available to you.
IdentityTheft.gov is the federal government’s one-stop resource for identity theft victims. The site provides streamlined checklists and sample letters to guide you through the recovery process.
They have a full recovery process it starts with telling them what happened, getting a recovery plan, and then implementing (taking action) on that plan.
This page is part of the Federal Trade Commission and is a resource you can use. And there is an option available in Spanish too.
Transparency Links -- English: https://www.identitytheft.gov/#/
If you got (or get) a call from the Department of Homeland Security, and they want to identify if you are using a certain bank (that can include reading a list of the most common banks) HANG UP!
You can report it to Homeland Security’s inspector general at oig.dhs.gov/hotline or by calling 1-800-323-8603
The following are red flags, according to the FTC:
• You’re told not to contact the credit bureaus directly.
• The representative does not explain your legal rights when telling you what they can do for you.
• You’re told to lie on applications for credit or a loan.
• You’re instructed to pay upfront.
• You’re told to dispute information in a credit report that you know is accurate.
Read the details about the scam in the Albuquerque Journal - Watch for money-laundering scares, credit report ‘fixes’
Link to the article: https://www.abqjournal.com/2484820/watch-for-moneylaundering-scares-credit-report-fixes.html
You may have missed this article that came out on April Fools Day, and NO it's not a joke! In fact the policy changes will effect more than 100,000 students and will be a more than 6 Billion dollar amount.
CNBC had the story in their Personal Finance Section and they laid out all of the details. And you will want to read the article and act quickly if you are going to be included.
That’s because the Biden administration’s new rules for public service loan forgiveness are slated to expire on Oct. 31.
And Federal Family Education Loan (FFEL) or a Federal Perkins Loan are temporarily included so you really need to take a look if you have student loans.
The article is titled 100,000 student loan borrowers have had their debt forgiven under this policy fix
and the LINK to the article is here: https://www.cnbc.com/2022/04/01/100000-student-loan-borrowers-have-had-their-debt-forgiven.html