Credit Research News - July, 2008

House panel backs curbs on credit card practices

Legislation aimed at curbing credit card billing practices that surprise borrowers with unexpected interest rate increases and fees

US House Panel Votes To Curb Credit Card Practices

A U.S. House panel put the credit card industry on the defensive Thursday, approving legislation that would curb exorbitant fees

Global BPO Services Corp. Announces Closing of the Merger with Stream Holdings Corporation

Global BPO Services Corp. ("Global BPO") announced today that it has closed the merger of Stream Holdings

SEO Services for PR From iPressroom Deliver R-O-I Through Clicks, Not Clips

New Search Engine Optimization Services for Public Relations Introduced by Online Press Room Provider

Alliance Data Signs New Long-Term Agreement With Beall's Department Stores, Inc.

Alliance Data to Provide Beall's Department Stores, Inc. Private Label Credit Card Services for its Multi-Channel Operations DALLAS, July 31

T-Mobile Rolls Out Parental Control Service "Family Allowances"

Parents who fear giving their teens or younger children a "credit card with an antenna" are getting some help from carriers

Moody's, S&P and Fitch Are Sued by Connecticut

Connecticut Attorney General Richard Blumenthal sued the major credit-rating firms, alleging that they gave artificially low credit ratings

Housing measure called good bandage

First-time home buyers have a better shot at the American dream and strapped homeowners may be able to stave off financial ruin

As U.S. "Unbanked" Population Grows, Financial Institutions Must Develop New Approaches and Products

More than 100 million consumers living in the United States today are considered "unbanked," "underbanked,"

Corrected: Credit crunch hits real estate service cos' profit

Tight capital markets that are restricting lending helped dramatically drive down earnings at two of the biggest real estate services companies

McGraw's office announces free credit monitoring service via settlement

Did you have a credit card, a loan or a line of credit anytime between Jan. 1, 1987, and May 28, 2008?

Moody's affirms 2008 earnings outlook

Moody's Corp., a provider of credit ratings and financial analytics, on Wednesday affirmed its full-year earnings outlook despite expectations

ID theft monitoring services a 'waste of money'

Paid-for identity theft monitoring services are a waste of money and consumers would be better off using free services

Debix identity-theft protection service is newly cheap, might work

Years of identity-theft horror stories show that the world has no shortage of entrepreneurs and quick-buck artists angling to sell you some peace of mind.

Houlihan Smith Arranges Credit Facility for Marmion Industries Corporation

Houlihan Smith & Company, Inc. ("Houlihan") acted as exclusive financial advisor and placement agent in arranging a credit facility

Research and Markets: New Report 'Ford Motor Company - IT Sales Opportunities - 2008'

Research and Markets ( http://www.researchandmarkets.com/research/1afcee/ford_motor_company) has announced the addition of the "Ford Motor Company

Mercantile Bancorp Appoints Richard Halter to Newly Created Credit Administration Position

Mercantile Bancorp, Inc. today announced that Richard J. Halter has been named Senior Vice President of Credit Administration

College Preparations Should Include a Talk About Credit Cards

If there's a teenager in your life who you want to use credit cards responsibly once he or she gets to college

Privacy group says identity-theft monitoring services may be a waste of money

Many are overpriced and offer protections that can be had for free, PRC claims

First Citizens Reports Earnings for Second Quarter 2008

First Citizens BancShares Inc.reports earnings for the quarter ending June 30, 2008, of $26.2 million compared to $30.9 million

FedFinancial Federal Credit Union Implements Digital Dialogue's Outbound Program

24/7 Call Center Outreach Service Offering Improves Member Acquisition Rate

Five areas where you can save money

Everywhere you turn, it seems there's another pinch in the pocketbook.

The Federal Foreclosure Assistance Center, Has Merged Their Services to Form The Consumer Debit

In the current economic climate, consumer debt and defaults are at the forefront of the news. Consumer Debt Mitigation can assist the consumer

Identity theft protection service cuts price

There are lots of services that offer consumers protection against identity theft, and one of them just got cheaper.

Providers of CareOne Credit Counseling Services Offer Helpful Tips on Raising Financially-Savvy Kids

No parent wants their child to face financial problems in the future. Teaching children about money, savings, and credit early in life can help them become more responsible consumers.

ILOG Announces 2008 Fourth Quarter and Fiscal Year End Results

ILOG(R) today announced the results of its fiscal fourth quarter with revenues of $46.1 million, net income of $0.1 million

Build good credit, then house hunt

Dear Liz: How can I build credit so that I can buy a house?

First Aid For An Ailing Credit Score

Decide to become a homeowner and, inevitably, you'll have to confront your credit score.

Financial literacy effort may miss mark

Free classes draw praise from many, but some say consumers gain nothing and could be harmed

Credit card reward miles vanish along with airline

Q: My airline has gone under, taking my award miles with it.

Slowing US auto-finance market hits lenders

Strains are growing again in the US car finance market as a dramatic slide in used vehicle values and tightening credit conditions

FHLBank Cincinnati Announces Second Quarter 2008 Results

The Federal Home Loan Bank of Cincinnati (FHLBank) today released unaudited financial results for the second quarter and six months ended June 30, 2008.

Microsoft may need an IBM moment of clarity

Microsoft’s financial analyst meeting was a tale of a technology conglomerate:

Service Credit Union donates to fuel assistance agencies

Knowing the high price of fuel and dim outlook for relief, Service Credit Union will help those less fortunate with their energy costs

IdentityTruth and radius financial group inc. Partner to Offer Identity Theft Protection

IdentityTruth, the leading provider of a new breed of services to help consumers safeguard their Privacy and Identity

S&P cuts SanDisk rating, outlook negative

S&P lowers SanDisk rating further into junk, outlook is negative

Northwest Federal Credit Union Partners with iSekurity

More than 97,000 Members Eligible for Identity Theft Protection Service

Overdue credit card bills show rise in June

Overdue debts at the six largest US credit card lenders rose in June after falling the two previous months as the effects of tax rebates faded

Consumer Debt Law Services, Inc. Launches Credit Card Debt Relief Awareness Program

Consumers in substantial credit card debt now have professional debt relief attorneys to turn to in order to reduce and resolve unmanageable credit card debt without bankruptcy.

Commercial Real Estate Owners Find Way to Get Bank Loans Despite Credit Crisis

Borrowers are beating the odds and obtaining commercial loan approvals at a high success rate and in less time using their own professionally prepared application package

Saturday banking

Butterfield Bank (Cayman) Limited will offer Saturday banking starting 2 August at its Governors Square Branch from 9am until noon.

Vanco Services and Ortho II Provide Integrated Solution for Dental Professionals

Electronic payment solutions from Vanco Services are now integrated into practice management software from Ortho II.

NYC services to be offered in 6 foreign languages

This polyglot city is making it official: Agencies will offer services in six of the most common foreign languages spoken

Credit-card fraud probe targets Pearson's self-service kiosks

An investigation of suspected credit-card fraud at Toronto's Pearson airport is now concentrating on the security of its 150 self-service

San Joaquin Bancorp - 2nd Quarter Profits Up 12%

San Joaquin Bancorp , a bank holding company with $878 million in assets, today announced financial results for the 2nd quarter ended June 30, 2008.

Legends Business Group, Inc. Posts Strong Second Quarter

Legends Business Group, Inc., announced today significant increases in second quarter revenues for the quarter ended June 30, 2008.

Leader Energy Services Completes US Asset Sale; Pays Out Credit Facility

Leader Energy Services Ltd. (TSX VENTURE:LEE) ("Leader" or the "Company") today announced Key Energy Pressure Pumping Services

Struggling Economy Is Good News For The Pawnshop Business

It doesn't get much better than this for pawnshop operator EZCorp. (EZPW)

AmEx Posts Weak Results

Even the wealthy are starting to pinch their pennies.

Clean up credit score to land a sweet mortgage rate

If you're planning to sell your house in this sluggish housing market, you need to make a good impression.

Alliant Announces 1,225 New Political & Economic Risk Indices and Ratings on Bloomberg

July 22, 2008, 6:00pm to 7:00pm; Bloomberg Headquarters, 731 Lexington Avenue; Entrance on 59th Street, between Lexington & 3rd Avenue; Reception to Follow at 7:00pm

American Express Reports Strong Corporate Travel Sales Growth

American Express late yesterday reported a 17 percent year-over-year increase to $6.2 billion in global corporate travel sales for the second quarter

Amazon offers automatic credit for S3 outage

Customers affected by Sunday's outage of Amazon's Simple Storage Service, an online data storage plan, won't have to do anything to get credit for the hours-long glitch.

S&P affirms First Hawaiian Bank rating

First Hawaiian Bank said Monday its long-term credit rating from Standard & Poor's Rating Services has been affirmed as "AA-".

Tree group branching out in west Champaign

A worldwide society based in Champaign expects its staff to grow by 27 people over the next 10 years and is moving to accommodate that growth.

BUYINS.NET: RegSHO.com Launches Short Sale Compliance Website For Brokers And Hedge Funds. Addresses

BUYINS.NET, www.buyins.net, announced today that responding to the growing need for short sale compliance tools

Bank of America Earns $3.41 Billion or $0.72 Per Share in Second Quarter

Highest Quarterly Revenue in Company History Second-Best Quarter in Investment Banking

Interpublic enters into 3-year credit facility

Interpublic enters into 3-year revolving credit facility for borrowing up to $335 million

ChoicePoint®, TaxBreak Enter into Strategic Alliance

ChoicePoint®, TaxBreak Enter into Strategic Alliance to Help Organizations Leverage Business Expense Recovery and Tax Credits.

Sierra Bancorp Reports Quarterly and Year-to-Date Earnings

Sierra Bancorp , parent of Bank of the Sierra, today announced its financial results for the quarter and half ended June 30, 2008

SEDONA MRM Technology and Services chosen by Post Office Employees Credit Union

SEDONA Corporation (OTCBB:SDNA.OB), a software application and services provider company, disclosed on 18 July that Intarsia

Ford's Financial Services Business About to Enter the Red

Ford Motor Company (F) has lost $18 billion in income from 2001 through 2007.

B2B Customer Service: The Competitive Edge

The customer is always right, or so the saying goes. And while, strictly speaking, this might not always be true

Dollar Rebounds From Record Versus Euro as Credit Turmoil Eases

The dollar rose against the euro this week, rebounding from a record low, as financial market turmoil eased and crude oil fell the most ever in dollar terms.

Is your business secure from identity theft?

With the information age quickly progressing, identity theft has become an uphill battle for business owners and their clients.

America's Credit Unions: Secure, Strong

Amid turmoil, serving as safe harbors for consumer savings Despite turmoil in other areas of the financial community

IQ Services Introduces Investment Protection Program(TM) for Contact Center and Communication

Protecting Investments throughout the Solution Life Cycle with Risk Analysis and Proactive Test Planning

S&P maintains negative credit outlook for Barr

Standard & Poor's Ratings Services reaffirmed its negative outlook for Barr Pharmaceuticals Inc.'s corporate credit rating

BGI Statement on Proposal by Waste Management, Inc. to Acquire Republic Services, Inc.

BGI, the investment office that manages the assets of Cascade Investment, L.L.C. and Bill & Melinda Gates Foundation Trust,

F&D Reports Ranked Number Two in Credit Industry Reporting

F&D Reports (an Information Clearinghouse, Inc. Company) has been cited as the preferred "second source" in the ever-increasing credit reporting

Citi CFO: loan losses rise - along with organic growth

Citigroup Inc.'s losses from consumer defaults on mortgage and credit-card loans could rise through the rest of the year

Credit union changes could help beat crunch

AS the credit crunch bites, people are finding it increasingly difficult to secure money from high-street lenders.

Pinnacle Bank Exceeds $100 Million in Assets

Susan K. Black, President and Chief Executive Officer announced today that Pinnacle Bank has exceeded $100 million in total assets

Morgan Reports a Drop of 53% in Quarterly Net

JPMorgan Chase said Thursday that its second-quarter income dropped 53 percent, as credit card and home loan losses spread to borrowers with the strongest credit histories.

BancorpSouth Announces Earnings of $0.49 per Diluted Share for Second Quarter 2008

BancorpSouth, Inc. today announced financial results for the second quarter ended June 30, 2008.

Non-Mortgage Credit Applications Should Remain Race, Gender Neutral, AFSA Testifies

Requiring Creditors to Collect this Data Would Raise Concerns

Credit Suisse's CrossFinder(R) Executes Record Volume

Credit Suisse announced today that its CrossFinder(R) ATS achieved record volume, with 210.1 million shares matched on July 16.

S&P cuts credit outlook on Standard Motor Products

S&P lowers outlook on Standard Motor Products to 'Stable,' sees weak economy hurting earnings

Comerica Q2 Profit Plunges On Credit Losses, Charges - Update

Financial services firm Comerica Inc. (CMA: News, Chart, Quote ) said Thursday that its second quarter profit plunged from last year

California Credit Union Poised for Growth

Kern Federal Aligns with MeridianLink as Part of Expansion Plans

Path leads to the farm

Heather DeVries loves agriculture. The 22-year-old Western Kentucky University senior is taking that love into a real-world setting

NRF Urges Committee to Approve Legislation Requiring Visa/MasterCard to Negotiate Over Hidden Credit

The National Retail Federation urged the House Judiciary Committee to approve legislation scheduled for a vote today

Federal Contractor Services Network Offers CPE Credit

Federal Contractor Services Network Offers CPE Credit for Its Popular Accounting Courses for Government Contractors Involving the DCAA Accounting System Review

Finish the Companies Off

Much of what the Federal Reserve and Treasury said to prop up Fannie Mae and Freddie Mac over the weekend was redundant.

Marshall County 4-H receives donation for facilities

The Marshall County 4-H received a $2,500 gift to expand restroom and shower facilities and make needed repairs to gutters

Agencies that Provide CareOne Credit Counseling Services Give Advice To Parents on How to Save Money

It's that time of year again -- parents and college students are stocking up on school supplies, new wardrobes, and college dorm room needs.

David Gass, Founder of BCS, to Host 3 Hour Training in Las Vegas, Nevada, July 16, 2008

Gass to Host Pre Training 'Success Steps' to Business Success Workshop

Renowned Business Credit Expert Hosts Las Vegas Success Seminar; Starts Angel Investment Group

To Speak In Las Vegas, Nevada, 24th - 27th July 2008

State Street Beats Estimates

State Street(STT - Cramer's Take - Stockpickr) reported a strong second quarter, beating Wall Street's expectations at a time when most financial firms

Analyst cuts rating, earnings estimates for AIG

An analyst on Tuesday cut his rating and earnings estimate for insurer American International Group Inc. because of expected problems stemming from credit exposure.

Premier Service Bank Announces Earnings for the Second Quarter of 2008

Premier Service Bank (OTCBB:PSBK) today announced its financial results for the second quarter of 2008.

Managed Service Provider Ex-Cel Solutions Replaces N-Able With Nimsoft

200 Percent Business Growth Potential Based on the Nimsoft Solution's Multiplatform Support and Unparalleled Scalability

M&T Bank Earnings Slide 25%

M&T Bank Corp. reported a 25% drop in second-quarter net income as the bank more than tripled its provision for credit losses

Waste Management Offers $6.2 Billion for Republic

Waste Management, the nation’s largest waste-collection company, said Monday that it was offering $6.2 billion for Republic Services

Prometric’s DSST Credit by Exam Program Launches with New Content

Prometric, the leading global provider of technology-enabled testing and assessment services and the administrator of the DSST credit by exam program

Tax credit for volunteer firefighters a 'good start'

State Rep. Keith Gillespie has a good feeling the recently approved $100 tax credit for volunteer firefighters will help with retaining the vastly thinned ranks

New Rules Loom For Bond-Rating Firms

Bond-rating firms could face rules on new products similar to those already in place for stock and derivatives exchanges

ChargeSmart lets customers put house payments on plastic

San Francisco startup ChargeSmart is making it easier for the debt-ridden to dig themselves into a deeper hole.

Business Briefs

UP Connection Federal Credit Union will hold its Member Appreciation Day July 18

In Case Of Rain, Break Open

When is a car not a car? When it turns into a driveway.

Debt: Counselors can help repair bad credit

A college loan, poor judgment about a friend and a general naivete about bill-paying has Monica Clouse looking for ways to dig out of debt.

US bank collapses amid credit woe

California-based IndyMac Bank's assets have been seized by US federal regulators after the mortgage lender succumbed to the pressures of tighter credit

REFILE-UPDATE 1-CS starts software sector with overweight

Credit Suisse started coverage of the U.S. software and services sector with an "overweight" rating, saying companies

MSP's Unix Opportunity Compels Platform Switch

The decision -- not to mention the process -- of changing a managed services platform can cause an MSP to have a few sleepless nights

Lehman's rating continues to reflect sound credit fundamentals - S&P

Standard & Poor's Ratings Services said that its 'A/A-1' ratings on Lehman Brothers Holdings Inc. continues to reflect the company's solid liquidity

S&P places Ashland's credit ratings on CreditWatch

S&P puts Ashland credit ratings on CreditWatch after company says it will buy Hercules

It Pays to Know Your Score

Consumer understanding of credit scores has improved over the past year, according to an annual survey commissioned by the Consumer Federation of America

Boycotting Banks and Their Outrageous Behavior: Beyond Bank Credit, Loans And Financing

As though forced short term loans -- called, in a triumph of Orwellian Newspeak, overdraft protection or overdraft courtesy

Want to save? Shore up that credit score

Many consumers are unaware that a few points' improvement can lower borrowing rates, a survey shows.

Credit Scores Cost Consumers $28 Billion, Survey Says (Update2)

U.S. consumers remain in the dark about how the credit-scoring system works in obtaining mortgages, insurance and credit cards

BUYINS.NET: SGSOY Has Also Been Added To Naked Short List Today

BUYINS.NET, www.buyins.net, announced today that these select companies have been added to the NASDAQ, AMEX and NYSE naked short threshold list:

Alliance Data Signs Extended Contract With New York & Co For Private Label credit Card Services

Thursday before the bell, credit services provider Alliance Data Systems Corp. (ADS: News, Chart, Quote ) announced signing a multi-year contract

Bluegreen Corporation Renews $30 Million Revolving Line of Credit with Wells Fargo Foothill

Bluegreen Corporation , a leading provider of Colorful Places to Live and Play(R), today announced the renewal of its $30 million

TransUnion Launches Updated Account Management and New Account Models

TransUnion announced today the launch of its newly updated TransUnion Account Management and TransUnion New Account

Scathing SEC Report on Credit Rating Agencies Could Spur Congressional Action

In its first examination of credit rating agencies since passage of the Credit Rating Agency Reform Act of 2006, Securities and Exchange Commission investigators

Credit crisis pushes US indices deep into bear market territory

Major share indices in New York tumbled by more than 2% last night, dragging the broadly based S&P 500 into bear territory.

Creditnet.com Unveils Its New Face

New Easy-To-Use Design, Enhanced Credit Learning Center, and Improved Product Offerings Help Consumers Win the Credit Game

Should Monolines Blame Mark-to-market?

Despite downgrading two big bond insurers, Moody's says accounting rules that measure losses by market value aren't directly responsible for diminished credit ratings.

Standard & Poor's Rating Services Upgrades Bowne Corporate Credit Rating to 'BB-'

Bowne & Co., Inc. (NYSE: BNE: 11.47, +0.28, +2.50%), a global leader in shareholder and marketing communications services, today announced that Standard & Poor's Ratings Services

CORRECTING and REPLACING Shopping with Heart: Non-Profit Launches Guide Dogs for the Blind Platinum

Headline of release dated July 7, 2008 should read: Shopping with Heart: Non-Profit Launches Guide Dogs for the Blind Platinum Visa Credit Card

Brunswick issues Comment on S&P's lowering corporate credit rating to BB+ from BBB- - Quick Facts

Brunswick Corp. (BC: News, Chart, Quote ) said on Tuesday that it has commented on the announcement by Standard & Poor's Rating Services

Stocks rise on banks and lower oil

Stocks rose in another turbulent session on Tuesday as a pullback in oil prices eased worries about consumer and business spending

SEC blows whistle on bond raters

Regulator says Standard & Poor's, Moody's, Fitch had 'serious shortcomings' in identifying risks in mortgage-backed securities.

NCR Lauded by Federal Credit Union Association Services Corp. for Innovative Cash Recycling

NCR Branch Assist 10 Enhances Branch Cash Management and Teller Efficiency

Rackspace offering tools for credit-card industry compliance

Rackspace Hosting has released a suite of hardware and software tools designed to help customers achieve compliance with the Payment Card Industry's

Stockton's credit takes a tumble

Stockton's credit rating was downgraded Monday by Moody's Investors Service, which said the city's shallow reserves and failure

Monitoring your credit score is one of the most important things you can do

Americans are identified by certain numbers: age, social security number, income, even a street address.

Armstrong Chosen as New CEO of Greenstone Farm Credit Service

The Board of Directors of GreenStone Farm Credit Services has named Dave Armstrong as the next President and CEO of the East Lansing-based association.

Senior Credit Appointments for GFI

GFI Group (Nasdaq: GFIG) has named Jim Higgins head of North American credit brokerage. Mr Higgins is a former co-head of global credit trading

Froth comes off latte economy

The announcement that Starbucks plans to close 600 stores and fire 12,000 employees is emblematic of the major restructuring that lies ahead for the deeply maladjusted US

Deals of the Day: Stuck in Reverse, GM Mulls Brand Sales

Deals of the Day includes all the major news of the morning related to mergers and acquisitions and financing.

MIPS signs $25M credit agreement

MIPS Technologies Inc. said Monday it completed a new $25 million credit agreement with Silicon Valley Bank.

Hanwei subsidiary Harvest secures credit facility to fund FRP pipe production expansion

Hanwei Energy Services Corp. ("Hanwei" or the "Company") announced today that its subsidiary, Daqing Harvest Longwall High Pressure FRP

High-Yield Turns Into Road Kill

HIGH-YIELD BOND INVESTORS can't shake that smell of burning rubber. Just as their troubled sector was starting to pull clear of the pack

Speak Up on Credit-Card Rules

Now's your chance to air that gripe about the unexpected interest-rate increase on your credit card.

A lesson on credit cards

Recently, a subcommittee of the House Committee on Financial Services held a hearing on the marketing tactics

College credit cards on spot

Recently, a subcommittee of the U.S. House Financial Services Committee held a hearing on the marketing tactics

Manager seeks audit of Wake credit cards audit

County Manager David Cooke will ask the Wake commissioners to approve an expansive audit after revelations

Stocks dismal as worries escalate about oil, credit

Unemployment steady in June, service activity off

Isle of Man ratings affirmed with stable outlook - S&P

Standard & Poor's Ratings Services affirmed its ratings on the Isle of Man with a stable outlook, saying the ratings

The Cons of Consumer Credit Counseling

What You Should Know About Consumer Credit Counseling Services