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Fair Isaac Corp. (FICO) is changing how it calculates credit scores by revising its current credit-scoring system. The revisions could save U.S. Consumers billions of dollars when borrowing for mortgages or auto loans.
The two main criteria being closely examined are overdue medical bills and payments sent to collection agencies. In the past, situations like these could easily affect someone's credit score, quickly putting them in a "lower tier" for borrowing. Now, the revision plans to look closer at these two situations and reduce the negative impact on consumers' credit scores.
Low credit scores result from overdue medical bills and payments sent to collections. Still, if the only criteria lenders are looking at is that credit score number, many consumers will be denied mortgage or auto loans. Even if consumers have paid off these bills, they will still see an impact on their credit scores. With the new criteria set by FICO, lenders will now examine those transactions, looking beyond the actual credit score number and more into whether they have met their obligations.
This new, comprehensive method of analyzing consumer credit reports will make borrowing easier for consumers. Their scores could improve by about 25 points. While this revision will enhance the position of those with previously poor credit scores, it does not guarantee approval. Instead, it will influence the terms of the approval.
This revision to the nation's dominant credit report system may improve the borrowing position of millions of U.S. consumers. Although it will be very beneficial, it may take a while for lenders to transition to this system. In addition to these changes, FICO's revision will prioritize more recent financial behaviors. For example, if a consumer has financial troubles but has since established a consistent pattern of paying bills on time, that positive behavior will carry more weight. This shift reflects a more realistic understanding of financial hardships and recovery, giving consumers a fairer opportunity to prove their creditworthiness over time. This shift also underscores the importance of financial literacy in navigating the evolving credit system. By understanding how factors like medical debt and payment history are now assessed, individuals can make more informed decisions about their finances.
While these updates are encouraging, consumers should remain mindful of their credit health. Maintaining good financial habits, such as paying off debts and low credit utilization, remains essential. As FICO implements these new criteria, it's important to remember that every lender has its unique approach to assessing creditworthiness. However, these revisions mark a significant step towards a more compassionate and accurate credit scoring system.
We intend this content for educational purposes only.
Our lawyers at KAASS LAW, located in Glendale, Los Angeles, California, practice law exclusively in California.
These are 5 things NOT to do after an auto accident. Automobile accidents are no fun. Everything from dealing with insurance companies to recovering from injuries can be stressful. Although they can be a pain in the neck, auto accidents are inevitable. Knowing what to do after an accident can help minimize the stress. However, it is also crucial to know what NOT to do.
It is important to exchange information with all the parties involved. Leaving the scene will result in unneeded stress and can get you in trouble with the authorities.
Accidents happen, and there is no need to get overly upset about them. Doing so not only stresses you out at the moment but can also contribute to future stress. When people get upset, they tend to say or do things they do not mean subconsciously. Something as simple as saying, “I’m so sorry, that was my bad,” or “Sorry, I was not paying attention,” can hurt your case and possibly make you liable for the accident.
What Is a Court Judgment? Understanding Court Judgments in California Learn what a court judgment is, how it can impact you, and the steps you can take if a judgment is entered against you in California. Get expert legal help at KAASS LAW.
A court judgment is the formal decision made by a court to resolve legal disputes. Whether in a criminal or civil case, a court judgment determines the rights and obligations of each party involved. If a court judgment is entered against you, understanding your options and responding promptly is crucial, especially in California’s complex legal landscape. In California, court judgments are a key part of the legal system, and they can have a lasting impact on your life. The judgment may order you to pay money, stop a specific activity, or take a specific action. The judgment will become legally binding once issued, and failing to comply with it could result in further legal actions, such as wage garnishment, property liens, or even contempt of court charges.
People operating businesses or startups probably have so much on their plate that they don’t spend much time worrying about the legal issues they may face.
It would be wise to familiarize yourself with some of the common legal issues that small business owners are occasionally faced with.
Exercise Your Rights: Victims of Credit Card Fraud Need to Know That the Truth in Lending Act Has Your Back.
With today’s technology, keeping your credit and debit card accounts safe is harsh. If you have been a victim of credit card fraud, you should be aware of your rights as a consumer. Many laws protect consumers from fraudulent activities; today, we will discuss the Truth in Lending Act.
Truth in Lending Act protects you in fraudulent situations. You are liable for only $50.00 in unauthorized credit card charges. However, you must write a letter to the furnisher within 60 days of the first bill containing the fraudulent charge.
If someone uses your credit card number fraudulently but does not use the physical card, you have no personal liability for the fraudulent charges.
on debit or ATM cards differ from credit card fraud. Regarding unauthorized charges, debit or ATM cards are not as simple as credit cards. The amount you are liable for depends on how quickly you report the loss. Always double-check all charges and vendors that charge your cards. Act quickly. If you notice any suspicious activity in your bank account or credit card statements, report it immediately. Under the , furnishing your social security number is voluntary, so don’t be bullied by aggressive sales tactics.
Interested in investing in business startup? It is crucial to understand your rights as an investor to ensure you are making a safe investment.
Investing can be a very stressful process for first-time investors. Knowing your legal rights as an investor can ease this process and provide you comfort in moving forward with an investment. To effectively assess the legitimacy of an investment, investors have the right to honest advertising, complete and accurate information, and disclosure of risks and future obligations. Providing investors with false or misleading information is against the law and subject to civil, criminal, or regulatory penalties. It is a good idea to become familiar with business law or get help from an experienced professional before opening a business.
Honest Advertising. The person or entity selling the investment is required to provide honest and lawful information about the investment they are advertising. Advertisements can be deceiving and an easy way to convince potential investors to invest their money and trust that it will provide them with a solid return. An investor will never know the true position of that person or entity in the market without conducting proper and thorough research to learn “what they’re all about.” In 1986, ZZZZ Best, Inc., claimed itself as a multimillion-dollar carpet cleaning company and after going public, reached a market capitalization of $200 million. Shortly after, the owner, a teenager at the time, was found to have “built” this company based on fraudulent invoices and documents. The owner provided dishonest advertising to investors and as a result, spent 25 years in prison.
Easy nine step guide for Startup or small business owners interested in forming a corporation in California.
Your business name may not be the same as, or deceptively similar to, other corporate names on file with the Secretary of State (limited exceptions apply). Additionally, the name may not contain the words “bank,” “trust”, “trustee,” or related words. Although you are not required to do so, consider registering your business name as a federal and/or state trademark.
Under California law, a corporation must have at least three directors, unless there are less than three shareholders. In that case, the number of directors may be equal to or greater than the number of shareholders. For example, if the corporation has only one shareholder, the number of directors may be one or two. If the corporation has two shareholders, the number of directors may be two (or three, which is the normal minimum). California does not set forth a minimum age or residency requirement for directors. Either the articles of incorporation or the corporation’s bylaws must state the number of directors that will constitute the corporation’s board of directors.
Many people use UberX, a transportation service, to help them get around town. It is much cheaper than a traditional taxi and the cars tend to be nicer too.
What happens though if the driver is negligent and gets into an accident while on transporting a passenger? Even more interesting, what happens if the Uber driver gets into an accident without transporting a Uber passenger? Does Uber or Lyft provide insurance coverage for drivers injured due to a car accident? Does Uber driver's personal insurance policy cover the accident? Can injured passengers sue Uber/Lyft or their drivers? These are just a few questions many Uber, Lyft, and other TNC users are concerned about when involved in an accident while using these popular ride-sharing services.
On New Year’s Eve, a six-year-old girl was struck and killed by an UberX driver in San Francisco. The family sued Uber for wrongful death, but Uber denied liability. Since there were no passengers in the vehicle, the driver was not on duty and was not covered by Uber’s insurance. The family argued that since the driver was logged into the Uber app, he was on the job. At that time, Uber had very strict provisions as to what they are liable for. They only claimed liability between the times that a driver was requested and the fare was paid. This means that if a driver is driving around looking for a fare, they are not considered to be on the job; therefore, the driver will not be covered by.
Many tribal casinos have active insurance policies and have waived their immunity. In these situations, the liability insurer would pay monetary damages. However, it's important to note that Tribal/Indian lands are sovereign entities. Tribal/Indian laws must adjudicate all businesses within their jurisdiction. In summary, the businesses that operate solely on Tribal/Indian lands are not subject to many U.S. laws. Like any other sovereign nation, the Tribes have a right to self-governance.
Due to Tribal/Indian sovereign immunity, it is very difficult to pursue a legal matter against tribal Casinos.
Tribal casinos may be sued in U.S. courts if they willingly waive their immunity. In short, someone must obtain the Tribes' consent to sue them. It seems clear how undesirable it would be to do so. Yet some, like the Navajo, have done so in the past. Some of these tribal casinos have insurance and have waived their immunity in cases where their liability insurer would pay monetary damages. Many tribes have insurance but do not consent to waive their sovereign immunity. Usually, these tribes offer a minimum value for the only to make it disappear.
According to 18 USC Section 1029, it is prohibited to knowingly and with an intent to defraud, use, or traffic one or more counterfeit access devices; produce, traffic, or possess device-making equipment; or commit another act pursuant to a violation of the statute.
The prosecution must prove that the defendant committed one of the following acts:
Having the police present to take a report helps ensure you receive all the information you need.
You may not experience pain at the moment, but oftentimes, pain may gradually appear after some time. Seeing a doctor can help ensure that you will not suffer from pain in the future.
It is important to consult your attorney before stating the accident. An experienced attorney can help ensure you are not wrongfully blamed for an accident for which you were not liable.
Car accidents can result in a wide range of injuries, varying from minor cuts and bruises to more severe, life-altering conditions. The type and severity of injuries often depend on factors such as the speed of the vehicles involved, the use of seatbelts, the point of impact, and the overall health of the individuals involved. Understanding the common types of car accident injuries can help you recognize the importance of seeking prompt medical attention and ensure you take the necessary steps for recovery. Here are some of the most common injuries people sustain in car accidents:
Whiplash is one of the most frequent injuries in car accidents, especially in rear-end collisions. It occurs when the head and neck are suddenly jolted forward and then snapped back, causing strain or damage to the soft tissues, including muscles, ligaments, and tendons in the neck. Symptoms of whiplash may include neck pain, stiffness, headaches, and dizziness, and they can sometimes take hours or even days to manifest fully.
Traumatic Brain Injuries can occur when the head strikes an object, such as the steering wheel, dashboard, or window, or from a violent jolt that causes the brain to collide with the skull. TBIs range from mild concussions to severe brain damage that can result in long-term cognitive, physical, and emotional impairments. Symptoms may include headaches, confusion, memory loss, dizziness, and changes in behavior or personality.
The impact of a car accident can easily result in broken bones, particularly in the arms, legs, ribs, and collarbone. The force exerted on the body during a collision can cause bones to fracture or break completely. Depending on their severity, these injuries may require immobilization, surgery, and extensive rehabilitation.
Spinal cord injuries are among the most serious outcomes of a car accident, potentially leading to partial or complete paralysis. Damage to the spinal cord can occur if the vertebrae are fractured or dislocated, compressing or severing the nerves that run through the spine. Immediate medical attention is crucial for anyone suspected of having a spinal cord injury, as prompt treatment can significantly impact the outcome.
Beyond whiplash, car accidents often result in other soft tissue injuries, such as sprains, strains, and contusions. These injuries involve the muscles, tendons, and ligaments and can lead to pain, swelling, bruising, and limited mobility. While they might not be as immediately apparent as more severe injuries, soft tissue injuries can cause chronic pain and require physical therapy for full recovery.
Internal injuries, including damage to organs such as the liver, spleen, or lungs, are often life-threatening and may not be immediately noticeable. The force of a collision can cause internal bleeding, organ rupture, or other critical conditions that require emergency medical intervention. Symptoms might include abdominal pain, dizziness, fainting, and shortness of breath.
Broken glass, metal, and other debris can cause cuts and lacerations during a car accident. While some cuts may be minor and only require basic first aid, others can be deep and necessitate stitches or more extensive medical treatment. Severe lacerations can also lead to scarring or infection if not properly cared for.
Different cases lead to different types of court judgments. Here are some common types:
In criminal cases, court judgments often result in penalties like imprisonment, fines, or probation. These judgments can have serious long-term consequences, affecting not only your criminal record but also future employment prospects. For example, a conviction for a crime such as theft, assault, or driving under the influence (DUI) can lead to significant legal penalties and a permanent criminal record. A criminal court judgment typically includes sentencing, such as the length of prison time, probation, or a fine. These penalties can also include restitution, which requires the defendant to pay back the victim for any losses incurred as a result of the crime.
In civil cases, court judgments typically involve financial compensation or other remedies. For example, if you’re sued for a breach of contract, the court may order you to pay the plaintiff a certain amount of money. Civil court judgments can also apply in cases of personal injury claims, property disputes, or family law matters such as divorce and child custody. Monetary judgments in civil cases may include not only compensation for damages but also interest and court costs. If you lose a civil case, the court judgment may require you to pay these amounts, and failure to do so may result in further legal actions, such as asset seizure or wage garnishment.
If a court judgment is entered against you, it’s important to take action. Here’s how you can respond:
Unpaid court judgments can severely affect your credit score, making it more difficult to secure loans, credit, or rental housing. A judgment can remain on your credit report for up to seven years, which could influence potential lenders and landlords. Paying off the judgment or negotiating a settlement can help resolve the matter and improve your credit report. If you fail to pay the judgment, the creditor may take further steps to collect the debt, such as placing a lien on your property or garnishing your wages. This can complicate your financial situation and prevent you from obtaining new credit or loans.
Time is crucial when dealing with court judgments. Failing to act within the deadlines for filing appeals or requests may make the judgment final, limiting your ability to contest it. If you miss deadlines, you may lose the opportunity to appeal or challenge the judgment, and the debt may become much harder to resolve. If you fail to act, the judgment could also trigger more serious actions, such as wage garnishments, liens, or asset seizures. The earlier you seek legal assistance, the better your chances of resolving the matter in your favor. For more information on what to do after receiving a judgment, check out the California Courts website.
If you’ve received a court judgment in California, it’s essential to understand your rights and options. At KAASS LAW, our team of experienced attorneys is here to help you navigate the complexities of court judgments, whether you're filing an appeal, challenging a default judgment, or seeking a release of judgment. Time is critical, so contact us today to schedule a consultation.
A startup is a company in the early phases of its development, known for its innovative business model and potential for quick expansion. Often technology-driven, it encourages high levels of creativity and innovation. On the other hand, a small business is usually operated by its owner. They adhere to a more conventional business model, concentrating on offering products or services to a particular local market.
Startups aiming to disrupt the industry frequently look to alter the current situation. They emphasize creating new technologies or products that can be rapidly expanded. Conversely, small businesses usually stick to a more conventional business model, focusing on delivering products or services to a particular local market.
Startups typically have a greater capacity for growth compared to small businesses. They often concentrate on creating a product or service that can be expanded rapidly and has substantial market opportunities. Conversely, small businesses generally have restricted growth potential, focusing on a specific local market.
Startups and small businesses can have different legal structures. To protect liability and attract funding, startups are frequently organized as corporations or LLCs. In contrast, small businesses are commonly organized as sole proprietorships or partnerships.
Startups and small businesses should also consider taxes. Startups might qualify for tax incentives or credits to promote expansion and progress. While small businesses might have a simpler tax framework as they concentrate on a particular local market.
The number of team members in startups is usually smaller than that in small businesses. Startups tend to concentrate on creating innovative technologies or products, necessitating a compact group of highly proficient personnel. Conversely, small companies generally employ a larger workforce to deliver products or services to a local market.
Startups take longer to become profitable than small businesses because they are dedicated to developing new technologies or products, which may require longer to bring to market and expand. In contrast, small businesses generally achieve profitability more quickly because they concentrate on a specific local market and can generate revenue rapidly. Do not hesitate to contact KAASS LAW if you have questions about California Startup or Small Business laws or discuss your case confidentially with one of our experienced attorneys.
Federal law caps your liability at $50 if someone steals your credit card, regardless of the unauthorized charges. Additionally, federal law protects you from liability for any unauthorized charges if you report the theft of your physical card or credit card account number before any charges occur. It's essential to thoroughly review the terms and conditions outlined in your cardholder agreement. As a responsible cardholder, promptly inform the issuer if your credit card is lost or stolen. This quick response can help prevent additional unauthorized expenditures. This advance notice will provide the issuer with the opportunity to assist you in the following ways:
The Fair Credit Billing Act is a powerful tool for consumers. It allows you to dispute a charge with your card issuer within 60 days of receiving your credit card bill. The charge must exceed $50 to qualify for dispute and may be unauthorized, have an incorrect date or amount, or contain calculation errors. You can also dispute charges for undelivered goods or services. Once a complaint is received, the issuer must acknowledge it within 30 days and complete the investigation within two billing cycles. During this period, the issuer cannot attempt to collect the payment, charge interest on it, or report it as late to credit bureaus. However, these restrictions only apply to the disputed payment; other charges made in the same billing cycle may still accrue interest and be reported as late if unpaid.
If your bank refuses to cover your losses in the event of fraudulent activity, it may be breaking the law. Additionally, it may break the law if it submits the fraudulent account for collection against you or reports it negatively to the Credit Reporting Agencies.
If you suspect a violation of your consumer rights, contact an experienced consumer protection attorney at KAASS LAW for more information.
Complete and Accurate Information. Having access to complete and accurate information will allow investors to make well-informed decisions about their investments. Companies are required by law to provide investors with all the information necessary to make that informed decision. It is illegal for companies to hide information from the public or from potential investors to make their company sound healthier than it really is. As an investor, you have the right to seek more information needed to make your decision including any formal documentation, financial statements, or annual reports.
Disclosure of Risk and Future Obligations. The person or entity selling the investment is required to provide information about any risks they face or future obligations they are expected to meet. There are many different factors that can make an investment risky and knowing exactly how risky it is will be a crucial indicator to the long-term success of that investment. Individuals or companies, who have future obligations that they are required to meet, increase the risk of the investment and put investors in an undesirable position. A business lawyer at KAASS LAW can provide you with any legal assistance you may require regarding business law. Receive legal assistance from an experienced professional now!
In all, be sure to know your rights as an investor so that you can make the best-informed decision you possibly can. There are many people and companies who make an effort to provide the least information possible while making a great effort to reel you in. Be cautious of the investments you decide to take on and remember that you are protected by the law in situations where there are efforts to fraud an investor out of their money.
The filing fee is $100. The Secretary of State website has a sample of articles of incorporations with instructions.
California law requires a corporation to create bylaws. There is no set criteria for the content of bylaws, but they typically set forth internal rules and procedures for the corporation, touching on issues like the existence and responsibilities of corporate offices, the size of the board of directors and the manner and term of their election, how and when board and shareholder meetings will be held, who may call meetings, and how the board of directors will function. You are not required to file bylaws with the Secretary of State, but the corporation must keep a copy at its principal place a business.
The filing fee is $25. The Secretary of State’s website has a simple, fill in the blank form for the Statement of Information. Instructions are included. It must be filled within 90 days of filing the articles of incorporation.
Request an Employer Identification Number (EIN) from the IRS. There is no filing fee. If you will be paying at least $100 to an employee or employees in a quarter (this includes corporate officers), you are subject to California employment taxes and must register for a California employer account number within 15 days of paying that $100. You can register for employment taxes and get your account number online using the Employment Development Department’s website. These taxes must be paid quarterly. Whenever you hire an employee in California, you must inform both the IRS and the State of California. The IRS details all of the necessary steps, including verifying work eligibility and withholding allowances certificates, on its page entitled Hiring Employees. You can find information for the state level in the California Employer’s Guide and on the website for California’s New Hire Reporting Program. If you have employees in California, you must carry workers’ compensation insurance. There are other informational returns that you may have to file annually or semi-annually with both the IRS and the state. California imposes an $800 minimum franchise tax on corporation doing business in the state. This minimum tax is separate from any income, self-employment, or payroll tax. For many, this $800 minimum tax could be significant impediment to forming a corporation in California, especially if you have little or no expected income from your online publishing activities. California’s current income tax rate for corporations is 8.84%.
It is a good idea to keep business’s finances separate from your personal accounts. A good way to do this early on is by opening a bank account for your corporation. You will probably need a Tax ID number (EIN), a copy of the articles of incorporation, and a resolution identifying authorized signers if those names are not listed in the articles. Our lawyers in Glendale, Los Angeles, CA can provide you with any sort of legal assistance regarding business startups.
In March of this year, Uber announced that they would be changing their insurance coverage. They would now cover accidents as long as the Uber driver was at fault and logged into the Uber app, even if they were not transporting a passenger. Although this is a big step forward, there are still some provisions to be aware of. Uber’s insurance will only cover the accident if the driver’s personal insurance fails to do so. They will also only cover up to $100,000 in bodily injury and $25,000 in property damage.
UberX is a cheap way to get around town if you need transportation, but it is important to educate yourself on policies and provisions that may affect you. If you are an Uber passenger and are involved in a car accident, it is important to find an experienced personal injury attorney.
Make sure your rights are not violated! Don't settle for pursuing a court case without guidance. Our Glendale auto accident attorneys at KAASS LAW can provide you with any sort of legal assistance you require.
Tribes are also immune from other U.S. laws, including the Americans with Disabilities Act, Age Discrimination in Employment Act, and all other discrimination laws. Because of tribal immunity, any suit accusing a tribal business of discrimination under these laws will be thrown out of court.
Tribes have tribal courts. However, they do not provide the same level of protection and rights as one would get under the laws of the United States.
Second, authorities treat criminals on tribal lands a little differently. Unless we are dealing with a “major” crime, tribal courts have authority over all crimes committed in their jurisdiction. Thankfully, the “Major Crimes Act” states that any major felony on tribal lands is within the jurisdiction of the United States Federal Courts.
So next time you’re planning a trip to an Indian/Tribal Casino, remember to be careful and follow the laws of the sovereign state you are entering.
There are ways to go through the Tribal/Indian courts and maximize the case's value. You may do this by contacting an experienced attorney who has delivered such results. Contact your tribal personal injury lawyer to get more information.
This content serves educational purposes only. KAASS LAW's lawyers in Glendale, Los Angeles, CA, are authorized to practice law in California. We provide this information specifically for California residents. This content provides only general information, which may or may not reflect current legal developments. KAASS LAW expressly disclaims all liability for actions taken or not taken based on any of the contents of this website. The above content DOES NOT create an attorney-client relationship. KAASS LAW does not represent you unless you have expressly retained KAASS LAW in person at the KAASS LAW office.
KAASS LAW Personal Injury Attorneys help clients in Los Angeles, Burbank, Hollywood, Glendale, Van Nuys, North Hollywood, Studio City, Highland Park, Eagle Rock, Sunland, Tujunga, Sylmar, La Crescenta, La Canada, Beverly Hills, Westwood, Santa Monica, Brentwood. Pacoima, Montebello, Commerce, Alhambra, Downey, Bell, Maywood, Walnut Park, Vernon, Lynwood, Echo Park, Silverlake, Mission Hills, Northridge, North Hills, Porter Ranch, Chatsworth, Reseda, San Diego, La Jolla, El Cajon, Chula Visa, Del Mar
For the purpose of 18 USC Section 1029, intent to defraud means acting with the intention to the device or cheat another person. Device-making equipment includes mechanisms, equipment, or impression-making machines which create counterfeit access to funds. Access devices refer to different information that is used to access an account of funds, including personal access codes, cards, and account numbers.
18 USC Section 1029 covers crimes that involve:
If the defendant has committed any of the crimes mentioned in 18 USC 1029 but did so without intent to defraud, he should not be convicted of this crime.
This can be a valid defense if the defendant actually had authorization or believed that he had it.
The defendant can face the following penalties: