Debtor’s Legal Rights Consumers are protected from abuse by credit reporting agencies, debt collectors, predatory lenders and others who prey upon the gullible and weak by a variety of laws. Some of these laws are more well known than others. Federal Laws usually supersede State Laws when there is a conflict. State Laws sometimes provide
What is Credit Scoring? Everyone knows there is such a thing as credit scoring. What is credit scoring? Who decides what it is? How is credit scoring Measured? How often does credit scoring change? What information is in it? What information is not in it? Can I manipulate it? Why is credit scoring important? Let’s
Debt Collection Letter May be Fake That debt collection letter that has you so upset may or may not be real. Don’t let your fear of having a collection wind up on your credit reports make you pay first and ask questions later. There are a lot of creative scammers out there dreaming up ways
First Credit Card Big Opportunity Life has it’s benchmarks. Turning 7 is the classical entry into the “Age of Reason” in some religions. Now it is possible to commit a sin! The first credit card makes it possible to commit financial sins that can lower your credit score for many years to come. Those who
Employment Credit Checks Widespread Employment credit checks are justifiable when it comes to jobs that require being trusted with large amounts of money for obvious reasons. Jobs requiring security clearance might also be included in the category where this practice is a necessity as opposed to an annoying intrusion invading the privacy of the applicant.
Charge Offs, Judgments, Liens Charge Offs, Judgments, Liens are among the most difficult problems facing the consumer who is trying to turn his credit score around. Many people do not really understand just what “charge offs” are and what can be done about them. What are Charge Offs of a debt? A creditor charges off
Subprime Auto Loans Easy Availability UPDATE: Delinquencies of 60 days or more have increased by 27 percent in the 3d Quarter of 2014 Equifax reports. The largest increase is among sub prime borrowers as might be expected. Mississippi, South Carolina and Alabama are the worst offenders. North Dakota with its booming economy is the best.
Craigslist Loan Co-Signer Never a Good Move I’ve been hearing about this one for a while. Would be borrowers with either no credit history or truly terrible credit have been advertising on Craigslist for co-signers. It seems as though anyone stupid enough to fall for this scheme probably deserves what they get. These requests are
Tri-Merge Credit Report Information A Real Estate loan application merits a more thorough examination and analysis of the applicant’s credit history than a credit card or auto loan application. A typical credit card or auto lender will be satisfied with a credit report from one credit reporting agency as the basis for the credit score
Online Predatory Loans Online predatory loans are legally distinguishable from “Payday Loans.” Payday loans are high interest very short term loans designed to fill an immediate need. They are the subject of continuing ongoing debate between those who would outlaw them completely and those who see them as a legal means for coping with dire
Debtors Suing Debt Collectors Successfully Under FDCPA Debtors suing debt collectors. Is this a man bites dog story? More and more debtors are taking advantage of their rights under the Fair Debt Collection Practices Act of 1977 and going after the collectors. The hunter is becoming the hunted! The mouse is chasing the cat.
When Credit Card Holder Dies The question of a deceased debtor’s credit card account responsibility comes up often. A review of the possible scenarios ahead of time should be helpful to people before they are vulnerable. Emotional turmoil around the time of death of a loved one is not conducive to making a decision
Always Pay Credit Cards and Loans on Time No credit score fundamentals beginner’s guide can start without emphasizing the importance of timely payments. Recent late payments hurt your score in a big way. You also incur penalties. Make at least the minimum payment if you possibly can. If you can’t do that call and
Equifax Loses Court Judgment Numbering $18.6 Million Dollars Equifax loses Court judgment numbering $18.6 Million Dollars awarded by a Federal Court Jury in Oregon. Evidence showed that plaintiff Julie Miller spent 2 years trying unsuccessfully to get Equifax to fix mistakes on her credit report. Ms Miller first realized that something was amiss in 2009
Automatic Bank Withdrawal Fraud Prevention Automatic bank withdrawal fraud prevention first attracted my attention because of an unpleasant personal experience. I had purchased a 1 month limited run of banner advertising from a well known online directory for $99.00. The advertising was totally ineffective so I was ready to chalk it up as a loss and
Craigslist Bad Check Scam Alert You decide to sell some furniture on Craigslist. You list an item at a fair price, provide a nice picture and wait for emails from potential buyers. Oh look….here’s an offer at full price sight unseen from someone out of state. This is really good because they are going to
What is a Creditor’s Legal Judgment? A creditor’s legal judgment for a specific sum of money is a Court document reflecting a debtor’s obligation to pay that sum to a particular creditor. This can only happen after a debtor has been given notice of the claim in the form of service of a complaint with
Skipping Town on Debts is not Easy Debt collector skip tracing involves finding people who want to avoid their debts by “getting lost.” These debtors are referred to as “Skips” in the debt collection industry. This comes from the age old expression “to skip town” as used to refer to those who think that if