How to Find Out Details About a Collection Agency

Details about a debt collection agency may be needed for a variety of financial matters, like settling a past-due debt, disputing a credit report entry and obtaining current debt information. You need information about a debt collection agency if you are trying to stop illegal collection activities or pursuing the agency in court. Some states have special licensing for debt collection agencies, while other states only require an agency to register to do business in the state. Instructions 1 Review any communications you receive, like letters...

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I Need Help to Get Out of Debt

Debt crushes your financial goals and causes overwhelming feelings associated with falling further behind. Burying your head in the sand won't solve your debt problems if you find yourself struggling to pay off your creditors. Take a proactive approach to resolving and paying off your debts. Some debtors are able to get the accounts under control by themselves while others need professional help. Acknowledge the Problem Ignoring the collection calls and letters from creditors causes more problems for you and your debt situation. Gather...

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What Is the National Debt Relief Initiative?

The National Debt Relief Initiative, also known as the National Debt Relief Program, purports to be an agency working with clients to reduce or eliminate debt accrued from credit cards, loans and mortgages. The initiative also purportedly offers bankruptcy assistance and other financial services. Though it makes itself out to be a nonprofit, charitable organization, the initiative is a private, for-profit company and, according to the Better Business...

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What Is a Credit Card Write Off?

If you have a credit card you have not paid for a while, your credit-card company will write off the account as uncollectible. The amount of time that passes before the account is written off can vary from company to company. After the account is written off, the account is sent to a collection agency for further collection activity and sometimes legal action. Time Frame Most companies will write off your credit-card account as a bad-debt uncollectible item after six months without a payment. They have determined that this account is no...

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About Credit Reporting Agencies & Identity Alert

Credit history, credit bureaus and credit reporting are multibillion-dollar industries. Whenever someone applies for credit, he agrees that the information on the application, the decision concerning the credit and the history of the credit line are all subject to recording with various credit agencies. Additionally, these agencies are allowed to use the information to give other businesses information about the borrower. Whenever aberrant activity...

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How to Negotiate Credit Card Debt Forgiveness

In hard economic times, credit card debt can be overwhelming. In some cases, creditors--just like the rest of us--are trying to take what they can get rather than hold out for full payment. If you have generally been a good and reliable bill payer but have recently faced financial hardship, you may be able to negotiate partial credit card debt forgiveness with your creditors. However, be aware that this may negatively impact your credit history and score. Instructions 1 Familiarize yourself with your individual credit history with each credit...

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How Do I Handle Debt Before Divorce?

Divorce takes an emotional toll on couples. However, it also takes a financial toll, according to Terry Savage. Handling debt before a divorce can seem complicated, even when both parties are ready to go their separate ways. Taking inventory of debt and creating a plan for managing it will help avoid future problems and credit issues. Instructions 1 Take inventory of debt. This includes mortgages, credit cards, auto loans and any home equity...

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How to Get a Loan With a Late Payment on Your Credit History

A single late payment on your credit report should not hurt your chances to be approved for a loan -- if there are no other problems with your credit. The University of Minnesota reports that most creditors regard credit information as "a snapshot in time." That means the loan officer approving your application will be more concerned about your current payment history than a late payment from some time ago. According to the university, scores of 720 or higher represent excellent credit and scores below 650 are regarded as poor. Instructions ...

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Lenders That Pull Only Equifax Reports

There are three credit reporting agencies: Equifax, TransUnion and Experian. Most lenders will check an individual's credit score from all three agencies before supplying the individual with a credit card or loan. If an individual has been in debt and has the highest credit score with Equifax, it is possible to find some lenders that only pull the Equifax report. Justice Federal Credit Union The Justice Federal Credit Union has been serving customers throughout the United States for the past 75 years. The main website explains that the...

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How to Cash in on the Trans Union Settlement

The TransUnion credit bureau lost a $10 billion settlement in a class action lawsuit. Virtually anyone who had ANY kind of loan or line of credit between January 1 of 1987 and May 28 of 2008 is eligible to receive compensation. This article will show you how you can cash in on your share of the settlement. Instructions 1 Log on to listclassaction.com. You have until September 24, 2008 to do this. But be sure to sign up for only 6 months of...

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How Can I Stop Creditors Without Filing for Bankruptcy?

Harassing creditors may move you to file for bankruptcy to get rid of your outstanding balances. Yes, a bankruptcy can erase debts and stop calls from creditors. But the consequences of a bankruptcy include possible credit rejections, a tarnished credit rating and higher interest rates on future loans. Rather than file for bankruptcy, consider ways to deal with creditors and stop harassment. Resume Monthly Payments If you stopped making payments due to financial problems, review your personal finances to see how much you can afford to spend...

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The Best Practices for Paying Off Credit Card Debts

It's no secret that credit card debt --- aside from more uncommon debts like payday or hard money loans --- are the most difficult to pay off, because of interest rates and ease of use. The best practices for paying off credit card debts may be subjective depending on whom you consult. However, some great practices, when followed, really work to help pay off your credit card debt. Information Gathering To have a well-planned attack, you need to know exactly what you are dealing with. When it comes to credit card debt, this means you have...

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Debt Negotiation Risks

Many companies offer debt negotiation services and claim they can settle your debts for significantly less than you owe. These offers may be appealing if you have more debt than you can handle, but this approach comes with risks. Debt negotiation companies encourage you to send your money to them instead of keeping up with your regular payments. They say they will save your money for lump sum pay-offs while they negotiate with your lenders. However, your lenders are under no obligation to negotiate with these companies. Increased Debt Debt...

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Smart Way to Pay Off Credit Cards

Paying off your credit cards can help improve your credit score. And because you're spending less on debt payments each month, paying off credit card balances provide the opportunity to start saving your disposable income. Some consumers have a routine of only paying their minimum each month. However, getting rid of balances call for smarter, more effective methods. Instructions 1 Increase payments to get rid of the debt faster. Stop paying...

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Is a Prepaid Credit Card Good to Establish Your Credit?

A good credit report reflects a mix of credit use, including installment debt, such as a car payment, and revolving debt like credit cards, but getting unsecured credit like a credit card when can be difficult if you have no previous credit. Prepaid cards offer one option for establishing your credit, but another credit card option may be a better deal. Prepaid Credit Cards Prepaid credit cards work similarly to gift cards---you purchase...

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How to Negotiate Personal Credit Card Debt

There are numerous television commercials touting debt settlement companies. You also might have run across one of their ads in the newspaper or on the Internet. The truth is, you can negotiate your own credit card debt without the aid of a for-profit company. It does require time and patience, but with an organized plan, it can be done. Instructions 1 Explain your situation. Write a letter to your creditor informing it why you are having...

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How to Negotiate With Delinquent Home Depot Accounts

Many people use credit cards to enable them to buy things they wouldn't otherwise be able to afford. As a result, when times get tough, big credit card bills and loans provide challenges to a consumer's monthly budget. To maintain your credit score -- the evaluation tool that is used by banks, landlords, mortgage companies and lenders to determine your creditworthiness -- it is important to make payments on your debts and credit cards. Instructions...

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Statute of Limitations for a Credit File

The statute of limitations for a credit file refers to the amount of time that the credit bureaus can legally leave past credit and debt information within your credit history. The Fair Credit Reporting Act (FCRA) sets strict regulations regarding the reporting period for all credit information in order to provide lenders with only the most recent or pertinent information about your debt management skills. Time Frame Most items reported to the credit bureaus only remain a part of your credit file for seven years from the date you or the...

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Eliminate Credit Debt

Eliminating your credit card debt will save you money in the long run and boost your credit score by lowering your debt utilization ratio. To take action, you must first develop a plan for your finances, then strategize the best way to attack your debt. By getting organized, you are more likely to stick with your plan until your debt is gone. Budgeting To eliminate your credit card debt, you need to figure out how much money you can dedicate...

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How to Survive With a Job That Pays Less Than Your Expenses

Surviving with a job that pays less than your expenses will require diligent attention to how you spend your money. Job layoffs and reduced hours can hurt your ability to make ends meet each month. Some people file bankruptcy to eradicate debts and stay afloat. But if trying to keep your credit intact, simple lifestyle changes can help you survive on less money. Instructions 1 Request assistance from your mortgage lender or landlord. Attempt...

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How to Delete Negative Items From My Credit Report

Credit is one of the most important aspects of your financial portfolio. It is almost impossible to make large-scale purchases without it, particularly when it comes to your most valuable assets like a home or car. Therefore, making sure your credit report is as clean as possible, free of errors and negative listings is paramount for every consumer. Removing negative items requires patience, persistence and an understanding of the removal process. However, once the goal is reached, the elimination of negative items can have a powerful impact on...

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The Effects on Credit by Settling an Account

Debt settlement is excellent for eliminating excessive debt. The strategy is recommended by the Federal Trade Commission as an alternative to bankruptcy, and often results in a significant discount off the full balance due. The disadvantage is that debt settlement is guaranteed to hurt credit scores, although it is not as bad for credit overall as bankruptcy. Charge-Offs Damage to credit scores with debt settlement starts before accounts are settled. Creditors consider settlement offers only on delinquent accounts, and sometimes the most...

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Help to Pay Bills and Credit Cards

If you have recently lost your job or are no longer making as much money as you used to, you may find yourself unable to pay your bills. Some debtors ignore debts they cannot pay; this practice leads creditors to take action against them to collect the debt and damages their credit. However, many creditors will work with debtors to resolve unpaid bills, and low-income debtors can also receive help with vital services. Payment Arrangements Many creditors are willing to make payment arrangements with debtors who are experiencing financial...

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How to Reduce or Stop Garnishments in Michigan

If you have an outstanding balance with a creditor and neglect to work out a payment arrangement or fail to make payments as agreed, the creditor might sue you in the Michigan court system and obtain a "writ of garnishment." This means, if the court sees fit, the judge may award your creditor to garnish your wages up to 25% in Michigan. The writ of garnishment, however, only stands for three months in Michigan and requires renewal thereafter, every...

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Unsecured Debt Reduction

Unsecured debts are those accounts, such as credit cards, that don't have any collateral pledged as security for the loan. When your credit card debt becomes unmanageable, you might need the services of a debt-reduction company. Or you might want to work on reducing your debt on your own before it becomes too unwieldy. Debt Relief Programs There are a number of debt-relief organizations that will assist you with managing your debt. They can help you reorganize, reschedule, make payment arrangements, get late charges waived, interest amounts...

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How to Finance & Consolidate Debt

Financing and consolidating debt are two techniques to aid consumers in their eventual goal of debt elimination. The simple solution is that a person or company must re-engineer their budget to spend less than they earn, and in time, debt will be consolidated and eliminated. If consolidating debts through a company, it is important to understand fees and how the service works. Instructions 1 Analyze your budget. Eliminate non-essentials such...

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Who Can Garnish Your Wages & Accounts?

You are responsible for paying off debts you incur to a variety of creditors. Creditors you do not pay have the option to collect the debt by filing for a wage or bank garnishment through your local court system. Through wage garnishment, your employer gives the creditor a portion of the income you earn each pay period, while bank account garnishment requires your bank to turn over the contents of your checking and savings accounts to the creditor. State laws vary regarding the amount creditors may garnish from your paycheck or bank accounts. ...

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What Happens to My Debt in Pennsylvania After I Die?

When you pass away in the state of Pennsylvania, your estate is supposed to pay for all of the debts you left behind. Your estate is a combination of probate assets that have value. Most probate assets are real property items such as a home or a car, but a bank account that does not have a joint owner, the contents of a safety deposit box and even valuable personal items, such as a set of rare collectibles, can all be used as estate assets to pay off your debts as well. Probate Process Whether you leave behind a legal will or not, the state...

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Rhode Island Wage Garnishment Laws

When you get into debt, it's easy for that debt to become unmanageable. You can then be sued by a creditor. If the judge rules against you, you may then see your wages garnished for the purpose of repaying this debt. Those in the state of Rhode Island facing garnishment and judgment should prepare themselves by learning about the state's wage garnishment laws. Monetary Limits State law limits the amount that a creditor may garnish your wages. Rhode Island law sets this limit at 25 percent of your disposable income. The state defines disposable...

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What Is the Minimum Balance for a Student Loan Rehabilitation?

Student loan rehabilitation allows you to rehabilitate your defaulted federal student loans through a structured payment plan. If you complete the plan, your loan is taken out of default, which stops collection activity on the loan and allows you to participate in the various borrower benefits and protections offered by federal student loan servicers. As of 2011, your minimum balance at the end of the payment plan must be $500 for the loan to be rehabilitated and purchased by a new lender. Student Loan Default If you don't make your monthly...

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What Are Outstanding Loans?

If you've filled out a loan or credit application, you've probably seen a reference to outstanding loans on the application. Outstanding loans themselves are not significant if you can afford the monthly loan payment, but they can have a significant and potentially negative effect on your credit. Definition An outstanding loan is the remaining principal amount of the loan. The principal amount is the remaining balance of the loan itself, which excludes interest payments and fees. For example, if you took out a loan for $25,000 and you paid...

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What to Do If a Collection Agency Did Not Pick Up a Certified Dispute Letter

Section 809 of the Fair Debt Collection Practices Act (FDCPA) states that any individual who is contacted by a debt collector concerning a debt has the right to dispute the claim in writing. The collection agency is then legally required to provide the consumer with proof of the debt before any collection activity may resume. If you mailed a dispute letter to a collection agency via certified mail and the letter was refused, you have other options....

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What to Do With Your Credit After a Divorce?

Divorces can be messy -- throw finances into the mix and they can be downright miserable to experience. Usually, during marriage, people intertwine their assets and debts, having both their name and the name of their spouse on accounts. This makes preserving or building credit on your own after divorce difficult. Fortunately, you can protect yourself and get your own credit footing by taking specific actions. Assess Your Finances To really...

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Laws on the SOL of Credit Card Debt

A statute of limitations (SOL) is the amount of time legally allowed to sue in either criminal or civil court. After this time period has expired, no legal prosecution for the offense is allowed to take place. Credit card debt is no exception. Laws establishing the SOL for defaulted credit card debt vary state to state. Function Statute of limitations laws concerning debt serve to protect consumers from the threat of an indefinite lawsuit....

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Can I Be Sued for Not Paying Medical Bills?

With escalating health care costs, many people find themselves in a significant amount of medical debt after seeking treatment. If you cannot afford to pay these medical bills, you could face several consequences. The medical provider has the right to sue you to try to collect any unpaid balance that you may owe. Lawsuit When you accumulate medical debt, the medical facility has the same rights as any other creditor. You owe them money and you guaranteed to pay it when you signed their paperwork. If you do not pay the balance or make arrangements...

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