How to Deal with Multiple Debt Collectors

Consumers are protected from being harassed by debt collectors by the Fair Debt Collection Practices Act, or FDCPA. This includes not being contacted before 8 a.m. or after 9 p.m., not being repeatedly contacted at your workplace if you're not allowed to receive calls, and not having your debt discussed with anyone other than yourself. This doesn't mean that you won't be contacted, though, and if you have multiple debt collectors contacting you, it can be overwhelming and stressful. The FDCPA provides methods for getting debt collector contact...

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How to Stop a Texas Credit Card Judgment

A judgment is something that should be avoided if possible. Judgments entered against you will appear on your credit report and create a devastating blow to your credit score. By the time a creditor is pursuing legal action, your time is limited and you must act quickly to prevent the case from moving forward. Attempting to settle the debt or filing bankruptcy are two methods to stop the forward progression of the court action. Instructions Attempt...

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Suspicious Activity on Credit Reports

Your credit score influences the type of loans you are approved for, your interest rates and your financial reputation. Fraudulent charges on your credit report can damage your score. Being vigilant in monitoring your credit can protect you. Signs Examples of suspicious activity on your credit report include incorrect or counterfeit names, jobs, Social Security numbers or accounts you did not personally open. Detecting this activity is imperative...

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Do Credit Repair Companies Really Work?

The Federal Trade Commission says you should stay away from credit repair firms and manage your own credit repair. However, the FTC acknowledges that ethical credit repair firms can help you improve your credit report. Misconceptions The FTC says none of the credit repair firms has a magic formula for improving your credit. According to the FTC, companies are lying when they say they can remove quickly remove bankruptcies, foreclosures, liens...

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How to Settle Credit Card Balances

Job loss, health problems and other issues can contribute to out of control credit card balances. Consumers struggling to pay off these debts may be wondering about options. Credit card settlements allow consumers to make a single payment to settle the debt obligation. This payment is usually much lower than the original balance (pennies on the dollar). Creating a plan for negotiating credit card obligations can assist in getting debt settled. ...

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Federal Grants for Debt

The federal government spends billions of dollars every year on grants and loans for American citizens. You can't, however, use the grants to pay personal debts. Simply stated, the U.S. federal government does not provide free money to consumers who are looking for an easy way out of debt; nevertheless, the government can assist you with some debts, like your mortgage. Don't pay for information and applications that are free, however. Federal Grant Information Health and Human Services, the federal agency that administers grants, states...

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How to Get APR From a Monthly Interest Rate

Annual percentage rate (APR) is the cost of credit expressed as a yearly rate. It is calculated by annualizing shorter-period rates. There are two basic types: Nominal APR, which is a simple extrapolation of a shorter-period rate; and effective APR, where fees and interest are compounded each period. In the U.S., Federal Deposit Insurance Corporation Regulation Z governs the calculation and disclosure of APR. Open-ended credit calculations apply...

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Consumer Rights for Harassment From Collection Agencies

Collection agencies are private organizations hired to collect money owed to a creditor. Many banks and lending institutions have their own collection departments to manage past-due accounts. Collection practices are highly governed. Creditors must adhere to federal regulations to legally collect debts. Government protection agencies support the rights of consumers who are harassed by collection agencies. Types of Harassment Certain collection...

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New York's Laws on Credit Card Responsibility for Dual Persons

In New York, as in all states, when two people sign jointly for a credit card, they are in effect telling the lender that if one of them doesn't pay, the other will. If one of those co-signers is removed from the equation for some reason, the remaining co-signer owes all the debt. Credit card companies are usually agreeable to issuing cards to dual persons for this reason. Defaults by One Co-Debtor If you are a co-signer on a credit card,...

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My Credit Check Shows the Wrong Information

Even credit reporting agencies make mistakes. Unfortunately, when you apply for credit, potential creditors verify information against what's in your credit report---even if it's wrong. A simple mistyped birthdate can mean you are denied credit, even if it's not your fault. When that's the case, you must take steps to correct the erroneous information. This is even more important if the erroneous information stems from something more troubling, such as identity theft. Contact Credit Reporting Agencies When your credit report shows the wrong...

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Credit Card Hardship Strategies

Nearly all the major U.S. credit card issuers maintain credit card hardship programs. They are meant to assist card holders in paying their debts. The basic idea is to avoid default and bankruptcy at any cost. A hardship program allows the bank to help you get back on track financially so you can continue paying them. Features The main features of a credit card hardship program are the lowering of interest rates and minimum payments for a specific period of time, usually from six to 12 months in response to a personal tragedy. A loss of...

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How to Stop Charge Card Judgments

If you don't pay a charge card, your account will eventually be turned over to a collection agency. When a collection agency has your account, they may file a judgment against you, which can lead to further collection activity. Your bank account can be levied, meaning all of the money or a portion of the money in the account, is frozen and turned over to the agency as payment for your debt. They may also garnish your wages up to 25 percent per week or pay period. Sometimes a lien can be filed against certain property. There are some things you...

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How to Cancel Debt Legally

Many Americans struggle with crushing debt, especially credit card debt. When debt reduction strategies and repayment plans fail to work, sometimes the only option that consumers face is debt cancellation. Canceling your debt in most cases will negatively affect your credit. Instructions 1 Pull a current copy of your credit report. See Resources for a free copy. You should also pay for a copy of your FICO score. A FICO is a three-digit number...

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Three Types of Information for Borrower's Creditworthiness

When you apply for a loan or a credit card, your lender will obtain information about your finances and credit to determine if you qualify to borrow money. Each lender uses this information differently to assess you as a potential borrower depending on the lender's guidelines. However, lenders typically obtain and use three primary types of information to determine your creditworthiness. Payment History Lenders typically use payment history, which they obtain from your consumer credit reports, as a means to evaluate your creditworthiness....

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Information on CareOne Credit Counseling

Careone Credit Counseling Services is a debt-relief company with five different companies operating under its umbrella. The company provides services designed to get you out of debt as efficiently and effectively as possible. Significance Some of the companies that operate under Careone Credit include American Financial Solutions, Clarion Credit Management, and Debt Management Group. Application If you are considering the services of Careone Credit, you can go online and fill out an application that includes your personal information...

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Meaning of Debit and Credit in Accounts

Debits and credits are the backbone of modern accounting principles and economies. Without them, there would be no financial statement available, no possibility of financial analysis and no investment valuation. Bookkeepers record business activities by debiting and crediting specific accounts based on generally accepted accounting policies (GAAP), company rules and regulatory standards. Purpose A bookkeeper records a business transaction...

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Utah Debt Help

Being overburdened with debts like credit card and medical bills can feel scary, but Utah residents can take advantage of several types of legal help when in financial trouble. No matter how serious the financial situation, most people can qualify for some type of bankruptcy relief or partially repay debts through credit counseling, according to the Utah State Bar. Statute of Limitations Under Utah statute 78-12-25, you cannot be sued for credit card or bank loan debts that happened more than four years ago. A debt collector can still pursue...

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What Is Considered Top Tier Credit?

When you apply for a loan at a car dealership, jewelry store or mortgage company, the banks or creditors look at your credit score, among other pieces of information. Having a credit score that the creditor considers top tier may help you save money in the long run, as you qualify for better interest rates on your loans. Top Tier A credit score falls in the range between 300 and 850. The higher your credit score, the better your credit rating....

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Definition of Consolidate

Debt consolidation is the process of combining multiple loans into one. A consolidation loan does not reduce the amount you owe but can help you have a more manageable repayment schedule. Function By combining all of your loans into one, you will only have one larger payment to worry about each month rather than several or more smaller payments. This can reduce the chance that you will accidentally miss one of them and be hit with late fees and finance charges. Purpose Consolidation loans can be used to combine any type of debt...

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If You Open a Checking Account With Someone Else's Name on It, Can It Still Be Garnished for You?

Bank garnishment is a process a creditor may use to recover unpaid debts you owe. This process involves freezing the bank account, which means that you can deposit money, but you cannot make withdrawals. The frozen funds may then be sent to the court to reduce the debt you owe. In certain cases, a debtor may garnish your bank account, even if someone else's name is on the account. Judgment Before a debtor can garnish a bank account, it must obtain a judgment against you. A judgment stems from a civil suit that is typically filed with a...

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7 Secrets to Debt Freedom

A debt-free life is within reach if you can change your habits. Even if you have been carrying a balance on your credit cards, or even increasing the amount you owe every month, planning and discipline can help you reach your goal. Paying off your debts requires sacrifice, but you have more to spend when interest no longer consumes a chunk of your income. Assess Your Situation Calculate the flow of money each month. First, total up all your...

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What to Do About Credit Card Debt for Older People

A 2009 study by public policy group Demos found that the elderly --- those age 65 and older --- accumulated credit card debt faster than any other demographic between 2005 and 2008, according to "USA Today." The elderly sometimes have credit card problems because they tend to live off of a fixed income and don't work. The best option may be to legally discharge this debt. Expert Insight Ultimately, the elderly need to pay debts that give...

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When a Person Dies Is Their Estate Responsible for Their Credit Card Debt?

Many families today have multiple credit cards with balances on them. When an account holder dies, her debt will have to be dealt with. The credit card debt would not necessarily be passed onto the beneficiaries of the deceased, but it may have to be addressed by the estate. Account Holder If you are the only person on the account when you die, the debt will not become the responsibility of one of your beneficiaries. If you opened the credit...

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The Truth About Debt Cures

When you're drowning in debt, anything that can help you get rid of debt and get your life back can seem like a lifesaver. The truth is, most quick debt cures come at steep price, whether it's fees charged by debt negotiators or the damage done to your credit score. No Quick Cure You probably didn't get head over heels in debt overnight, there's no way to get rid of debt overnight with no repercussions. Unfortunately, it's often much easier to rack up debt than it is to it is to pay it off. Therefore, any legitimate road out of debt...

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How to Collect on a Verbal Loan Agreement

When you have a signed contract, you have a better chance of collecting an outstanding loan. A verbal loan agreement is more difficult to collect, but if you have enough facts, figures, data, and evidence, you can eventually collect the money thats owed you. There are certain steps you will need to take. First contact the debtor and try to work out a repayment arrangement. If this does not work, you may have to seek legal action. Instructions...

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Debt Charge Off Definition

A debt charge off is a technique that is used by a creditor when they eliminate a portion of debt that they believe they cannot collect. This procedure is used when a debtor will not pay their bill. It can eliminate part of your debt, but it can also harm your credit. Function When a consumer has an outstanding balance on a credit account that they cannot afford to pay, the company will try to collect it from them. The creditor will employ a collections agency to try to collect the debt. The debt collector may offer to take less than what...

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How to Pay a Bit More Than the Minimum Amount on Credit Cards

Credit cards are flexible, allowing you to make large purchases and pay them off immediately or stretch repayment over months or even years. Card issuers require a minimum monthly payment, but sending more money is optional. More than half of American credit card users carry a monthly balance and 29 percent only pay the minimum amount required at least some of the time, according to the 2009 "Financial Capability in the United States" study, conducted by the FINRA Investor Education Foundation. Your balance goes down faster and you save on interest...

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Canadian Debt Recovery

Debt recovery refers to collecting debts from individuals or businesses. In Canada debt recovery regulation is established by provinces or territories. Collection agencies have legal status and are hired by service-provider companies to collect on their behalf. Canadian Regulations Canadian regulations regarding debt recovery apply to collection agencies and they establish rules about calling debtors, the times, the number of calls per week and the situations when mailing correspondence is necessary. Collection agencies must notify the...

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How Soon Do Credit Card Companies Sue After Payments Stop?

Making regular payments to your credit card company benefits your credit rating and prevents the company from closing your account and initiating collection activity. Defaulting on your credit card debt carries severe consequences and places you at risk of a debt collection lawsuit. If sued, you may face wage garnishment, a bank account freeze or even a property lien. Misconceptions Many consumers who are struggling financially believe that credit card companies are quick to sue. In reality, this isn't the case. Credit card companies don't...

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How to Compute Credit Card Balances & Interest

If you want to get serious about paying off your credit card debts, it's important to learn about the balance and interest associated with your account. When you understand computations involved with determining your new balance as well as interest expense you pay each month, you can make better decisions about how to pay off the account more quickly. Gather basic information about your credit card account, including your current open balance and the annual interest rate, referred to as APR, to get started. Instructions Computing Interest Charge...

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Getting Out of Debt: How Credit Counseling Can Help Identify Your Options

Debt load consists of credit card accounts, loans and other bills. Your debt might become overwhelming if you run up big balances or suffer an unexpected problem like unemployment or illness. Credit counseling offers a way to review your options and create a plan. The Federal Trade Commission explains that a good counselor shows you every alternative, from budgeting on your own to letting the counseling agency administer a debt management plan. Definition Credit counseling is a service provided by professional organizations. The FTC explains...

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How to Clean Up Bad Credit Reports

There are any number of reasons to avoid a bad credit rating. Bad credit marks you as a risk to lenders, and sometimes landlords or potential employers. Even if you can get a loan, you'll likely be stuck with a higher-than-average interest rate. Although it is much easier to hurt your credit than fix it, there is hope for reviving it as long as you are consistent and determined. Instructions 1 Keep an eye on your credit report at least yearly....

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Charities That Help Pay Rent

Don't wait until it is too late. There is help available if you have fallen behind on your rent. There are charities nationwide that will help in your time of need. Be prepared and identify which ones you will approach. If you wait until you have an eviction notice, chances are it will be too late for their intervention to succeed. Community Action Agencies Many communities have agencies that can assist if you need help paying your rent....

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About Right to Cure Letters

Right to cure letters, and the loan note language that triggers them, vary from state to state. Right to cure provisions exist in almost every loan note and explain the borrower's options to correct a delinquency or default, usually caused by missed payments. Borrowers should learn about their rights to remedy a delinquency if they want to continue their relationship with their current lender should there be a problem. Function Right to cure...

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What Makes a Property Qualify for Cash for Keys?

If you are about to lose your home to foreclosure, your lender may offer you cash to leave your home quickly and in good condition. This payment, commonly known as "cash for keys", can help you with the expense of finding and securing new housing after the foreclosure. Contact your lender and ask whether it offers cash incentives to move, and how you can qualify for its program. Foreclosure When a homeowner defaults on her mortgage, her lender must complete a legal process to seize the home so that it can be resold. This process, known...

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Problems With Quicken Loans

Quicken Loans was founded in 1985 as Rock Financial Corporation, an independent mortgage broker. Since 1999 the company has been part of Intuit, Inc., a software company that offers Quicken accounting solutions and Turbo Tax software. Quicken Loans offers home loans, mortgage refinancing home equity loans and reverse mortgages. Today, Quicken Loans claims to be the largest online lender. Fair Credit Reporting Act In 2002, the Federal Trade Commission (FTC) charged that Quicken Loans violated the Fair Credit Reporting Act (FCRA) in the manner...

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Will Deleting a Trade-Line Increase a Credit Score?

Whenever a creditor reports information about your debts and accounts to the credit bureaus, the bureaus create a trade line for the information on your credit report. Positive trade lines reflect on-time payments and responsible financial behavior while negative trade lines reflect defaulted debts and delinquent balances. Regardless of whether a trade line is positive or negative, it only impacts your credit score for the length of time it remains on your report. Deleting Trade Lines The Fair Credit Reporting Act (FCRA), in an effort to...

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