Telecheck Alternatives

TeleCheck helps deter check fraud by providing debt verification and risk-based decision information. It keeps a database consisting of bank account and check debt records reported by merchants. Additionally, TeleCheck reviews check information and distinguishes patterns consisting with valid checks or fraudulent checks. You may encounter TeleCheck if a store declines your personal check or you are unable to open a bank account. Besides TeleCheck,...

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The Process of Debt Management

Effective debt management is critical for financial success, as you save money on current interest expenses, while also positioning yourself to negotiate low interest rates on future debt. For motivation, the process of debt management begins with an outline of your financial goals. From there, you can analyze your current assets and cash flow to begin making strategic debt payments according to interest rates. Identify Financial Goals Define and prioritize your financial goals before initiating the process of debt management. Common financial...

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How to Transfer a Home Equity Line of Credit Balance to a Credit Card

Many times you find credit cards that are offering a 0% or a very low interest rate for transferring balances. They are sometimes offered for the length of the paying off the balance, too. This makes transferring a large balance on another card or home equity loan very appealing. Not only does it save money on the interest charge, but it releases the property from that lien since credit cards are unsecured loans. If your balance is large however,...

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What Is a Zombie Debt?

Zombie debt is old debt that in many cases has been paid, written off, settled or discharged in bankruptcy that is nevertheless being pursued by collectors. Companies sell these old debts to third-party collectors who can then hound you for debt you thought had been discharged long ago. Where Does it Come From? Third-party collection agencies can purchase delinquent debt from companies such as credit card companies, gyms and hospitals for...

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Tips for Fixing Bad Credit

You cannot wave a magic wand and fix bad credit, but you can clean up your report and establish a better credit score. Good credit is important to acquire goods and services in our society, and it can help you save a lot of money on finance charges. Dispute Negative Accounts Perhaps you've seen advertisements promising to fix your bad credit and remove negative items from your report---in reality, these services are performing a task you...

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Can I Rent an Apartment With a Pending Bankruptcy?

A pending bankruptcy can have an impact on your credit history. And if applying for an apartment lease, getting an approval can become challenging as some landlords may reject your application for credit issues. But if you need a place to live, several methods can help get your application approved. Ask About Credit Requirements Avoid a lease application rejection by prescreening different apartments and asking about credit requirements. Some landlords aren't concerned with credit history as long as you don't have an eviction on your credit...

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FICO Score Help

Your FICO score is one of the most important numbers related to your personal finances. Lenders use FICO scores (also called credit scores) to determine whether borrowers should receive loans as well as the interest rate individuals receive on loans. The higher the score, the better. If your credit score is lower than you would like, there are several ways to potentially increase your score over time. Servicing Debts FICO scores range from 300 to 850 and are based on a variety of credit and financial information. According to the Fair Isaac...

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How Is Identity Theft Reported on a Federal Report?

Identity theft can be difficult to report if unproven. While there is no formal federal record keeping system for identity theft, the Federal Trade Commission, in tandem with local law enforcement agencies, keep records of identity theft complaints. Federal Trade Commission Complaints When a consumer feels they have been the victim of identity theft, they are asked to file a report with the Federal Trade Commission (FTC). This report should include documentation of the offenses and information proving the consumer's innocence in all financial...

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What if You Can't Pay Your Credit Cards Because of a Work Reduction?

When times are tough, businesses often scale back. Scaling back does not always mean layoffs; instead, it can mean reduced hours at work. For employees, this can be a big blow to the household budget. If this has happened to you and you now cannot pay your credit card bills, taking action can prevent constant debt collection calls and a poor credit score. Revise Your Budget The first thing to do to set your finances in order is to revise your budget. Write down your new monthly income as a result of the work reduction and list all of your...

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How to Negotiate a Deal So That Your Checking Account Is Not Garnished

Although wage garnishment is typically a last resort for a creditor to which you owe a delinquent debt, your creditor can pursue debt recovery through wage garnishment in most states if your account becomes severely delinquent -- usually at least six months past due. Wage garnishment can reduce your take-home pay by as much as 25 percent, and if two or more creditors execute wage garnishments in a single year, you can lose your job in some cases. However, you may avoid wage garnishment by negotiating with your creditor before it files a lawsuit...

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How Much Credit Card Debt Is Too Much?

Determining whether you have too much credit card debt varies depending on your individual circumstances. High debt load for one person may be manageable for another. However, there are signs that your debt load is out of control and too much debt often results in stress, financial hardship and lower credit scores. Evaluate your budget and calculate your debt-to-income ratio to determine potential problems. Debt-to-Income Ratio Excluding house payments, consumer debt beyond 20 percent of your net income may indicate financial problems,...

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Credit Problems & Tips

Modern consumers have access to a variety of credit and debt instruments which can be beneficial when used responsibly. For many people, however, credit card use leads to financial hardships such as loan default, foreclosure and bankruptcy. If you are facing credit problems it is important to work diligently to resolve them to avoid more serious financial hardships. Excessive Debt One of the most common credit problems is the accumulation of large debt balances. When you use a credit card, the money you spend becomes a debt balance on the...

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How Do I Update My Address on My Credit Report?

When you move there are some important things you need to consider. From scheduling the moving truck and protecting your personal possessions to making sure your mail reaches you at your new location, it is important to make sure that everything gets done. One thing that often is overlooked when people move to a new location is updating the address the credit reporting agencies have on file. When you move it is important to make sure everyone--including those credit reporting agencies--have your new address on file. New Address Before you...

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Should I Cash in a 401K to Pay Off Credit Cards?

You will suffer in the long run by cashing out your 401K. You Are Paying Down Debt Cashing out a 401K seems like a reasonable option for a consumer carrying a lot of credit card debt. The interest on credit card debt can make it very difficult to pay down. The debt continues to balloon, and the consumer struggles to make minimum payments. Taking the money out of a 401K and erasing some or all of the debt would free a consumer from...

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Method of Verification Credit Reporting

A collection agency is required to verify the information on a collection account upon request by the debtor. A debtor can request verification to confirm that he does owe the debt, to find out who the debt is owed to and to find out when the debt was incurred. Verification is often used in credit repair, in order to weed out collection accounts based on false information or inaccurate collection accounts. Junk debt collectors may attempt to collect on debts that aren't yours, or that have been paid off some time ago. Instructions 1 Check...

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Information on Financial Hardship

Banks, mortgage companies, student loan lenders and other creditors are sometimes willing to give consumers facing financial hardship a break until they can get on their feet. Such breaks could include loan deferral or forbearance or a modification of the terms of your debt to make monthly payments more affordable. Before you can get any kind of break, however, you'll have to prove that you're facing a financial hardship. First Step As soon...

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How to Write a Letter When Paying Off a Debt Owed

Whether you've been paying off a debt for a month or thirty years, that final payment can bring about relief. In this instance, you might choose to write a letter to a creditor for several reasons, including to request that you be removed from any listings, to validate that you've met all requirements, or to ask that the account be removed from your credit report. Regardless of the specific reason for writing, there are a few guidelines that can...

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How to Pay the Interest on Child Support in California

Child support payments ensure children receive the financial framework necessary for a successful start. In California, a non-custodial parent's payments are processed using an income withholding order, which deducts equal payments each pay period. When a parent falls behind, an arrearage is assessed which accrues interest. California applies payments to the current support, followed by the arrears and then the interest. As a result, to pay the interest...

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Can They Levy My Wife's Bank Account for My Judgment?

A bank levy is a collection strategy a creditor can use after obtaining a legal judgment against you for an unpaid debt. This strategy involves directing your bank to freeze your account and send all nonexempt funds to the court that issued the judgment. The court then pays the funds to the creditor. In some cases, a creditor can levy your wife's bank account, as well as any bank accounts you own, to collect on a judgment debt. Community Property States In some states, any property you obtain after marriage is considered community property....

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Can You Get an FHA Loan Two Years After a Foreclosure?

Mortgage loans backed by the Federal Home Administration offer flexible credit approval guidelines and, in certain situations, are available two years after the completion of a foreclosure. The standard wait for a home loan after a foreclosure is three years, but borrowers who can document an isolated hardship may be eligible for FHA loan approval two years after the foreclosure. Extenuating Circumstances FHA.com reports that the FHA makes exceptions for "extenuating circumstances." The circumstances could include long-time unemployment...

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Recommended Debt Reduction

Debt is common among consumers, and debt reduction should be as well. If high-interest debt is tackled first, money can be saved along the road to becoming debt-free. Certain types of debt should be paid off more quickly than others, and with the right plan of attack, debt can be eliminated faster than you ever thought possible. Credit Cards Pay more than the minimum payment when paying your monthly credit card bills. These types of debt are unsecured, meaning there is no collateral for the lender to take in case of default, and depending...

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Solutions for Educational Debt

Senate legislation passed in 2010 makes it easier for graduates to repay student loans by reducing the percentage income earmarked for loan payments. Acceleration of loan forgiveness, for those who keep up payments as agreed, occurs at 20 years in the new program or five years sooner than before. That is good news for financially strapped new graduates and their families. Repaying student loans challenges many graduates in a recession. Consolidate...

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How to Consolidate Monthly Bills Into One Payment

Have you found yourself under a mountain of bills? Are you concerned for your future and your mental health? Debt is an American epidemic, but there are ways to reduce and eliminate that pile of paper that seems to be smothering so many. The best method? Consolidate your bills and begin to pay them down. Instructions 1 Calculate your outstanding balances and required minimum monthly payments. You're presumably paying minimums on all of your cards and bills (effectively stretching the repayment of each card to 20 years), so figure your...

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How to Deal With Collection Agencies for Internet Payday Loans

An Internet payday loan is a loan against your future earnings that comes with a very high fee. According to Bills.com, the charge can run from $15 to $30 per $100 borrowed as of December 2009. You get the loan by applying over the Internet. Online payday loan providers may turn your account over to a collection agency if you do not repay it as agreed. You may even get collection calls for a loan you did not take out because collection agencies sometimes...

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Did My Husband Assume My Debt When I Got Married?

For many people, getting married also means marrying their finances. While the debt you bring into a relationship is your responsibility, it may impact your spouse's finances in other ways -- in particular, any credit you apply for jointly in the future. It's vital to discuss your finances openly so that neither party is surprised when it comes time to open a joint account or apply for a loan together. Prior Debt Any debt accumulated prior...

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How to Consolidate Credit Card Bills Once They're in Collections

The U.S. census bureau reported in 2010 that U.S.citizens had more than $886 billion in credit card debt, but it also found that credit card delinquencies had fallen by 17 percent despite the economy in America at the time. More people are attempting to consolidate their credit card debt into one monthly payment, and they are employing the aid of credit counseling agencies to help them deal with past-due accounts, high-interest cards and accounts in collections. Instructions 1 Find a reputable credit counseling agency in your area. Ask for...

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Debt Utilization Ratio Definition

When calculating your credit score, the credit bureaus look at a number of factors in your credit history. One factor that they evaluate is your debt utilization ratio. This is a ratio that looks at the relationship between the amount of credit that you have available to the amount of debt that you have. Identification Your debt utilization ratio is the amount of money you owe compared to the amount of open credit that you have on credit lines. For example, if you have $5,000 worth of credit card debt and you have $10,000 worth of credit...

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Can I Get a Car Loan After Buying a Home?

If you're in the market for a new car, having a new mortgage on your credit report may hinder your chances of getting a loan or obtaining competitive interest rates. While each person's situation depends on multiple factors, you can generally get a car loan if you have good credit, while those with poor credit face tougher odds. Lenders Whether a lender wants to give you a loan, be it for a car or any other purpose, is up to the lender. Lenders...

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The History of Consumer Debt

Consumer debt has existed from the earliest of human societies, as evidenced by ancient legal codes attempting to resolve conflicts between debtor and creditor. Consumer debt and debt collection practices in early America were modeled after those of Britain, and debt laws have evolved over time. However, according to PBS Frontline, starting about 1980, a large increase in consumer debt in America has occurred, partly as a result of aggressive and...

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Serious Debt Problems

Being the not-so-proud owner of a serious debt problem can make you feel like you'll never be happy or relaxed again. However, it's simply not the case: for every debt problem, there's a solution. It may not be easy, and you'll have to work hard. The good news is that acknowledging the problem is the first step toward a solution that will make your future better. Option 1: Do-It-Yourself Debt Repair Empower yourself by making a list of your...

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What a Consumer Should Do When a Credit Card Company Turns Over Debt to a Collection Agency

If a United States consumer owes a debt to a credit card company, the company will usually sell the debt off within 120 days to a collections agency if it cannot collect the debt itself. After this point, the debtor can no longer pay back the original creditor and must deal exclusively with the debt collection agency. Consumers can resolve the debt with the collection agency through a number of remedies. Pay To prevent a debt from further damaging his credit score, a consumer can choose to pay off all debts owed to the collection agency....

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Pros and Cons of Credit Counseling

If you've had difficulty managing your credit, you may have considered seeking help from credit counseling or debt management agencies. These companies serve as intermediaries between you and your creditors. Credit counseling can help alleviate your debt sooner. But there's also a negative side to this type of service. Renegotiated Interest Rate and Payment Credit counseling agencies have relationships with creditors, and they know how...

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The Standard Operating Procedure for the Collection of Debt From Nonpaying Customers

An unpleasant part of having a business is having to collect on unpaid debts. Debt collection can be easy if the customer simply forgot to pay or is having temporary financial problems. However, you may have to resort to legal tactics to collect some debts. The debt collection process is straightforward and basically the same in most cases. Before attempting to collect any debt, make sure you understand the laws within the Fair Debt Collection Practices Act to avoid inadvertently breaking the law. Payment Reminder Contact the customer by...

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Credit Card Payoff Help

Unfortunately, credit card debt can creep up to scary levels where it becomes difficult to pay the minimum balances and keep up with day-to-day bills. It can become overwhelming quickly. You may have become accustomed to using your credit card for day-to-day morning coffee purchases as well as your grab-and-go convenience store purchases. How do you make the transition between this lifestyle and a bare-bones budget? You take the bull by the horns. Face Your Fear Many people don't actually know exactly what they owe to whom and at what rate....

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What FICO Score Is Top Tier?

Many consumers spend time managing their credit scores, and with good reason if they plan to borrow money. People with the best credit scores usually receive the best interest rates on many different types of loans. Consumers, as well as lenders, artificially break down ranges of credit scores into different levels, or tiers, to make it simpler to grade a person's credit and determine his qualifications for a loan. Definition A top tier credit score is a range of scores considered prime or that represent the least risk of default or late...

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How to Get Rid of Old Debt

When you allow old debt to sit on your credit report, it makes you look bad in the eyes of potential lenders. Some employers will also check your credit history before making a decision to hire you. It is best to be proactive with old debt. Instead of sitting back hoping it will go away, do something to make it go away. By doing so, you improve your credit score and your chances of obtaining future credit and future employment. Instructions ...

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Why Do College Students Fall Into Credit Card Debt?

According to Sallie Mae, about 84 percent of college students owned at least one credit card in 2008--up from 76 percent in 2004. By the time the average student graduates from college, he will accumulate more than $3,000 in credit card debt (including those without a credit card). College students fall into credit card debt due to the relative ease of getting a card, the convenience of it, and sometimes, out of necessity. Education Only...

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When Is a Credit Card Considered Defaulted?

In June 2009, Bank of America claimed that it anticipated default rates of 12 percent on its credit card balances, according to National Public Radio. Default means you have missed a payment and the lender notifies a credit reporting agency. Technically, the lender can decide when an account goes into default, but most use roughly the same time frame. Considerations Credit reporting agencies rely on credit card companies to report delinquent...

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