Stop Debt Collectors Cold and get Back on Your Financial FeetWritten by John Ventura, Gerri Detweiler
As a consumer law attorney who counsels people with debt problems, I’ve heard my share of horror stories about debt collectors. For example, a college student client was threatened that she’d be arrested if she did not pay a credit card debt, and another client was called 12 times in one day at work about a debt that was 14 years old. If they knew their rights, these people could have avoided emotional stress they experienced at hands of aggressive debt collectors. This article provides you with an overview of those rights so you don’t have to suffer like my clients did. You don’t have to put up with abuse from debt collectors! Despite what they may tell you, debt collectors cannot put you in jail, make you lose your job, or ruin your credit forever if you don’t pay a debt. The federal Fair Debt Collection Practices Act (FDCPA) sets very strict limits on what debt collectors can and cannot do. Those limits include when they can call you, what they can say and what they can do to collect a debt. The FDCPA in a Nutshell The FDCPA applies to outside debt collection agencies, but not to creditors collecting their own debts. However, your state may have a law that applies to in-house debt collectors. Call your state attorney general’s office to find out. Among other things, FDCPA says that debt collectors cannot: · Lie to you, use racial slurs or insults, or threaten you with violence. · Call you repeatedly, or call before 8 a.m. or after 9 p.m. · Call you at work if you've told them you can’t accept their calls on job. · Contact your employer about a debt unless debt collector is trying to collect past due child support payments from you. · Tell others about your debt. · Garnish your wages without taking you to court first. · Make false statements, such as telling you they will ruin your credit “forever”. They can’t. You have right, within 60 days of first being contacted by a collector, to ask for written proof of debt, and debt collector must provide it. Be sure to ask for proof if there is any question that you owe a debt or if you need time to figure out how to pay a debt you know you owe. Keep careful notes regarding each conversation you have with a debt collector, and copies of all correspondence to and from collector. These records will be helpful if you need to sue a debt collector.
| | How Your Credit Report Affects YouWritten by August Malson
I never thought much about my credit before. It wasn't until I was in process of buying my first home was my credit really called into question. When I first spoke with my mortgage lender was first real wake up call I had. He then proceeded to give me some useful information about credit that I would like to share with you.There are three major different credit reporting agencies. They are Experian, Equifax, and Trans Union. Each of these agencies contain seperate reports on your credit history. Important to note is that these agencies do not share information they have between themselves, and your creditor might not send your information to all three. Your credit report would contain following information: * Name * Current and Previous Address * Current and Previous Employer * Date of Birth * Any other variations of your personal information (other SSN, Nicknames, etc.) * Account Information * Public Information (Bankruptcy, Judgements, Liens, etc.) Your credit score is created from information from your credit report. The more positive information that you have on your credit report, higher your score, and opposite is also true. The higher your credit score is, then lower interest rate loans that you can recieve for purchasing a home, getting new credit cards,and you get treated like $1,000,000 when you are at bank. However, if your credit score isn't that high, your interest rates will be higher, or you might even be denied for loan. Now, I know what you might be thinking, how bad can a high interest rate be? For instance, a 1 or 2 point difference in an interest rate can be a difference of $100 or more per month.
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