Posts tagged as:

credit

Debt settlement firms are not working for you

June 9, 2009

Thinking of using a debt settlement firm? Think again. These services don’t help you as much as you think.
Many of these firms are not helping as much as their subscribers think—sometimes at least half of what the customers pay goes to administrative fees—money that is never paid on the customer’s behalf.
The Minnesota Legislature, at the [...]

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Rebuilding credit after bankruptcy

May 8, 2009

According to Alex from Queercents, rebuilding credit is a seven-step process:

Clean up your credit report
Learn from your mistakes; do not repeat them
(Carefully) apply for a secured credit card
Or become an authorized user on your partner’s credit card
Pay your bills on time
Do not be in a hurry to incur more debt
Be patient and research your options

Alex [...]

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Deal with your debt; do not ignore it

May 5, 2009

Nobody likes to talk about their debt. Not me, not you, not anybody. But your debts do not like to be ignored. As I wrote in my column for Consumerist yesterday  , if you let your debts go into default and do nothing, it could end up hurting.
Credit card companies in particular want you to [...]

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How to get a free credit report (that is actually free)

April 15, 2009

To get a free credit report, visit annualcreditreport.com. Stay away from the misleading “free”creditreport.com, which is somehow still doing business despite its incredibly misleading name.

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Student Loan Nightmare: Help Wanted

April 1, 2009

“[W]hy aren’t student loans receiving the same attention, same care and forgiveness as every other loan in America?” Student Loan Nightmare: Help Wanted | AC360

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Coping with garnishment

March 27, 2009

Undoubtedly, one of the most frustrating aspects of debt collection for consumers is having their bank accounts garnished (or levied) by creditors. It is a process that is often misunderstood and my goal is to provide general information that I hope is helpful.
A creditor is entitled to garnish a consumers bank account to recover an [...]

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How not to defend a debt collection lawsuit

March 26, 2009

When I worked as a collection attorney, I would see the same erroneous defenses over and over again. Here are some of the most common:
You don’t have a signed contract
Somewhat surprisingly, creditors are not required to produce a signed contract to prevail in court. There are others case theories, such as account stated, that may [...]

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90% of life (and defending debt buyer lawsuits) is just showing up

March 25, 2009

Although skeptics argue that Woody Allen’s famous observation over-simplifies the path to success, consumers sued by debt buyers will benefit from following Woody’s advice.
Of course, a debt buyer is a business that purchases debt from the original creditor and then sues consumers to collect the debts. Because the debt buyer did not originate the debt, [...]

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There are no secret programs to get out of debt

March 23, 2009

Consumer lawyers and collection lawyers agree about as often as Bill O’Reilly and Keith Olbermann. But one thing they do agree on is the dubious value of most for-profit companies that promise to get consumers out of debt.
They go by many different names: credit counseling agencies, debt settlement companies, debt negotiators, etc. They usually charge [...]

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Buying a car on credit (Auto Fraud Week)

February 11, 2009

For starters, if you are going to buy a car on credit, the best way to start is to go to a credit union and “pre-qualify” for a car loan. In other words, find out what you will be able to afford from someone who is not trying to sell you a car. When you [...]

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Debt collector in the news: two sides to every story

January 26, 2009

Last night I posted a link to a New York Times story written by debt collector Pat Marshall. Then, this morning, I stumbled across this twitter post from blogger Bill Bauer:

I admit, reading “I feel that I’m helping people see that there are options for getting out of their situations—maybe by taking out a second [...]

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Creditors willing to haggle with debtors in tough economic times

January 6, 2009

In anticipation of an increase in economic and credit turmoil, creditors and debt collectors are racing to collect as much as possible from their debtors and to minimize future losses. While many banks are cutting credit lines, raising fees, and reducing lending, creditors are also giving debt collectors more latitude to work with debtors in [...]

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Close the money hole? Consider this debate.

December 23, 2008

A good discussion on what to do with a real national treasure.  Pardon the language.

In The Know: Should The Government Stop Dumping Money Into A Giant Hole?

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Credit reports apparently generated by Flintstones technology

December 17, 2008

According to Gary Nitzkin, “[t]he credit reporting industry is operating in the stone age.” By which he means the credit reporting agencies seem incapable of dealing with credit information that comes from identity theft. Gary filed two lawsuits because even though the identity thief confessed, he could not get his clients’ credit reports fixed.
Why not? [...]

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Your home equity line of credit is not an ATM

December 11, 2008

Last August, I wrote about the “Speed Equity System,” a dumb idea centered around using a home equity line of credit as if it were a bank account. The basic idea is to deposit all your income into your HELOC, preventing as much interest from accumulating as possible. If you do, you can pay off [...]

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The credit crisis as Antarctic expedition

October 14, 2008

The credit crisis as Antarctic expedition from Marketplace on Vimeo.

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Confessions of a Debt Collector

October 7, 2008

Reporter goes undercover as a debt collector. Confessions of a Debt Collector | Kiplinger (via N2Credit)

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September 25, 2008

A companion piece to the post by Sarah Byrnes from earlier this week.  Ex-bankers on pushing customers to rack up debt | cnn.com

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Find the Right Credit Card at BillShrink

September 18, 2008

BillShrink lets you find the right credit card based on your spending and payment habits. Find the Right Credit Card at BillShrink | Lifehacker

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Stop debt collection harassment

September 18, 2008

This blog has a lot of great information for consumers dealing with debt collection harassment. Here is a roundup of some of the best posts for consumers coping with debt collection:

What to do when a debt collector calls
Stop debt collector calls with the TeleZapper
Debt collection complaints going up; what to do if you get a [...]

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