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The definition of debt collector under the Fair Debt Collection Practices Act does not include original creditors or servicers of an account for a creditor. There are certain exceptions to the rule, but for the most part, the statute only applies to third party debt collectors. Therefore, your creditors are not held responsible for following the FDCPA’s guidelines. Absent any…
My bank account was frozen and I was never given notice. This is a frequent complaint that we hear from consumers. Learn more about this and other frequent inquiries by reading below. What is a bank garnishment? If there is a judgment against you, to satisfy the judgment, the creditor can garnish your wages, garnish your bank account or place…
Do you know if your spouse has a secret debt? One spouse hid $50,000 worth of gambling debt on credit cards. Another spouse stole his wife’s credit card to use at the racetrack. A third spouse stacked up big debts paying for online porn and dating sites. According to Liz Weston, there is usually an underlying problem that drives the…
Remember to check your credit report on a regular basis and not when you are trying to make big purchases. In case you find errors on your report, you need time to fix them. Here are seven steps to help clean your credit report. 1. Order a copy of your credit report You are entitled to a free copy of…
An elderly woman co-signed for her adult son on two credit cards and for a truck. Now the mother is stuck with $20,000 debt. What are her options? A 76 year old woman co-signed on two credit cards and a Toyota truck for her adult son. The son assured his mother that he would pay the bills. Instead, he charged…
There was a gathering of Debt Collectors in Atlantic City this week. There are more than 4,100 debt collection agencies in the US employing close to 450,000 people. This is expected to grow by 26% in the next three years. The average amount of recovery on a delinquent debt is 20%. That is down from 30 % decades ago. The…
You think you heard crazy and wacky. Wait to you hear these stories! A women in Rhode Island received $65 worth of flowers paid for on her own stolen credit card. This is even wackier. Jennifer Mercado was sitting on a Bronx, N.Y. jury in a credit card theft case when she stole a fellow juror’s credit card. The other…
In these unsettled economic times you cannot help but hear about the variety of scams inflicted upon people who are in debt because of unemployment or mortgage debt. Scammers offer fixes that are too good to be true or try to confuse you into giving them personal information in order to assist you. One recent scam concerns collectors of supposed…
Be careful. An ex-spouse can ruin your credit long after the divorce. We hear it all the time. There is a divorce decree that states that one spouse is liable for certain old credit card bills. Years later, that spouse discontinues making payments for whatever reason. The spouse that was not supposed to be liable for the account finds a…
If you are currently looking for employment or considering applying for a new job, you must consider your history – all of it. Gizmodo took 6 of its employees and had Social Intelligence run background checks. Social Intelligence uses your Internet and social media history to run background checks. You should check out your credit report and dispute any errors…