Posts Categorized: Credit and Debt

It’s important to know what various consumer credit act provisions and laws exist to protect consumers. Too many people who don’t know their rights don’t take advantage of the laws that protect them. We routinely talk to consumers about how to ensure that they aren’t being victimized by debt collectors and other financial predators. There…

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One tactic that many consumers use to ensure that their credit reports are accurate and up-to-date is to add a 100-word statement to the report. We routinely recommend this action as part of our debt counseling advice. Some critics warn against the 100-word statement. They think consumers who write a statement are handing collectors the…

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No-interest credit card offers are increasingly common these days, and while they may seem incredibly attractive, here are a few things to consider before rushing into one of these deals. While you may get 0% interest for a few months, maybe even a year, do you have to pay any fees during this period? Read…

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The best debt help we can offer is to teach consumers to manage their credit effectively. One key to this end is to review every statement you get. Too often, we pay the bill and file it away without taking a few extra minutes to review it fully. Credit card companies do occasionally make errors,…

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People seeking credit counseling advice are often curious about cancelling credit cards. We’ve written frequently about how closing accounts isn’t necessarily good for your credit score, but once an account is closed it can’t be used to accumulate more debt, making credit counseling that much easier to achieve. Whether cancelling credit cards is or isn’t…

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Under the Fair Debt Collection Practices Act, debt collectors are required to identify themselves in any communication with a debtor. This rule prevents collection agents from tricking consumers into returning calls or other communications without knowing the nature of the communication. There are also privacy protections built into the FDCPA that prohibit collectors from disclosing…

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It’s not uncommon to receive a phone call or notice in the mail from a collection agency looking for payments. When a debt collector contacts you about an unpaid debt, your first order of business should be to obtain a debt validation (DV) letter. Under the Fair Debt Collection Practices Act (FDCPA), collection agencies are…

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In the midst of the global financial crisis, Americans cited credit and debit card fraud as their number one fear, surpassing that of terrorism, computer and health viruses and personal safety.[1] For many Americans, this fear is not unwarranted. Each year, credit card fraud costs cardholders and issuers alike hundreds of millions, if not billions,…

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