Consumer Debt and Credit Information
Knee Deep In Debt - FTC Consumer Facts - Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car? You' re not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn' t have to go from bad to worse. continue reading...
Fair Debt Collection - FTC Consumer Facts (March 1999) - If you use credit cards, owe money on a personal loan, or are paying on a home mortgage, you are a "debtor." If you fall behind in repaying your creditors, or an error is made on your accounts, you may be contacted by a "debt collector." You should know that in either situation, the Fair Debt Collection Practices Act requires that debt collectors treat you fairly and prohibits certain methods of debt collection. Of course, the law does not erase any legitimate debt you owe. continue reading...
Consumer Credit Scoring Facts (August 2005) - Ever wonder how a creditor decides whether to grant you credit? For years, creditors have been using credit scoring systems to determine if you?d be a good risk for credit cards and auto loans. More recently, credit scoring has been used to help creditors evaluate your ability to repay home mortgage loans. Here?s how credit scoring works in helping decide who gets credit ? and why. continue reading...
Consumers Eligible for Free Annual Credit Reports (August 31, 2005) - Starting September 1, consumers in 14 East Coast states join the rest of the country in qualifying for a free annual credit report from each of the three nationwide consumer reporting companies ? Equifax, Experian, and TransUnion. The free reports were mandated by Congress in The Fair and Accurate Credit Transactions Act of 2003 (FACTA), which requires the nationwide credit bureaus to provide consumers with a free copy of their credit report, at their request, once every 12 months. Consumers who want to access their credit report online can go to www.annualcreditreport.com. continue reading...
Your Access to Free Credit Reports - The Fair Credit Reporting Act (FCRA) requires each of the nationwide consumer reporting companies ? Equifax, Experian, and TransUnion ? to provide you with a free copy of your credit report, at your request, once every 12 months. The FCRA promotes the accuracy and privacy of information in the files of the nation's consumer reporting companies. The Federal Trade Commission (FTC), the nation's consumer protection agency, enforces the FCRA with respect to consumer reporting companies. continue reading...
Advertisements Offering Debt Relief May Be Offering Bankruptcy - Washington, D.C. -- Debt got you down? You?re not alone. Consumer debt is at an all time high. What?s more, record numbers of consumers?nearly 1.6 million in 2003?are filing for bankruptcy. Whether your debt dilemma is the result of an illness, unemployment, or simply overspending, it can seem overwhelming. In your effort to get solvent, be on the alert for advertisements that offer seemingly quick fixes. While the ads pitch the promise of debt relief, they rarely say relief may be spelled bankruptcy. And although bankruptcy is one option to deal with financial problems, it?s generally considered the option of last resort. The reason: its long term negative impact on your creditworthiness. A bankruptcy stays on your credit report for 10 years, and can hinder your ability to get credit, a job, insurance, or even a place to live. continue reading...
Credit Tips for Consumers - Whether it is paying for a dinner out, taking out a car loan or borrowing money to furnish a home, millions of consumers use credit every day. They use it to finance their educations, to pay their medical bills or just to shop for clothes on the weekend. The Federal Trade Commission estimates that seven out of 10 Americans have credit cards. continue reading...
