Better Credit Blog

APRIL 1, 2022

Write a letter to the original creditor or collection agency and ask them to remove the negative entry from your credit history as an act of goodwill. Developing these good habits will help a lot, but let’s be clear: a major negative entry like bankruptcy, foreclosure, or repossession on your credit file will cause bad credit.

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The Kaplan Group

JANUARY 19, 2021

This is the federal law that protects consumers from being harassed by debt collectors. As we’ve mentioned before, the law applies only to consumer debt, not businesses. The law also only applies to outside debt collectors, not companies who are owed the money for product or services they provided.

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Credit Corp

JUNE 14, 2023

Your creditor may sell your charged-off debt to a collection agency for pennies on the dollar. The collection agency may then attempt to collect the debt anew. Pro tip: Even if a debt has been charged off, consider contacting the original creditor to negotiate a settlement.

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Collection Industry News

JANUARY 29, 2021

Under the final rule, debt collectors must provide the consumer with certain information relating to the debt and the consumer’s rights (Validation Notice). consumer response information, such as prepared statements and prompts that the consumer may use to take certain actions, including disputing the debt.

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Consumer Financial Services Law

JANUARY 22, 2021

Communications in Connection with Debt Collection) to allow debt collectors to communicate with the deceased consumer’s spouse, parent (if the consumer is a minor), legal guardian, executor or administrator, and confirmed successor in interest (as defined Regulation X). Section 1006.2(c) This definition dovetails with 1006.6

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Credit Corp

MAY 3, 2023

Furnishers are banks, debt collectors, and others that report the information that shows up on your credit report. Re-aging can occur when a debt is sold to a third-party collector and the start date on the debt’s clock is muddied and appears to be a new debt. Bankruptcies can remain for up to 10 years.

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Credit Corp

JULY 7, 2021

That’s what Credit.com reader Dave, who says he can’t afford to pay off the old debts he owes, asks: My credit card debt is roughly $12,000. I consulted a bankruptcy attorney. He said filing bankruptcy should not be my first option since the amount is quite low. And the collectors have stopped calling.

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Debt RR

DECEMBER 13, 2019

This leaves businesses struggling to maintain revenue while debt continues to pile up. There are 35 major bankruptcies in 2019 so far, and over two-thirds happened in retail. trillion worth of debt. When faced with mounting debt, it’s inevitable that someone will come to collect. Handling Debt Collectors.

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BN Lawyers

JANUARY 14, 2019

A debt collector is free to collect during the thirty-day period as long as it does not overshadow or contradict the consumer’s thirty-day rights. But what if the debt collector initiates a process that is not readily stopped if the consumer makes a timely request for validation? In Scott v. Trott Law, P.C. ,

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Credit Corp

JULY 20, 2020

Once your debt is charged off, your creditor will send a negative report to one or more of the credit reporting agencies. It may also attempt to collect on the debt through its own collection department, by sending your account to a third-party debt collector, or by selling the debt to a debt buyer.

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Better Credit Blog

NOVEMBER 24, 2020

Most of these complaints are in regard to violations of the Fair Debt Collection Practices Act (FDCPA). If you are having issues with ACS Inc or another debt collector, you may consider filing a complaint against them as well. A goodwill deletion will not work for you if you have not already paid ACS Inc for the debt.

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Credit Corp

JUNE 14, 2020

That collection agency may report the debt as owed to the credit bureaus. Suddenly, the debt reappears on your credit report, except now it’s a zombie debt. Zombie Debts and Judgments. First, judgments provide the creditor with the legal means to collect via actions such as wage garnishments or bank account liens.

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Credit Corp

FEBRUARY 23, 2024

Dealing with zombie debt can be extremely complicated as debt collectors may repeatedly contact you about an account that belonged to you years ago. Much like the characters in a post-apocalyptic story, it’s possible to overcome zombie debt with the right know-how. How Does Zombie Debt Work?

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Collection Industry News

SEPTEMBER 8, 2020

THE Fair Debt Collection Practices Act (FDCPA) is a federal law that was enacted in 1978 by the United States Congress to protect consumers from abusive debt collectors. Note, however, that the FDCPA applies only to third party collectors who collect debt for original creditors. Trump $45,000.

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