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FDCPA ( Fair DebtCollection Practices Act). The Fair DebtCollection Practices Act (FDCPA) is a federal law that restricts the behavior of collectionagencies when they are attempting to collect money from individuals. The law does not apply to collecting from businesses. CreditCounselor.
When your voicemail is filled with messages from collectionagencies and stacks of bills arrive in your mailbox that you have no chance of paying, it’s time for some serious debt relief help. This type of bankruptcy stays on your credit history for 7 years. DebtSettlement. Debt Management.
They will likely review your financial obligations and the debt you’ve accrued before presenting you with a range of options according to your financial status. Creditcounselors help create budgets, offer free educational workshops, and develop plans to repay debts. DebtSettlement. Bankruptcy. bankruptcy.
Debt relief won’t hurt your credit alone. Debt relief and debtsettlement options don’t hurt your credit score on their own. These programs aim to help reduce your debt and if that debt is revolving credit, it can reduce your credit utilization and improve your credit.
Collectionsagencies buy your unpaid credit card debt from your card issuer when your balance lingers too long — but that doesn’t mean it goes away. When a collections representative from your credit card issuer calls you, it’s usually because you haven’t made at least the minimum payment for at least 30 days.
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