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The CARD Act – What You Should Know

Mar 11

Posted by admin in Debt Consolidation

Recently the CARD act took effect, which means that cardholders will be able to get relief from double cycle billing and arbitrary rate increases. In addition, the CARD act promises that credit card bills will be much easier to read. However, with the new act comes a new series of rules and regulations that savvy consumers should know about.

First, it is very possible that cardholders might find that they are being hit with an assortment of charges and new fees. This is because creditors have already been implementing new fees aggressively or raising ones that already existed to try to make up for any revenue that could be potential lost as a result of the CARD Act.

Some types of these fees are Discover’s new 2% fee on all purchases made outside of the United States of America, and an increase from 3% to 5% fee for rolling over a balance from one credit card to another.Because there are no restrictions on the types of fees creditors can implement, cardholders should pay extra close attention to the “Terms and Conditions” section of their statement so they know what exactly they are being charged for.

In addition, credit will be harder to come by. The amount of credit that was available to consumers by card companies went down about 7% between March and September of last year. And it will only tighten further. According to the CARD Act, credit card companies are going to be extremely restricted in their marketing techniques that target college students, which can potentially cut down on an important part of their business.

Therefore, cardholders with an OK or bad credit history will find that it is much more difficult to obtain a card or have their credit limit extended.

Also expected are fewer rewards. Issuers are becoming more stingy with their rewards in an attempt to save money. For example, American Express told its consumers recently that they would not be able to accumulate reward points on their purchases if they were late with a payment. To avoid missing out, analysts caution that consumers should carefully read any notices they get from their credit card company about changes to their rewards or loyalty program.

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How To (TRY) To Dispute Credit Report Errors

Jun 6

Posted by admin in Credit

Your credit report is a type of consumer report and contains information about where you work, live, what you own and how you pay your bills. It also may show whether you?ve been sued or arrested or have filed for bankruptcy. Companies called consumer reporting agencies (CRAs) or credit bureaus compile and sell your credit report to businesses. Because businesses use this information to evaluate your applications for credit, insurance, employment, and other purposes allowed by the Fair Credit Reporting Act (FCRA), it?s important that the information in your report is complete and accurate.

Estimates indicate that as many as three forths of all consumer reports are inaccurate or have information that should have been removed. Chances are your report has something that is inaccurate of outdated.

Logic would suggest that you periodically review your credit report for inaccuracies or omissions. This could be especially important if you?re considering making a major purchase, such as buying a home or a new car.

Checking in advance on the accuracy of information in your credit file could speed the credit-granting process.

Getting Your Credit Report

If you?ve been denied credit, insurance, or employment because of information supplied by a CRA, the FCRA says the company you applied to must give you the CRA?s name, address, and telephone number. If you contact the agency for a copy of your report within 60 days of receiving a denial notice, the report is free. In addition, you?re entitled to one free copy of your report a year if you can prove that (1) you?re unemployed and plan to look for a job within 60 days, (2) you?re on welfare, or (3) your report is inaccurate because of fraud. Otherwise, a CRA may charge you up to $9.00 for a copy of your report.

If you simply want a copy of your report, call the CRAs listed in the Yellow Pages under \”credit\” or \”credit rating and reporting.\” Call each credit bureau listed since more than one agency may have a file on you, some with different information. The three major national credit bureaus are:

Equifax
P.O. Box 740241
Atlanta, GA 30374-0241
(800) 685-1111

Experian
P.O. Box 2104
Allen, TX 75013
(888) EXPERIAN (888-397-3742)

Trans Union
P.O. Box 1000
Chester, PA 19022
(800) 916-8800

Correcting Errors

Under the FCRA, both the CRA and the organization that provided the information to the CRA, such as a bank or credit card company, have responsibilities for correcting inaccurate or incomplete information in your report. To protect all your rights under the law, contact both the CRA and the information provider.

First, tell the CRA in writing what information you believe is inaccurate. Include copies (NOT originals) of documents that support your position. In addition to providing your complete name and address, your letter should clearly identify each item in your report you dispute, state the facts and explain why you dispute the information, and request deletion or correction. You may want to enclose a copy of your report with the items in question circled. Your letter may look something like the sample below. Send your letter by certified mail, return receipt requested, so you can document what the CRA received. Keep copies of your dispute letter and enclosures.

CRAs must reinvestigate the items in question?usually within 30 days?unless they consider your dispute frivolous.

Now we get to the good part. If you have several items to dispute and submit them at the same time the CRA will almost always consider your dispute frivolous. Sorry, that?s just the way it is. Your best bet is to dispute one or two items at a time. Send your letter, wait two weeks, send the next letter and so on. Best idea is to find something wrong with what is being reported. Check the details. Are the dates correct, the amount correct, the payments correct? Do you even owe the debt? Was it paid off?

The CRA must forward all relevant data you provide about the dispute to the information provider. After the information provider receives notice of a dispute from the CRA, it must investigate, review all relevant information provided by the CRA, and report the results to the CRA. If the information provider finds the disputed information to be inaccurate, it must notify all nationwide CRAs so they can correct this information in your file.

? Disputed information that cannot be verified must be deleted from your file.

? If your report contains erroneous information, the CRA must correct it.

? If an item is incomplete, the CRA must complete it. For example, if your file showed that you were late making payments, but failed to show that you were no longer delinquent, the CRA must show that you?re current.

? If your file shows an account that belongs only to another person, the CRA must delete it.

Now for the REAL story. The information provider will almost always responds saying they investigated and the debt is valid. That\’s all it takes for the CRA to substantiate the debt and tell you to take a hike. Now think about it, you have a debt that is not yours and you go to the CRA to disputed it. They send a letter and to the no good company reporting you as a deadbeat and asked them to substantiate a non-existent debt. To add insult to injury that no good company tells the CRA it?s good debt and your SOL.

When the reinvestigation is complete, the CRA must give you the written results and a free copy of your report if the dispute results in a change. If an item is changed or removed, the CRA cannot put the disputed information back in your file unless the information provider verifies its accuracy and completeness, and the CRA gives you a written notice that includes the name, address, and phone number of the provider.

Also, if you request, the CRA must send notices of corrections to anyone who received your report in the past six months. Job applicants can have a corrected copy of their report sent to anyone who received a copy during the past two years for employment purposes. If a reinvestigation does not resolve your dispute, ask the CRA to include your statement of the dispute in your file and in future reports.

Second, in addition to writing to the CRA, tell the creditor or other information provider in writing that you dispute an item. Again, include copies (NOT originals) of documents that support your position. Many providers specify an address for disputes. If the provider then reports the item to any CRA, it must include a notice of your dispute. In addition, if you are correct?that is, if the disputed information is not accurate?the information provider may not use it again.

Personally, after helping dozens of people clear negative, incorrect information from their credit reports I can tell in option 1 is a necessary step but for the most part a useless step. Going right to the creditor and documenting the attempt is by far the best way to remove the inaccurate information on your credit reports. After disputing the information to the creditor, documenting the attempt, and documenting the non response of the creditor you have irrefutable evidence to present to the credit bureau. According to the federal law they have no choice but to remove the incomplete or inaccurate information

Accurate Negative Information

When negative information in your report is accurate, only the passage of time can assure its removal. Accurate negative information can generally stay on your report for 7 years. There are certain exceptions:

? Information about criminal convictions may be reported without any time limitation.

? Bankruptcy information may be reported for 10 years.

? Credit information reported in response to an application for a job with a salary of more than $75,000 has no time limit.

? Credit information reported because of an application for more than $150,000 worth of credit or life insurance has no time limit.

? Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer.

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Adding Accounts to Your File

Your credit file may not reflect all your credit accounts. Although most national department store and all-purpose bank credit card accounts will be included in your file, not all creditors supply information to CRAs: Some travel, entertainment, gasoline card companies, local retailers, and credit unions are among those creditors that don?t.

If you?ve been told you were denied credit because of an \”insufficient credit file\” or \”no credit file\” and you have accounts with creditors that don?t appear in your credit file, ask the CRA to add this information to future reports. Although they are not required to do so, many CRAs will add verifiable accounts for a fee. You should, however, understand that if these creditors do not report to the CRA on a regular basis, these added items will not be updated in your file.

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Sample Dispute Letter

Date

Your Name
Your Address
Your City, State, Zip Code

Complaint Department
Name of Credit Reporting Agency
Address
City, State, Zip Code

Dear Sir or Madam:

I am writing to dispute the following information in my file. The items I
dispute are also encircled on the attached copy of the report I received.
(Identify item(s) disputed by name of source, such as creditors or tax
court, and identify type of item, such as credit account, judgment, etc.)

This item is (inaccurate or incomplete) because (describe what is
inaccurate or incomplete and why). I am requesting that the item be
deleted (or request another specific change) to correct the information.

Enclosed are copies of (use this sentence if applicable and describe any
enclosed documentation, such as payment records, court documents)
supporting my position. Please reinvestigate this (these) matter(s) and
(delete or correct) the disputed item(s) as soon as possible.

Sincerely,

Your name

Enclosures: (List what you are enclosing)

About the Author: The author is the content manager of several websites covering all aspects of making and saving money. He owns and operates 10-8.org helping you to ?Make Extra Cash? because, Being Broke …. SUCKS. For a FREE money making report go to: http://1500ways.10-8.org/tips.htm Click now for your FREE Report! Publishing guidelines: Please feel free to publish this article as long as it?s contents and resource box remain unchanged.

Writen By : Tom Sheltraw

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Debt Collection Or ?Is That #$

May 21

Posted by admin in Debt Relief

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\” or bill collector as they are most often called.

The only job that is worse then being a Bill collector on the Scumbag Scale is the Repo Man. Bill Collectors are like lawyer, they?re only lying when there lips are moving. If you?re talking to a bill collector you need to know your rights and the law.

You should know that the Fair Debt Collection Practices Act requires that debt collectors treat you fairly by prohibiting certain methods of debt collection. Of course, the law does not forgive any legitimate debt you owe.

Here are some commonly asked questions about your rights under the Fair Debt Collection Practices Act.

What debts are covered?

Personal, family, and household debts are covered under the Act. This includes money owed for the purchase of an automobile, for medical care, or for charge accounts.

Who is a debt collector?

A debt collector is any person who regularly collects debts owed to others. This includes attorneys who collect debts on a regular basis.

How may a debt collector contact you?

A collector may contact you in person, by mail, telephone, telegram, or fax. However, a debt collector may not contact you at inconvenient times or places, such as before 8 a.m. or after 9 p.m., unless you agree. A debt collector also may not contact you at work if the collector knows that your employer disapproves.

Can you stop a debt collector from contacting you?

You can stop a debt collector from contacting you by writing a letter to the collection agency telling them to stop. Once the agency receives your letter, they may not contact you again except to say there will be no further contact or to notify you that the debt collector or creditor intends to take some specific action. Please note, however, that sending such a letter to a collector does not make the debt go away if you actually owe it. You could still be sued by the debt collector or your original creditor.

May a debt collector contact anyone else about your debt?

If you have an attorney, the debt collector must contact the attorney, rather than you. If you do not have an attorney, a collector may contact other people, but only to find out where you live, what your phone number is, and where you work. Collectors usually are prohibited from contacting such third parties more than once. In most cases, the collector may not tell anyone other than you and your attorney that you owe money.

Now the truth. After years of helping people with the unfair collection practices of the scumbag bill collectors I can tell you they will do anything to find you. The lie about who they are. They lie about why they want to talk to you. They threaten, they bribe, they promise not to tell and the only way you can tell their lying is if they?re talking. That?s the give away.

What must the debt collector tell you about the debt?

Within five days after you are first contacted, the collector must send you a written notice telling you the amount of money you owe; the name of the creditor to whom you owe the money; and what action to take if you believe you do not owe the money.

May a debt collector continue to contact you if you believe you do not owe money?

A collector may not contact you if, within 30 days after you receive the written notice, you send the collection agency a letter stating you do not owe money. However, a collector can renew collection activities if you are sent proof of the debt, such as a copy of a bill for the amount owed.

Little know fact is that you have a right to EVERYTHING involving the debt. If requested, the bill collector must provide all documentation showing you owe the debt. All contracts, all signed purchase receipts, all addendums to the contracts and all payment history. Now the problem: How can they provide all this information if they bought the debt from some other company? In all likelihood, the original company has disposed of the original documentation. If requested, they must provide ORIGINALS, not copies printed from micro film.

What types of debt collection practices are prohibited?

These are the law but the reality is the bill collector probably will not care. But still, here they are:

Harassment

Debt collectors may not harass, oppress, or abuse anyone or any third parties they contact. For example, debt collectors may not:

? use threats of violence or harm;

? publish a list of consumers who refuse to pay their debts (except to a credit bureau);

? use obscene or profane language; or

? repeatedly use the telephone to annoy someone;

False statements.

Debt collectors may not use any false statements when collecting a debt. For example, debt collectors may not:

? falsely imply that they are attorneys or government representatives;

? falsely imply that you have committed a crime;

? falsely represent that they operate or work for a credit bureau;

? misrepresent the amount of your debt;

? indicate that papers being sent to you are legal forms when they are not; or

? indicate that papers being sent to you are not legal forms when they are.

Debt collectors also may not state that:

? you will be arrested if you do not pay your debt;

? they will seize, garnish, attach, or sell your property or wages, unless the collection agency or creditor intends to do so, and it is legal to do so; or

? actions, such as a lawsuit, will be taken against you, which legally may not be taken, or which they do not intend to take.

Debt collectors may not:

? give false credit information about you to anyone, including a credit bureau;

? send you anything that looks like an official document from a court or government agency when it is not; or

? use a false name.

Unfair practices.

Debt collectors may not engage in unfair practices when they try to collect a debt. For example, collectors may not:

? collect any amount greater than your debt, unless your state law permits such a charge;

? deposit a post-dated check prematurely;

? use deception to make you accept collect calls or pay for telegrams;

? take or threaten to take your property unless this can be done legally; or

? contact you by postcard.

How many of the previous listed items have been violated in your case? Probably a lot.

What control do you have over payment of debts?

If you owe more than one debt, any payment you make must be applied to the debt you indicate. A debt collector may not apply a payment to any debt you believe you do not owe.

What can you do if you believe a debt collector violated the law?

You have the right to sue a collector in a state or federal court within one year from the date from the date the law was violated. If you win, you may recover money for the damages you suffered plus an additional amount up to $1000. Court costs and attorneys fees also can be recovered. A group of people also may sue a debt collector and recover money for damages up to $500,000, or one percent of the collectors net worth, whichever is less.

Where can you report a debt collector for an alleged violation?

Report any problems you have with a debt collector to your state Attorney Generals office and the Federal Trade Commission

About the Author: The author is the content manager of several websites covering all aspects of making and saving money. He owns and operates 10-8.org helping you to ?Make Extra Cash? because, Being Broke …. SUCKS. For a FREE money making report go to: http://1500ways.10-8.org/tips.htm Click now for your FREE Report!

Publishing guidelines: Please feel free to publish this article as long as its contents and resource box remain unchanged.

Writen By : Tom Sheltraw

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