The idea is great, ask a debt collector for proof you owe a debt and if they cannot produce it, you do not have to pay. However, the reality of using this tactic may yield very different results.
Posted on Feb 18, 2015
Some of you might be rejoicing a bit because of news that the chief credit scoring outfit, FICO, is changing its rules about how it scores debtors. The main change is that the new system will draw a distinction between medical debt and regular debt. The other big change is the new system will disregard medical collection accounts if they are paid or settled.
Posted on Aug 13, 2014
Last week, FICO, the nation's top credit score provider, announced upcoming changes to the way some debts impact your credit score. This could be good news for thousands of people, if lenders adopt this new model.
Posted on Aug 11, 2014
For years many financial experts have been warning against using “debt settlement” strategies to battle high credit card debts. According to a June 2014 report from the Center for Responsible Lending, despite changes in federal and state laws, the warnings will continue.
Posted on Jul 21, 2014
Your financial difficulties could already be severe enough that you are tempted to accept the first solution that comes along. However, there are pros and cons to bankruptcy, debt consolidation, debt settlement and most debt repayment options. It is important to talk to someone who knows the ins and...
Posted on Dec 12, 2013
Posted on May 08, 2013
Washington, DC – Sequestration is now in place, and along with it came a good amount of uncertainty, causing many Americans to wonder how they will be impacted. By some estimates, more than one million employees of federal agencies may receive furlough notices. Some workers are not adequately prepared to...
Posted on Mar 04, 2013
I received a call last week from a woman in a panic because she had settled a broken lease and was now being sued for the remainder of the debt. With many people feeling the financial pinch now, it is easy for to be convinced to settle debts. After...
Posted on Nov 21, 2012
A few weeks ago I visited a local vocational school to talk to students about credit and to provide them with individual credit counseling assistance. One of the gentlemen, Steve, who stayed after to have an individual appointment, said he wanted to know what his credit looked like now...
Posted on Jul 22, 2011
We often hear from clients struggling to deal with debt collectors seeking repayment of debts incurred by deceased relatives. This article, from the Federal Trade Commission, outlines your rights and responsibilities when faced with this situation. FTC June 2009 Paying the Debts of a Deceased Relative: Who Is Responsible? After a relative...
Posted on Aug 25, 2009