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01 Jun

Posted at 16:50h in credit history, credit repair
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Zombie debt collection is on the rise.  Zombie debt also known as Phantom debt is an extremely old or even fictitious debt that has returned “from the dead” to “haunt” the debtor.  That amount owed on the debt can somehow grow to thousands of dollars when it was originally for a few pennies or never even owed in the first place.  While the concept of zombie debt has been around for a long time, it has recently gained much attention as consumer complaints regarding this type of debt continue to grow.

23 May

Posted at 19:27h in credit history, credit repair, Debt management, how to improve credit history, improving credit score
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With Tax Return Day just a few days behind us, those who filed on time are more than likely already thinking about what they will get back.  Statistics show that approximately two-thirds of Americans who file taxes on time will receive a refund.  While most consumers make plans for how they are going to spend the money on vacations, home improvements, a new car, consider using your income tax refund to improve your credit.  

19 May

Posted at 12:45h in credit repair, FCRA, improving credit score
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Don't let anyone trick you, there are only some instances in which you can be required to show your credit report, and even then, only if you give consent to it. The Fair Credit Reporting Act (FCRA), is the federal statute that was created to ensure accuracy and privacy of consumer information.  Its purpose is to protect consumers from distribution of inaccurate information contained in reports as well as the privacy of their information.  To this end, the FCRA sets guidelines on who can access a report and when the access is permissible. 

16 May

Posted at 22:39h in credit history, Debt management, how to improve credit history
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One of the most frequently asked questions when a loved one dies is “does my loved one’s debt live on or die with them?”  While mourning the loss of a loved can be difficult, the added stress of dealing with their debt can exacerbate these feelings of loss. Are you responsible for what your loved one left behind?  Does your loved one’s debt live on or is it buried with them? The simple answer……it depends.

09 May

Posted at 18:57h in credit repair, Debt management
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The first thing any consumer should do when hearing from a collector is to determine if the debt is time-barred.  That is, did the statute of limitations expire on this debt. The statute of limitations, as we have blogged in the past, is the limit of time that the collector/creditor has to file a lawsuit in court seeking recovery.  Each state’s statute is different, and some states provide that a payment on the debt can restart the statute. Thus, before you agree to pay the debt, your first task is to find out when the last payment was made on that account, and what your state’s statute of limitations is for that particular kind of debt.