November 30, 2006

Collections, Public Records & Inquiries

“Data on collection agency accounts, public records, and creditor inquiries are a source of inconsistency, redundancy, and missing information in credit records”.

Federal Reserve Bulletin, Summer 2004 (more…)

The Truth About That 1% Mortgage Rate

Filed under: Mortgage,Real Estate

How about a mortgage with an interest rate as low as one or two percent?  Wow!  The payment on an adjustable rate mortgage may sound great but as the old adage goes: if it sounds too good to be true, it probably is.  (more…)

November 29, 2006

Medical “Balance Billing” Collections

“Many providers across the country are now billing the patients for the difference between what the insurance companies pay and the usual fee.  It is illegal for the provider to do this.  When challenged, the providers will blame it on ‘computer error’ and correct the bill.  But there are many patients who will pay the wrong bill and are not aware of the mistake”, an insurance underwriter’s opinion piece as quoted in the Kansas City Star on June 20, 2005. (more…)

HELOC, Credit Cards, & FICO

I always wondered.  Is a HELOC treated the same way as other revolving debt like credit cards?  More specifically, if my HELOC limit is $100K, is my score adversely affected more when I borrow $95K then if I only borrow $30k?  Does the fact that the line of credit is secured with your real property?  Thanks in advance!

Dave (more…)

November 28, 2006

Removing Bad Credit Resulting From Identity Theft

Identity Theft ranks as the number one complaint to the FTC year after year and accounted for 37% of all complaints in 2005.  Identity Theft is a real problem in today’s society.  Your good credit rating can be damaged when someone uses your personal information without your permission to open credit accounts.  The purpose of this article is to outline some of the steps that you can take to have the bad credit that results from this activity removed from your credit report.  (more…)

Does Ben Need a Loan?

Filed under: Mortgage

Ben Franklin Refi

Lightning Rod or no Lightning Rod, we’re still happy to refinance your home, Ben.

November 27, 2006

Junk Debt Buyers & Their Games

Shauna asks:  Can a collection agency re-report from an account that was included in a bk after the bk reporting period has expired? (more…)

Credit Card Tricks

Zero Percent Offer Credit card companies don’t like me.  Now, don’t get me wrong, I pay my balance by the due date every month, but that’s why they don’t like me.  The credit card industry does not earn hundreds of millions billions yeah, tens of billions of dollars in annual profits from those who pay their balance in full each month.  Their preferred clientele, ‘the sweet spot’, are those who carry a balance and pay only the minimum monthly payment.  Almost with theatrical stereotypes – a villain fronting as a white knight to seduce an innocent maiden, only to reveal his true identity after the relationship has begun.  Stay away! Don’t do it!  The audience yells.  Would I be out of line if I made a parallel between a drug-pusher who offers naïve ones free candy for a time and then when it’s too late and the prey is hooked, the dealer begins to collect his dividends?  That might be a little over-the-top even for me.  After all, it does take two to tango and we are all adults.  Therefore, this article will not be about “just say no”, but rather, how to turn these tables around.  The credit card trickster becomes the credit card trick. (more…)

November 25, 2006

Collection Agency Not Playing by the Rules

i have a collection account on my credit report. the collection company contacted me via phone call. the lady told me i had bouced a check on final bill @ the cable company. this was news to me.so ask the lady for a photo copy of the check and i would be happy to pay it.she told me that wasnt there problem. i informed her that i have never recieved a letter regarding this matter from the orginal creditor.i dont have a memory to ever bouncing a check, so i dont fill i owe it. i ask her at least give me the bank info and check number so i can research it. she became very rude and refused. so i contacted the orginal alleged credit and they refuseed to provide me with information. i then researched my bank accounts no record of bounced check. i then got a letter from the collection requesting payment for none returned equipment. i wrote them a lettrer requesting them to verify and validted the account. there response was a indenty thief letter. i then deputed with the cras. they came back verfied still on. i then contact ppl and had a letter sent out from lawyer reminder the of what has already took place, requesting they validate, send copy of check, and remove from cra. i wait 30 days and disputed with cras- no luck . i then contacted the lawyer. she told me that wasnt fair and she didnt know what to do, maybe i could sue them. my question is what should i do next?

Chris

p.s. they also have called my cell phone via autodialer misleading who they are,leaving a message call mr.xs office several times.

ps.s. this alone has drop my score 47 points!and its the only negitive mark. (more…)

$75,000 Fine for Unfair Debt Collection Practices

Filed under: Collections,Credit Repair

BOSTON — Attorney General Tom Reilly reached an agreement with J.A. Cambece Law Office, P.C., a Peabody law firm, resolving allegations of unfair debt collection practices.  The Assurance of Discontinuance, filed in Suffolk Superior Court, requires Cambece to pay $75,000 and to adopt better debt collection practices to protect Massachusetts consumers.

“Far too often unfair collection practices victimize consumers in debt,” said AG Reilly.  “Today’s settlement imposes restrictions on this firm to protect consumers from abusive practices.  It also sends a message to the collection industry that abusive tactics will not be tolerated.” (more…)

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