The First Thing You Should Do If A Bill Collector Calls
When it comes to the subject of collecting debt, there are a lot of misconceptions and misinformation. Here are some tools of the trade that you can use if a bill collector ever calls you. When the debt collector calls, the first thing you want to do is determine if this is a third party collector or an in house collector. Third party collectors are hired by creditors on contingency, while in house collectors are the creditors.
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What Every Collection Agency Should Know About The CARD Act
On February 22nd, 2010, the Credit Card Accountability, Responsibility and Disclosure (CARD) Act took effect. The CARD Act had one major purpose: to attempt to harness in credit card practices and set limits to the fees that credit card companies charge consumers. It was designed with credit card holders in mind, limiting the amount of credit made available to them in this recession "for their own good."
Advanta Credit Card Scam
I sit at my desk completely frustrated with Advanta. I opened up a business credit card with them 3 years ago and made a purchase of $6500 to help build my business credit for Rapid Recovery Solution, my Collection Agency. I have paid more then the minimum every month, on time. November 2008 I noticed that my interest rate seemed a little high. No where on my statement did it say the actual interest rate so I called the company. After 10 min or so I get a live rep on the line and they tell me it is 36.1%. Are they kidding, this must be a mistake. I have over a 750 score and never missed a payment. They said they sent me a notice in Aug that they are doing this due to a change in there lending methods. It turns out this is the second time this year they did this. I went from 8.99% in Jan 08 to 18.99 in Feb 08 to 36.1% in Aug 08.
How To Recover From A Bankruptcy
Bankruptcies can cling on your credit report for up to 10 years and can destroy your credit score by hundreds of points. But by fallowing these methods, you could raise your credit score and become creditworthy several years before the bankruptcy drops off your credit report.
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Changes In The Collections Industry
The collections industry has grown insanely in the last couple of years. The reason for this is that collections and recoveries are for the most part outsourced business functions. It would not be possible for a creditor to handle retrieving debt from all of their accounts, so the creditors call the collections agencies.
Collection Industry Gets Ready For Young Adults
The most current analysis of the American economy shows that incomes are decreasing for those just begining. The Collections Industry has reason to believe that this paradigm shift will be permanent.
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All About Bankruptcy Court
Essentially, bankruptcy cases can be voluntary or involuntary. The general majority of cases will be voluntary. In these cases, debtors (the people who owe money) petition the bankruptcy court. In the case of involuntary bankruptcy creditors (the people who you money to) file the petition in bankruptcy. Involuntary petitions are generally rare and are sometimes utilized in business settings in order to force a company into bankruptcy so the creditors can enforce their rights.