Every day, companies promise consumers who have poor credit histories that, for a fee, they’ll clean up their credit report so they can get a car loan, a home mortgage, insurance or even a job. The truth is, these companies can’t deliver an improved credit report using the tactics they promote.It’s illegal: No one canremove accurate negative information from your credit report. So after you pay them hundreds or thousands of dollars in up-front fees, you’re left with the same credit report—and a lot less money.
Indeed, attorneys for the Federal Trade Commission, the nation’s consumer protectionagency, say they’ve never seen
Read more…Protect Yourself From Credit Repair Scams
Source: FTC.gov
Before You File for Personal Bankruptcy: Information About Credit Counseling and Debtor EducationProduced in cooperation with the Department of Justice’s U.S. Trustee Program
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 launched a new era: With limited exceptions, people who plan to file for bankruptcy protection must get credit counseling from a government-approved organization within 180 days before they file. They also must complete a debtor education course to have their debts discharged.
The Department of Justice’s U.S. Trustee Program approves organizations to provide the mandatory credit counseling and debtor education. Only the counselors and educators that appear on
Read more…Before You File for Personal Bankruptcy:
Debt Collection FAQs: A Guide for ConsumersIf you’re behind in paying your bills, or a creditor’s records mistakenly make it appear that you are, a debt collector may be contacting you.
The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Fair Debt Collection Practices Act (FDCPA), which prohibits debt collectors from using abusive, unfair, or deceptive practices to collect from you.
Under the FDCPA, a debt collector is someone who regularly collects debts owed to others. This includes collection agencies, lawyers who collect debts on a regular basis, and companies that buy delinquent debts and then try to collect
Read more…Debt Collection – A Guide for Consumers
