Thursday January 26, 2012
Why does it seem like debt collectors get away with so much? I believe it's because so many consumers simply don't know their rights when it comes to third-party collectors. For example, did you know that you can request proof of a debt's validity when a collector first contacts you about it? If the collector can't prove you owe the debt and that they are authorized to collect on it, they can't legally continue collection efforts.
Read Make Collectors Prove You Owe to find out more about debt validation and how to exercise your rights.
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Monday January 23, 2012
Most credit reports costs a minimum of $10.50 depending on where you purchase from. That's more than $30 for three credit reports at a time.
We're all entitled to a free annual credit report each year from AnnualCreditReport.com, but certain states have laws that grant an additional free credit report each year. Other states have laws that discount credit reports. For example, credit reports cost $3 in Minnesota.
Check out the list to see if your state has laws for free or discounted credit reports. If your state is on the list, make sure you use the credit bureau links at the bottom of the list to order your credit reports. Otherwise, you could end up paying full price for your credit report.
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Saturday January 21, 2012
It's tough getting a new credit card when you have bad credit. Many credit card issuers won't approve your credit card application because of your negative credit history. It makes rebuilding your credit score difficult since you can't get new, positive information added to your credit report.
Fortunately, there are a few credit cards out there that will approve your application despite your bad credit. Some are regular credit cards and some are secured credit cards - those that require a security deposit. Even if you have to get a secured credit card to rebuild your bad credit, it's better than having no credit card at all. Find credit cards for rebuilding bad credit.
How to Rebuild Bad Credit
Thursday January 19, 2012
Over the years, the debt relief industry has gotten a bed reputation thanks to companies who signed consumers up on expensive plans without completely explaining those plans.
In October 2010, the Federal government passed a law to end many of the predatory practices that debt relief companies engaged in. Notably, most for-profit debt relief companies, that includes debt settlers and consolidators and credit counseling agencies, can't ask you for an upfront payment and they must disclose all costs and negative consequences upfront.
If you're thinking about enrolling in a debt relief program, make sure you completely explore all your options and know your rights with these companies: FTC Rules for Debt Relief Companies.
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