Wednesday, June 23
Shadow

Tag: debt collector

New Rules May Offer You More Protection Against Debt Collectors

Arlington, Debt
Dealing with debt collectors can be a real drag, especially if they’re constantly hounding you to pay up. The Fair Debt Collection Practices Act (FDCPA) protects consumers against harassment from debt collectors but the industry still generates millions of complaints each year. Fortunately, the Consumer Financial Protection Bureau (CFPB) has proposed new guidelines that shield debtors from abusive debt collection efforts. Check out our personal loan calculator. The Proposed Rules In July, the CFPB proposed a new set of rules aiming to completely revamp the debt collection market. The proposal is focused primarily on doing two things: limiting contact between debt collectors and consumers and making sure that collection agencies have accurate information before they try to collect...

Late Payments, Credit Scores and Credit Reports

Home Loans By State
A missed credit card or loan payment can have a seriously detrimental effect on your credit report. The golden rule of using a credit card is to make your payments on time every time, building a respectable payment history, avoiding debt, and keeping your creditor happy. But what happens when you fall behind with your monthly payments; what happens when you miss a single loan or credit card payment as a result of a mistake, an oversight or a lack of funds? How will your creditor react, how quickly will the credit reporting agencies find out, and what options do you have for getting back on your feet? How Late Payments Affect Your Credit Score A late payment can reduce your credit score significantly and remain on your report for 7 years. It won’t impact your score throughout that time a...

All About the Statute of Limitations on Debt

Arlington, Debt
Paying off debt can be an excruciating process, depending on how much money you owe. But your debts may not haunt you forever. Most consumer debts have a statute of limitations. That means that after a certain amount of time has gone by, collectors can’t sue you for failing to pay off outstanding debts. Here’s everything you need to know about the statute of limitations on debt. See how long it’ll take to pay off your credit card debt. Understanding the Statute of Limitations on Debt You can be taken to court for not paying off certain debts. But there’s a limit on how long debt collectors can chase after the borrowers they want to sue. The period in which someone can take legal action against you for owing money is known as the statute of limitations. In many cases, that time per...