Consumers have protections from their creditors, but consumers also have liability to their creditors. Knowing your rights and obligations is the best way to make informed decisions.

debt settlement

12 Million Consumer Credit Scores Raised July 1, 2017

New policy governing credit reporting criteria. Photo by CafeCredit under CC 2.0 Starting July 1, 2017, the three nationwide consumer reporting agencies, Equifax, Experian and TransUnion, are starting a new policy that will raise about 12 million consumers’ credit scores as much as 10 points.  This could mean the difference in qualifying for a better […]

credit repair scam

Credit Repair Scams – $2 Million for Misleading Consumers & Illegal Fees

CREDIT REPAIR SCAMS – COMPANIES SUED FOR CHARGING ILLEGAL FEES AND MISLEADING CONSUMERS The Consumer Financial Protection Bureau (CFPB), June 27, 2017, filed two complaints and proposed final judgments in federal court against Prime Credit, LLC, IMC Capital, LLC, Commercial Credit Consultants (Accurise), Blake Johnson, Eric Schlegel, Park View Law, fka as Prime Law Experts, […]

Physical and financial abuse go together, by Prof. Andrea Littwin

Study finds domestic violence, ‘coerced debt’ often go together The following is an excerpt from a post by GreenPath regarding an study about the tie between physical abuse and financial abuse, by Susan Ladika/CreditCards.comm 26 September 2012 Abusers take control of their victims by saddling them with unwanted debt (credit cards, buying vehicles, houses or […]

mortgage lenders

Supreme Court Finds Debt Buyers Free to Collect on Old Debts

May 15, 2017: Resolving a split of circuits, the Supreme Court held 5/3 in Midland Funding LLC v. Johnson  6-348 (Sup. Ct. May 15, 2017) that a debt collector who files a stale claim that is “obviously” barred by the statute of limitations has not engaged in false, deceptive, misleading, unconscionable, or unfair conduct and […]

Credit repair schemes

How to Rebuild Your Credit – guest post

How to Rebuild Your Credit Are you overwhelmed by financial challenges?  Do you want to rebuild your credit?  Many people try to solve their problems in the privacy of their homes, rather than asking for guidance.  Fortunately, the Internet allows them to research answers to their financial questions, without exposing their situation to neighbors, co-workers […]

mortgage lenders

Despite Dismal Past Failures Congress Unleashes New Tax Debt Collection Policy

April, 2017 – according an article in the New York Times, Congress instructed the Internal Revenue Service is going to use private debt-collection companies to collect overdue payments from taxpayers, despite this idea being a complete failure in 1996 and again in 2006.  This new provision was buried in a $305 billion highway funding bill […]

Bank of America Penalized $45 M for Wrongful Foreclosure

In re: Sundquist v. Bank of America, NA | Bank of America Hit with $45 Million in Punitive Damages for Stay Violations In re: ERIK SUNDQUIST and RENÉE SUNDQUIST, Debtors SUNDQUIST v. BANK OF AMERICA, N.A.; RECONTRUST COMPANY, N.A.; BAC HOME LOANS SERVICING, LP, Defendants, United States Bankruptcy Court for the Eastern District of California,March […]

judgment debtor's examination

What is a Judgment Debtor’s Examination?

The following applies to Arizona lawsuits and collection rights. When a creditor sues and obtains a judgment there are several options available in order to collect on the judgment.  The one that is the most scary for the consumer is the “judgment debtor’s examination”.

Rebuilding Credit Score

Millions could get boost in credit score this summer

Credit Reports to Exclude Certain Negative Information, Boosting FICO Credit Scores, by AnnaMaria Andriotis at The Wall Street Journal As a result of increasing pressure from Consumer Financial Protection Bureau and other regulatory concerns, the three major credit-reporting agencies are changing their standards for two pieces of negative information: tax liens and civil judgments. 

Student Loan Forgiveness Approval Letters May Be Invalid

Thousands of student loan approval letters from FedLoan Servicing are not binding and can be rescinded at any time. According to a New York Times article “more than 550,000 people have signed up for a federal program that promises to repay their remaining student loans after they work 10 years in a public service job,” […]