From the monthly archives:

May 2010

Thumbnail image for Chase Bank Does Not Work With Debt Settlement Companies

Chase Bank Does Not Work With Debt Settlement Companies

May 19, 2010

The debt settlement industry landscape is always changing. When you consider all of the different credit card banks and their evolving internal policies and procedures, that should be no surprise. From time to time, it seems one bank or another proclaims they will no longer work with debt settlement companies. Debt expert Steve Rhode recently [...]

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Thumbnail image for Senate Passes Fair Access to Credit Scores Act

Senate Passes Fair Access to Credit Scores Act

May 18, 2010

Last night, the Senate passed an amendment introduced by Senator Mark Udall that would provide credit scores to consumers in certain situations. Titled the Fair Access to Credit Scores Act of 2010, this amendment was added to the much larger financial regulatory bill currently being debated in the Senate. Benefit to consumers Consumers will now [...]

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Thumbnail image for Popular Debt Settlement Myth #2 Exposed

Popular Debt Settlement Myth #2 Exposed

May 17, 2010

If you are considering debt settlement to resolve your credit card debts, I strongly urge you to do your own research and be as informed as possible before deciding to move forward. Regular readers of the DIY Debt blog know how little I think of the majority of debt settlement companies out there and that [...]

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Thumbnail image for How Debt Struggles Impact Credit Scores

How Debt Struggles Impact Credit Scores

May 14, 2010

One of the most common questions when considering the different debt reduction programs available to consumers is how will they impact your credit score. This is an important issue to keep in mind when determining which debt reduction strategy is the best fit for your particular situation. “FICO” score FICO is the most widely used [...]

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Thumbnail image for Why You Should Regularly Review Your Credit Reports

Why You Should Regularly Review Your Credit Reports

May 13, 2010

The truth is most credit reports contain errors of some kind. The errors can be the result of innocent mistakes or bad record keeping and sloppy data entry. And since your credit history is constantly evolving, the possibility of mistakes finding their way onto your reports always exists. Unless you are the extremely rare person [...]

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Debt Settlement Consumer Protection Act Amendment

May 12, 2010

As the Debt Settlement Consumer Protection Act makes its way through the Senate, an amendment has been proposed by Senator Chuck Schumer and Senator Claire McCaskill . The Senators submitted the amendment recently to the bill they first announced last month.  For those who are hearing about this bill for the first time, the intent [...]

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Why Do Creditors File Lawsuits?

May 11, 2010

If you are struggling to repay your credit card debt, you are certainly not alone. You probably have friends, family members or co-workers who are in the same boat. As soon as you fall behind on your payments, you start receiving debt collection calls. For about the first six months or so, the debt collection [...]

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Thumbnail image for What To Do About Accounts That No Longer Show Up On Credit Report

What To Do About Accounts That No Longer Show Up On Credit Report

May 10, 2010

Some consumers have unresolved debts from many years ago that are still owed, but suddenly stop showing up on their credit report. This situation can be confusing because the vast majority of people believe that accounts you owe money to must always show up on your credit report. What’s the best way to handle something [...]

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How To Avoid Wage Garnishment

May 7, 2010

If you are one of the many people struggling to pay back your debts, one of the things you’ve probably wondered about is the likelihood of having your wages garnished by your creditors. And if you’ve ever fallen behind on any of your credit card payments, you’ve certainly received debt collection calls from your original [...]

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Thumbnail image for Federal Trade Commission Warns Consumers Away from Credit Repair

Federal Trade Commission Warns Consumers Away from Credit Repair

May 6, 2010

Widespread misleading advertising from credit repair companies has drawn the attention of the Federal Trade Commission. Similar to the debt settlement industry, credit repair is fraught with bad operators who are more interested in collecting upfront fees, than actually helping struggling consumers. FTC attorneys have investigated the credit repair industry and have concluded that there’s [...]

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