How To Use Debt Validation To Fight Collection Agencies

The Fair Credit Reporting Act protects you from unscrupulous methods collection agencies use to collect money owed on a debt. Sometimes these debts are marked up as much as 150% of the original amount owed. These agencies can be challenged in a court of law to be removed from your credit report, before they create havoc in your financial life and irreparable damage to your credit rating.

Many times the original debt is a minimal amount. However, once the debt has been charged off your account can be sold to a collection agency. At this point, the purchaser of the debt can mark up the total amount in order to make a profit. This often comes under the guise of fees, interest rates and penalties. LVNV is one such collection agency whose business practices and collection process are questionable and who use derisive tactics for collection.

You must protect your self from scurrilous collection agencies by using debt validation. It is a process of demanding proof of this debt, requesting detailed information and collection of facts to prove your case in a court of law. It is important to protect yourself.

Why use debt validation? Because the collection agency may not even be legally entitled to collect the money from you. You have certain rights and are protected by legislation enacted under the FDCPA (The Fair Debt Collection Practices Act.) This will protect you in times of trouble. FDCPA does not protect you from the original creditor such as credit card companies. If you owe the money, you have to pay it There are also statute of limitations on the debt owed, so it is wise to take the steps of writing a letter to begin your process of debt validation.

Your letter should be sent to all three credit reporting agencies and should include several key questions and information confirmed. Your letter should be sent certified mail with return receipt requested. Tell them the collection agency is violating your rights by listing an inaccurate or erroneous account, and to correct or delete this entry on your credit report. Ask that if the debt is deleted that they will not allow the collection agency to reapply for collection.

Also write to the collection agency itself by certified mail, return receipt requested. Ask to be provided with the following information: How much is the debt; what is the calculation they have applied (which will show the additional fees, penalties and interest); proof of contract; proof the statute of limitations has not expired (if it has, you are not liable); their licensing authority to collect the debt proof they are licensed to collect in your state.

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What Can I Do About A Default Judgment?

Default judgments are placed in a court of law against someone owes another corporation, business or person money. It can be placed against borrowed funds or services performed and money owed.

A judgment is the only recourse a creditor has against a debtor to secure they will be repaid. A judgment placed against you will affect your credit rating and do you considerable harm when applying for credit. It will also appear on your credit report with the three major credit reporting agencies.

Default judgments are usually filed against a debtor if they have not faced the creditor in court. If you were not aware a judgment was being filed against you, there are certain procedures to begin a process to have the default judgment removed or vacated, as if your right.

A judge is the only one with the authority to have a judgment vacated. If you feel the information used to place a judgment against you is incorrect, you can begin the process to have the judgment vacated. Keep in mind you cannot schedule an appeal or apply for a new trial until this has been done.

There are steps to begin the process, but they MUST be done within thirty days of receiving your Notice of Judgment. Go to the local small claims court and ask for a “Notice of Motion To Vacate Judgment.” You will pay a nominal fee which is different in every state. The clerk will timestamp and file the paperwork with the proper court. This is part of your evidence.

A clerk will timestamp the paperwork, set the date and time in which you must appear. The clerk will notify your accuser as well. If you were not aware of the Notice of Judgment filed against you, the law also states you have 180 days to file a Notice of Motion to Vacate Judgment. A judge may consider your circumstances, but you have to appear before the court to be heard.

You can ask the court to postpone the trial or ask for a continuance in order for to gather evidence for your trial. Some circumstances are taken into consideration.

You have 10 days in which to file an appeal against the judge’s denial of your request to vacate the default judgment.

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Answers About Rapid Rescoring

Rapid Rescoring is the process of updating quickly your account information that is reported to all three credit agencies, which results in an increase in your credit scores. At times this can mean the difference between being approved for a loan and being denied. It is also a better way to get the best rate on the interest charged on a loan.

Identity theft is often hard to prove and the process of removing fraudulent information from your credit reports can last for years. Anybody who has tried on their own to fix their credit problems knows what a hassle it can be. The amount of time, effort and perseverance can be overwhelming. Rapid rescoring can only be done by companies that work through brokers and mortgage lenders, and not directly with the consumer.

The Lexington Law Firm is one of the most reputable companies in the business and can work to remove the negative entries or items. Of course, if the negative entries or items are legitimate, no company can remove them. They also cannot help you win a case against a creditor if you are truly in the wrong.

Rapid rescoring is a legitimate way to remove information from your credit report that is erronoeous. Be aware of fraudulent companies who state they can remove anything, whether the debit be legitimate or not. It is not true and illegal to state so.

Your credit reports are given the utmost attention and detail oriented professionals will do their best to produce the end result you are looking for. There are roadblocks to every situation, and professionals at The Lexington Law Firm are prepared to deal with anything that comes across their desks.

Erroneous information can be removed from your credit information with Equifax, Trans Union and Experian. Nightmare conditions are eliminated with the removal of returning errors by using rapid rescoring. It is a legal and legitimate way to remove them.

To avoid the recurrence of any erroneous credit information being reported to your report, monitor your credit reports daily. The use of a rapid rescoring to your credit is an efficient way to remove mistakes or improve your score, but companies such as the Lexington Law Firm cannot rewrite history. If the debt is real, there is nothing that can be done until the debt has fallen off the report in the amount of time usually required by the credit agencies.

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What Should You Consider When Opening A New Credit Card?

Although it is quick and painless to open a new credit card when you have good credit, it may be painful when it is time to pay it back. You should think about whether you need this new line of credit before you make that decision.

In today’s economy, everyone feels he or she has a need for that new line of credit. We all think we need more things than our budgets cannot afford.

Maybe a new credit card will buy us that beautiful washer and dryer or that huge refrigerator but is it worth the price we will pay later on. Here are some things you should consider before you open that new line of credit.

Do you really need this new item? Consider whether or not you really need a new line of credit for a new appliance or other item that you feel you need. Maybe you can find this item cheaper or used, while staying within your budget. This could save you a lot of grief later on since you will no longer need a charge card that you have to pay later on.

Can you afford to pay back the loan? It is easy to swipe a piece of plastic when paying for an item, but can you afford the extra expense it will enforce on your budget. Maybe this new credit company offered you some special terms like no interest charges for six months or low interest throughout the life of the loan. Keep in mind that once you default that credit card by being late on a payment, you just opted out of those original terms. Now that Credit Card Company can raise the interest rate, as high as they like and there is nothing you can do about it.

The third point to ponder is the monthly finance charges. These charges raise the price of the original item purchased. Therefore, even thought you may have gotten something on sale, when you calculate in the finance charges, you are usually paying more than it is worth. You should weigh the value of purchasing something for cash against the value of that same item with the added financial charges.

Does your spouse also want to open this new line of credit? Does he or she see it as a priority for your financial status? If not, you could end up creating a lot of financial strife for you and your partner. Trying to pay back a loan that you cannot afford can be trying on the marriage, especially, if your partner did not agree with this new charge card to begin with.

When considering opening a new credit card, you should spend some time considering all the pro’s and con’s of this new line of credit. You may find that you really don’t need it after all.

Would you like to learn more about how to get lower credit interest rate? Read other finance article at credit cards guide

A Credit Card Has A Purpose

A credit card is a big decision, though so many take it for granted. It’s important to know what you want out of your card and what you’re going to use it for. How will it affect you if you can’t maintain it properly? And what are the benefits if you learn self control with your credit?

Many people equate a charge card with a credit card. They are actually two different types of cards. A charge card comes with a balance that has to be resolved each month. A card that comes with credit has a balance that revolves. Each month the charges are added up and sent to the cardholder on a monthly statement.

A credit card charges interest to allow a person to have a revolving balance. The interest will be a certain percentage of the overall balance owed. There are ways to avoid having a high rate of interest or an interest rate altogether. They often include special conditions for special purchases. Typically, everyone has some sort of interest rate on their card’s account.

A credit card can often come with permissions that allow it to be used like a debit card. It can be used to withdraw money from bank machines and to buy things like groceries at the corner store. Some cards can be used at any place that accepts Interac.

Exercising good control over a credit card can actually be helpful. Many banks and large finance companies require a person coming in for a loan or a major purchase to have a good credit score. Credit history can be gained by having a card that has a line of credit on it. If a good balance is carried over each month without overdue fees or excessive delinquency, it can make a person’s credit history look really appealing.

Credit cards make purchasing items online very easy. The same goes with services. Few places of business online accept money as cash or allow people to mail in cheques. They prefer instead to take a credit card or a debit card. Online games are increasing in popularity and many of the more massive role-playing games require account holders to have access to a card.

Sometimes people take credit for granted. They get too used to the convenience of a credit card and forget to be responsible. A card is a privilege, and part of a legal contract as well. The card holder is under contract with the issuing bank to pay the balance back as soon as possible. Credit cards have their uses and their place in today’s modern age, but they should be used maturely and with a grain of salt.

Would you like to learn more about how to avoid late fees? Read other finance article at credit cards guide

Get Updated And Stay Updated With An Instant Credit Report

Haven’t you ever been curious about how you can receive credit cards and loans? The amount of credit of credit that you have reflects a certain score. If you have a decent credit score chances are you are good at paying bills on time as well as paying off your loans. In order to find out the state of your credit, an instant credit report is going to be needed.

Some people think that having a credit report is not going to really make a difference. Due to the technology that we use today, hackers are all over the place trying to get as much personal information from you as possible. If you are not using the right tools to keep track of it all, you are asking for theft.

An instant credit report can be purchased online for a small, small fee. Once you have all of your information put in, the site that you choose will upload and show you your entire credit report instantly! Now depending on the site you could get a lot more than just a credit report.

Before signing up with any site take a look at the extras that you can get. You can get email options that will send updates whenever something has changed within your report. If you get an email stating that a new credit card has been opened and you had nothing to do with it, you can catch it and report it quickly.

When you are looking around for a credit report site it is important that you save time by choosing a site that fits your criteria. Search by price, services, tools just about anything. Once you find the site that you want to use all you need to do is sign up and go!

A trial period is great for those who are not sure about making a commitment. These are even great even if you just want to view your credit report. You can sign up for free and after two weeks you will have the option of signing up with the site on a monthly or yearly subscription.

When it comes down to credit, you need to protect yourself. An instant credit report is a great way to get on top of things. If you need to fix your credit, you will have to tools to do so with the right site. Take a look around today and see what you can find!

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How To Get Your Free Government Credit Report

The Fair Credit Reporting Act, or FCRA, entitles you to a free copy of your own government credit report every year. You are assured of the privacy and accuracy of information when you deal with the authorized consumer reporting companies.

Your credit report has information like where you live, how your bills are paid, whether you have been bankrupt, sued or arrested. The consumer reporting agencies sell your credit report to companies that need the information to help them make decisions about whether to lend you money, extend you credit, rent you a property, offer you insurance or give you a job.

There are a few reasons why you would want a copy of your credit report. You might want to make sure the report contains accurate and factual information before you apply for a loan, for insurance or new employment, to make sure that there isn’t anything incorrectly in the report that could affect your approval chances.

Checking your credit report annually is also a precaution against identity theft. Also, if you have had credit declined, your credit report could contain information that will tell you the reason this happened.

You are protected by the Act and have certain rights as well. At this time, there are three consumer reporting agencies nationally, but they are combined under one mailing address, toll free number and website. You have the right to apply for a credit report from each of these agencies, once every year.

A good place to start is to visit the website – www. Annualcreditreport. Com, where you will find answers to any questions you might have and information as to how to apply for your report to be sent to you. You will have to fill in the usual information to identify yourself: name, birth date, address, SS number. You will need to give your past address if you have moved within the past two years. There may be extra questions asked in order to make sure you are entitled to get your report.

There are websites claiming to be able to get your credit report for you, but the only legal and genuine website is annualcreditreport. Com, so don’t waste you time with any other sites. The scam sites might ask you to subscribe or sign up for something, and you will usually end up paying money for nothing. Other sites direct you to another site where they try to sell you something related to credit. These sites have no access to credit reporting.

You privacy is assured under the FCRA, and you will never receive emails or letters from the authorized website when you apply for your government credit report.

The Benefits Of Getting A Cheap Credit Report

A Cheap credit report is available online and via post and let people know how good or bad their credit report is in relation to past and present credit and this can also affect certain future ability to obtain credit such as mortgages, car finance and credit cards. You can obtain your credit report for free, but you usually find that there is a small cost or that the company require you to give over card details in order to verify your identity.

The information on your credit report is updated every few weeks so if you notice that the report does not show a recent payment this is the reason why. A missed payment to a credit company may also show up depending on their rules and regulations regarding this. Some companies will give you a certain amount of time to get the payment to them or will add extra leniency if you phone up beforehand and let them know that the payment is to be late.

If you are aware of any bad results on your credit report you can repair them, which is good news. It could take a while but will mean that you are able to obtain the things that you wish to, as most people would not be able to pay for a house or car outright this is why it is so important to repair any problems. This can be done by arranging a repayment agreement with the company to which you are in debt to. Once this debt has been cleared you can then contact your report supplier to let them know that this debt has not been repaid, and provide proof of payments in order for them to update the report.

To fix your credit report you will need to know firstly what is on it. If in the past credit has been refused to you or if in the future you will wish to get anything on credit, you will need to have a credit with limited marks against it. For such a small cost it is definitely worthwhile to ensure your credit rating is high.

The credit reports available offer their services free of charge or at a cheap price, which is affordable to all. If you choose to pay for a years service, then it could will work out a lot less then buying a single one often, this is a good choice for those who wish to check their report on a regular basis.

The credit report is something that can make the difference between obtaining credit and not, and also as to whether you get the house you wish to get, or whether you have to settle for something. This is why it is so important to know what your credit report says about you, it will then tell you how much credit you are still eligible to obtain.

The benefits of viewing your credit report will enable you to not only repair any bad marks against your name or address, they can also help you to find out if their has been any fraudulent credit that has been taken out against you. If this has occurred you can contact the credit report supplier so that they can change the details and look into it.

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Are There Benefits to a Loan Modification Over a Short Sale?

Consumers need to be aware that there is a big difference between getting a loan modification and going through a short sale. Both of these methods may help a homeowner avoid foreclosure. They are taken care of through assessment and approval in the loss mitigation department of your lender. However, they will not have the same result with respect to your financial situation.

When you are considering a loan modification the bank will try to modify some of the conditions of your original loan. There are a variety of conditions the bank may want to change. That includes lowering monthly payments, reducing your interest rate or forgiving late fees and other penalties.

If you feel that a short sale is your best way out of your financial troubles, you have to keep in mind that you will have to sell your home, even if it is for less than what is owed to the bank. When the transaction closes, the bank will forgive what is left on the mortgage.

How are you going to benefit from a loan modification on your home mortgage?

1. You will not have to worry about finding somewhere else to live, because you will stop foreclosure proceeding right in their tracks. 2. If you are able to get payments or fees reduced, you will have extra time to get your finances in order. 3. There will be less damage done to your credit score.

Here are some drawbacks of doing a loan modification:

1. Even if the bank approves a reduction of your mortgage payments you may still not be able to recover financially. 2. Should you miss any of the agreed upon payments you could be running the risk of the bank reinstating foreclosure proceedings again. 3. Your bank might only offer reduced payments for a limited period of time. Your payments would likely go back up before long which could cause more financial problems.

A short sale has these three great benefits:

1. As soon as your home is sold your debt will vanish, this means no more monthly payments. 2. If you have come to the conclusion that your owe more than your house is worth and there is no possible way to increase the value of your property then a short sale could be just the right solution. 3. Most likely your bank will agree to forgive the difference between the amount you owe on your mortgage and the lower the sale price of your home.

Three downsides of short sales:

1. Your lender may report the forgiven portion of your mortgage to the IRS. This could mean you face a tax liability next year. 2. Once your home is sold, you’ll need to move. Finding a rental property could be difficult if your landlord is sensitive to your delinquent payment history and damaged credit. 3. You won’t be able to apply for a new mortgage any time soon. Other lenders will be wary of customers with a history of having outstanding debts forgiven rather than repaying them.

There are pros and cons to both methods of stopping possible foreclosure. If you choose to go with a loan modification you will be able to stay in your home and repay your debt over time. Most homeowners prefer this solution rather than wiping out your debt with a short sale and starting from scratch.

Business Debt Consolidation

Owning a business is a very stressful endeavor. If you run a small business with less than 10 employees, you’ve probably had to go through a lot of debt to get your operation up and running. If you have a VISA, American Express, or Mastercard you know the high interest rates that can be associated with those cards.

You have to be careful to manage your debt. It can be tempting to jump at new financing opportunities, but if you’re not careful you could be taking on crippling levels of debt for your company.

Overwhelming debt in your business can be stressful on you and your employers. Not being able to pay the bills is a warning sign to your employees that you are having a hard time getting it together. If that is you, then calling a business debt consolidation company may be a good option.

Don’t just get one quote from one business that does debt consolidation. Go online, google “debt consolidation” and call up many companies and find out what their fees are. There’s no reason you need to pay a large up front fee of over $3,000 unless you know exactly what you’re getting yourself into.

Credit reporting agencies know that a debt consolidation will show up on your credit score. Trans Union, Equifax and Experian all factor in debt consolidations and usually it lowers your score – and it could be up to 200 points or more depending on your unique situation.

Look for non-profit debt help, there are community and state organizations that offer everything from free tax advice to free debt counseling. If you know you’re going to get a debt consolidation, check these out first – it can’t hurt.

Falling behind on payments to the IRS is a very troubling problem. If you owe them a lot of money and can’t get it paid back then you need to call them and try to work out a payment plan. Sometimes you can’t do that and in that case you need to find someone to advocate for you with the IRS so you can work things out.

There are many fundamental things that you need to get yourself lined up for a debt consolidation. Personal records, tax returns and other pieces of necessary data are required if you are going to get in and qualify for a business debt consolidation.

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