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Consumer Credit Collector News
New Credit Card from U.S. Bank Supports OSBA Services to Members, the Public
Cardmembers will have the choice of one of three U.S. Bank credit card products, including the OSBA Visa Platinum Card; the OSBA Select Rewards Visa Platinum Card that earns reward points that can be redeemed for gift certificates, merchandise and travel rewards; and the Visa Signature card that carries additional benefits such as dining privileges and a concierge service.
Company Saw Immediate Increase in Right Party Contacts Resulting in Higher Recovery Rates
First Collection Services, Inc., an Arkansas-based collections agency specializing in telecommunications collections, said today that recovery rates have significantly increased since the company began using the new Accurint SureContact(TM) product from LexisNexis(R), a leading provider of legal, news and business information services.
PLASTIC FOR KIDS - Hello Kitty graces pink and orange MasterCards
Pop singer Clay Aiken and rapper Xzibit -- who regularly perform for hordes of screaming young fans -- are pasted on plastic, too. Even teen-age sensation Hilary Duff recently smiled from a Visa gift card. Credit companies have swarmed college campuses for decades, offering free T-shirts, Koozies or sunglasses to anyone who fills out an application. Now they've turned their attention to teens and tweens, and debit and credit cards have become must-haves for a much younger generation. Prepaid plastic is also gaining popularity.
Claims of NCRC Report Rejected By Largest Credit Union Trade Group
Claims in a report about credit union growth and lending to underserved communities have been rejected by the Credit Union National Association (CUNA) -- the largest credit union advocacy organization, representing more than 90 percent of our nation's approximately 9,000 state and federal credit unions and their 86 million members.
South Korean credit crisis offers a lesson for China
Everyone seems to have a jaw-dropping statistic to put China's boom into perspective. Now another industry may soon be overwhelmed by the China effect: credit cards. After generations of adhering to the Confucian aversion to debt, China is warming up to plastic. While data is hard to come by, the chief executive of American Express, Kenneth Chenault, said in December that credit card penetration in China was about 3 percent, and poised to surge.
How to "Freeze" Your Credit Files
A security freeze means that your file cannot be shared with potential creditors. A security freeze can help prevent identity theft. Most businesses will not open credit accounts without checking a consumer's credit history first. If your credit files are frozen, even someone who has your name and Social Security number would probably not be able to get credit in your name.
Looking For Your Dream Car? Try Your Local Credit Union
If you are in the market for a new or used car try your credit union’s car locator service. Simply call your representative and give information about the car of your dreams (Kiplinger’s Buyers Guide to New Cars & Trucks provides extensive information and articles, and can help narrow your choices). Include such preferences as color, make, model, seat types (i.e. leather, cloth, vinyl), and let your credit union do the rest.
Franklin Credit Management Reports 51% First Quarter Earnings Increase
We focus on acquiring and originating loans that involve an elevated credit risk as a result of the nature or absence of income documentation, limited credit histories, high levels of consumer debt or past credit difficulties.
Credit Union Service Corporation Selects eFunds DataNavigator Software for Back-Office Processing
eFunds Corporation, a leading provider of risk management, electronic payments and global outsourcing solutions, today announced that Credit Union Service Corporation (CUSC) has selected DataNavigator for Windows, eFunds' open platform back-office management solution, for use at more than 630 member credit union locations.
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 - PDF File(590k)
This page contains the full text of the Bankruptcy Act that you have been hearing so much about. More suited to lawyers than average collectors, we provide this as a service for those that are interested. [ Please note: The page is large, about 692k in size and may take several minutes to completely load. You may find the PDF version of the file easier to deal with. ]
Banks bump monthly amount due on credit cards
When a consumer is in a debt-management program with a reputable credit counseling agency, most creditors will allow the consumer to make payments of 2 percent of the balance and will lower their interest rate to allow more of the principal to go toward the balance.
Net-Based Company "Hot Mortgage" Providing Nationwide Home Mortgage Info and Assistance
There’s a brand new place on the web where mortgage product consumers and lending brokerage agents alike can find the essential resources they need. Located on-line at: http://www.hot-mortgage.com and featuring a truly remarkable slate of home mortgage related product resources and general lending services.
Have you heard? Terminating accounts can be difficult
Credit is harder to obtain. When you find some, you pay higher interest rates for goodies like a car. Higher rates can even saddle you to a more expensive home mortgage that can last as long as your working life.
Loan co-signers often don't grasp the risks - late fees and collection costs
If the primary borrower doesn't pay it, the creditor can in most states immediately collect it from you. And it can use the same methods it can use against the borrower — including garnisheeing your wages. If the debt is in default, that can show up on your credit record.
Macon County considers new plan for collecting olds fines
Circuit Clerk Kathy Hott wants to hire a compliance administrator to set up payment plans for debtors who owe court fines. State's Attorney Jack Ahola plans to use his investigators to track down debtors, then send them letters telling them they must see the compliance administrator to set up payment plans. New debtors also would be required to set up payment plans.
Debt Management Expert Lends Some Words of Wisdom: “Some Things To Look For In A Debt Settlement Company”
Many confuse the term ‘debt-settlement’ with ‘debt-consolidation’, ‘credit-counseling’, or even bankruptcy. Too often people make the mistake of assuming there is a lot of overlap between the different programs.
Financial Expert Expresses Views On New Credit Card Rules
Due to new regulatory changes, you may need to get ready to pay more on your credit cards. Three major credit card carriers, Bank of America, MBNA and Citibank say they will raise minimum payments from two percent to four percent.
Debt Management Experts Warns Consumers
With the recent changes in the bankruptcy laws many Americans feel a heightened sense of urgency to address their debt. The politicians in Washington are clearly bent on taking control out of the hands of average Americans and putting decisions about their finances in the control of credit card companies.
Think twice before paying that bill
Many victims say Boyajian is making up false claims (a majority dealing with Verizon phone service) and placing bad information on their credit reports. According to some victims Boyajian is also asking for Social Security numbers, copies of individual tax and military records and other private information.
Law Helps Protect Troops From Creditors
When Army reservist Steve Welter was called up for active duty in Iraq last August, his wife never thought she would face her own fight to save the family's home from foreclosure.
Law firm offering free cures for debt collection blues
Debt collection is a race, she said. When someone is in financial trouble, they usually have several creditors coming after them. In some cases, the creditors with an aggressive, quick approach may ultimately be the only ones who get paid.
Law pays off in quest to collect child support from deadbeats
The law helps authorities track deadbeat parents by combining the Secretary of State's Office database with others to find parents who owe three or more months of back child support and who have failed to contact Friend of the Court to make payment arrangements.
Fingerhut Direct Marketing, Inc. Selects Equifax InterConnect(TM) for Business Automation
With InterConnect, Fingerhut, a retailer that distributes a broad range of consumer products and services, can make more informed credit applicant decisions and process new accounts within seconds.
Toyota Apologizes For Aggressive Collection Efforts
A major car company has apologized for crossing the line in its collections efforts after it began contacting a customer's neighbors when trying to collect his past-due car payments.
March bankruptcy filings surge after changes OKd
The phones started ringing in mid-March after Congress approved a bankruptcy law overhaul, and the calls to consumer bankruptcy attorneys haven't stopped.
West Virginia Sues Capital One
McGraw previously issued subpoenas to these corporations in connection with investigations of their marketing and servicing of credit cards and other products and services, and debt collection practices.
Why you should never co-sign a loan
When you co-sign a loan, you are signing a legal contract that holds you responsible for the entire debt, say consumer credit experts. If the borrower does not repay, it can be reported on your credit record. If it goes to a collection agency, the agency will try to collect from you.
Ideas in Motion: Paul Eisenberg: Super Sleuth of Collections
JM&W also uses Accurint and LexisNexis to help with its skip tracing activities, the process of finding and locating a debtor through various strategies, including employer tax ID numbers, Social Security numbers, addresses, court records and other documents.
How to make money collecting money, Starting a Collection Agency voted #1
Dunn’s book, How to make money collecting money, Starting a Collection Agency, can help anyone who wants to start their own debt collection service. Her book has been flying off the shelves and now Dunn is also offering Starting a Collection Agency consulting to go along with her book.
Read the fine print: Arbitration clause can sting you
Since the 1990s, large card issuers have been adding arbitration clauses to card agreements hoping to stave off expensive class-action lawsuits. Supporters of arbitration say having a third party hear the facts and make a binding decision is a lot quicker and cheaper for both sides than going to court.
E-mail scam targets MSU credit union members
A phishing attack is when a fake e-mail looks as if it's sent from a credible source requesting personal information from recipients. Phishers then use the information to gain access to accounts. A phishing e-mail that seemed to have been created by the credit union was sent to account holders and asked for verification of account numbers, personal identification numbers and credit card numbers.
National Legal Debt Centers, Inc. – Consumer Alert
Most people do not realize the difference between the various types of bankruptcy and could easily find themselves paying back a large proportion of their debt anyway, forced by the courts to make those payments. Some are even mandated into credit counseling programs and forced into a lengthy repayment plan.
Credit Counseling Industry Standards Council to Hold Drafting Session
In the wake of denials and revocations of tax-exempt status to credit counseling agencies by the Internal Revenue Service (IRS), mandates for credit counseling in the bankruptcy reform legislation currently before the Congress and legislation before the states to open up credit counseling to “for-profit” organizations the American Association of Debt Management Organizations will hold a roundtable drafting session to develop industry performance standards.
Credit counts - Employers, landlords are among those with an interest in your rating
Some landlords use the scores to screen tenants. Employers to screen some job applicants. Insurance companies to decide who gets coverage. Yet few consumers understand what credit scores are, how the scores affect their lives or how seemingly well-intended acts can send their scores plummeting.
Card companies touting taxes by credit card
Before reaching for your plastic, make sure that you have the funds in your bank account to pay off the balance immediately. Otherwise, you could face high interest rates, punishing late fees and over-the-limit charges that likely negate even the most tempting credit-card rewards.
When paying bills can hurt your credit
Thanks to the sometimes bizarre quirks of credit scoring, state statutes of limitations and the federal Fair Credit Reporting Act, consumers can’t necessarily assume that paying off old debts will improve their financial situation or make them a better risk in lenders’ eyes. Add in the tactics of some unethical collection agencies, and you have a real quagmire.
Process Server and Private Investigator location service ServeMatch.com launches
ServeMatch.com is a simple three step process for professionals seeking process serving, investigation, surveillance, skip tracing, document filing and retrieval and additional legal support services.
Beware the short-term debt fix
For many, the first inclination is to consolidate their debt, either by rolling it into a mortgage or into a personal loan, but financial planners warn households to do the maths first. In the long run, they say, it may cost more. "Debt consolidation should really be a last resort rather than the first thing families do," says Carolyn Bond of the Consumer Credit Legal Service.
Better Business Bureau: Dealing with collection agencies
According to the Texas office of the Consumer Credit Commissioner, a debt can only be collected for four years after it was earned. After four years, the debt is considered uncollectable.
30% interest rates: Sound business or loan sharking?
In New York, for instance, it's a crime for an individual to charge more than 25% interest on a loan. But what's illegal for a loan shark in New York is perfectly legal for credit card issuers that put their operations in states that have no rate ceilings, such as South Dakota and Delaware.
CloserLook Search Services Announces a New Search Application for Skip Trace
With as little input as a last name and a Province or the complete name and last known address record, Gotcha will perform as many as 6 levels of searches and return with current phone numbers from the best sources in North America
SYSPRO Introduces Second Generation Collection Solution for Manufacturers and Distributors
SYSPRO, a leading producer of enterprise software for manufacturers and distributors, has announced numerous enhancements to its Collection solution for small-to-midrange manufacturers and distributors that are experiencing difficulties in collecting past due accounts.
Counselors brace for bankruptcy clients
Telephones could soon be ringing more frequently at Consumer Credit Counseling Service of Western Pennsylvania, when the new bankruptcy legislation adopted by Congress is signed by President Bush and goes into effect six months later.
Mortgage Wire Providing Much Needed Home Mortgage Assistance
Since deciding to offer its free resources to consumers nationwide, Mortgage Wire has swiftly become a must stop place on the web for future housing borrowers looking for a way to resolve their mortgage issues.
U.S. Congress Enacts Bankruptcy Bill to Force Debt Repayment
The U.S. Congress passed legislation, long sought by credit-card issuers and championed by U.S. President George W. Bush, to force some consumers to pay part of their debts in bankruptcy.
TransUnion Announces New Debt Management Scoring Model for Industry, Consumers; Score Delivers Benefits to All - Complements New Bankruptcy Law
TransUnion's debt management solution creates a score that credit counseling companies and lenders can use to quickly assess the need for concessions to a specific consumer, such as lower minimum payments, reduced interest rates or the removal of late penalty fees.
Maryland Credit Union Avoids ID Theft
The bank recently learned that personal information may have been lifted while consumers made purchases with their GM-branded MasterCards.
Pay Dirt: What's in your wallet?
What's the best way to protect your information from getting into the wrong hands? Don't let your wallet out of your sight. Don't leave it in a car.
Bankruptcy “Reform”
About half of all debtors file bankruptcy because of medical bills, even though three-quarters have health insurance during all or part of their illness. Many lose coverage as a result of losing their jobs.
Credit, Conspicious Consumption and Crisis in Black America
Though Black families are less likely to have credit cards than White families those who do are much more likely to carry a monthly balance.
Why Choose a Credit Union?
The cooperative not-for-profit structure allows credit unions to offer these products at a better price than banks. Credit union loan rates are generally lower than those offered by banks, and deposit rates are higher. Credit union fees are generally lower - often much lower.
Credit card debt illegal? Don't you believe it!
The notion that through some obscure law there might be a quick and legal way out of debt will no doubt lure people with credit card problems into these scams.
GoApply.com Mortgage Experts Set Out to Help Americans With Poor Credit
Citing the millions of Americans who suffer from bad credit, mortgage experts at GoApply.com, a leading financial services website that matches consumers with appropriate lenders, are outlining simple steps consumers can follow to help improve their overall credit score.
59% of Americans Plan to Spend Their Tax Refunds on Everyday Purchases or Make Bill Payments
Nearly six out of ten Americans (59%) who have received or anticipate a tax refund this year plan to spend it on everyday purchases or make bill payments
Personal Finance Expert Howard S. Dvorking Releases New Book
Each year, millions of Americans sink further into debt, and the sad truth is that most Americans have been conditioned to believe that debt is a normal part of life.
Keep the debt collectors from hounding you
If you're being hounded by creditors for unpaid bills, keep in mind that there are limits to what you, the debtor, can be subjected to.
Beyond debt collection
It's one thing for hospitals to collect unpaid debts from patients who win money in lawsuits for their injuries. But it's quite another for hospitals to take lawsuit monies from patients who already have paid their hospital bills in full.
Construction loans power credit union's success
High Desert Federal Credit Union's construction lending services have given it the second-highest return on average assets in the country for its class, according to Tom Brown, its president and chief executive officer.
LexisNexis flap draws outcry from Congress
Other possibilities include mandating disclosures of security breaches or amending the Fair Credit Reporting Act to regulate the activities of data brokers like ChoicePoint and Acxiom.
Pasadena Federal Credit Union Orders Intrusion's Compliance Commander to protect Member Privacy and meet NCUA Compliance Regulations
Compliance Commander detects nPI in email, instant messages, IRC, web traffic, file transfers (including spreadsheets, presentations and word processing documents being saved to servers or copied across the network), or a rogue data store being accessed from a server.
Telhio Credit Union Reduces Helpdesk Costs with Imprivata OneSign
Prior to implementing OneSign, Telhio employees were simply asked to memorize passwords for each individual application, prompting users to select easy-to-guess passwords that granted virtually no security.
Deadbeat debtors put on notice in Yukon
Attention Yukon's deadbeat debtors: the debt collection agency is looking for you. Letters have gone out to about 40 individuals and companies that owe about $2.1 million in outstanding debts to the Yukon government.
Bankruptcy overhaul may spur more filings
Besides credit card issuers, department stores, appliance stores and furniture retailers that extend credit to their customers are among the beneficiaries of the legislation.
Debt collection pays off for right person
As consumer debt rises, so does the demand for persuasive, telephone-savvy workers. Collection agencies are seeking professionals who can call and collect past-due loans, credit-card charges, utility bills and accounts.
REBATE WOES
With cash rebate cards, consumers can get something for nothing -- but it's hard to spot the best deals unless you read the fine print. Moreover, charging purchases to get cash back is only a good idea if you can afford to pay off your monthly credit-card balance in full.
Before Starting a New Chapter in Life, Couples Should be on the Same Financial Page
Consumer credit counselors say they’ve heard just about every statement imaginable when it comes to couples and money.
Or you could read it in a book
Most of the financial help out there is aimed at helping people who have money to invest. The rest of the financial help out there is aimed at helping people who don't have money make it to the next payday.
Debt settlement may incur taxes
Many unaware IRS all-seeing via Form 1099-C
A few weeks ago, envelopes containing Form 1099-C began arriving at her Rittman, Ohio, home. She may owe income tax on the more than $10,000 the credit card companies had forgiven.
More Than 100 South Carolina Homeowners Have Fallen for Debt Elimination Scams
The Better Business Bureau and S.C. Department of Consumer Affairs have issued a warning about an elaborate mortgage scam by so-called debt elimination companies that can cost owners their homes and create a legal nightmare.
Bankruptcy bill bad for debtors
The bankruptcy bill that the Senate passed earlier this month is a good news/bad news bill. It's good news for big business, and mostly bad news for financially troubled consumers.
Americans Flunk Credit Score Test
Executive director Stephen Brobeck with the Consumer Federation of America said 49 percent did not realize that the scores measure whether you're a good credit risk.
'Re-aging' accounts illegal
Changing delinquency dates on old debts is called "re-aging" and it is illegal. One collection agency, NCO Group, recently was fined $1.5 million for the practice.
Expert Tells How to Protect Yourself from Identity Theft
The news is full of horror stories about identify theft, but few give specific steps on how to protect yourself. Banks, credit card companies and on-line services such as PayPal will never send e-mails asking for updates of personal information.
Debt valley
Delinquent accounts are a growing problem for businesses -- especially small companies that don't have the cash flow to cover shortfalls, pursue the debt or eat the loss.
ID-theft victims fight for years to fix mess
He blames losing an earlier sales job to the theft when his productivity dropped from having to field calls from collection agents at work. He suffered from depression and anxiety. His consumer debt interest rates tripled, and insurance premiums soared inexplicably.
Taking the Mystery Out of Your FICO Credit Score
FICO credit scores range from 300 to 850 and are calculated from a host of criteria from consumer credit reports that can be broken down into five categories: a consumer's payment history, amounts owed, length of credit history, new credit applied for or taken out, and types of credit used.
Looming law may bring bankruptcies
Many bankruptcy lawyers are urging clients to file now before a tougher law takes effect that would make it difficult to wipe out personal debts.
House vs. debt: Know the traps
Hamilton is among thousands of people nationwide who, during the past several years, have replaced high-interest credit-card debt with relatively low-interest mortgage or home-equity borrowing.
FCC Clarifies Telemarketing Rules
The Order clarifies that financial agreements, including bank accounts, credit cards, loans, insurance policies, and mortgages, constitute ongoing relationships that permit a company to contact a consumer at any time during the period that the contract remains in force.
Got debt? If collector calls, talk
If you use credit cards, have loans or pay utility bills, you have debts. And if you fall behind even by a few days in paying those debts or if an error is made on your accounts, debt collectors can contact you by mail and phone until they hear from you.
ChoicePoint data cache was a powder keg
It was the kind of request that ChoicePoint, one of the nation's largest information services, gets all the time. Thousands of corporate and government clients rely on the company to provide them with publicly available information on people for help in hiring, fraud detection, journalist research, national security and debt collection.
As Debt Climbs to All-Time High, More Americans are Trapped by the New Rules of Money
Start repaying the debt that bothers you the most. Are you staying away from family picnics because you're embarrassed about the money you borrowed from your mother-in-law? Then pay all you can on that debt first. Pay off your debts one at a time, starting with whichever debt will give you the most satisfaction when it's gone.
For People on Debt Management Plans: A Must-Do List
Reputable credit counseling organizations employ counselors who are certified and trained in consumer credit, money and debt management, and budgeting. Those organizations that are nonprofit have a legal obligation to provide education and counseling.
A Summary of Your Rights Under the Fair Credit Reporting Act
There are many types of consumer reporting agencies, including credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records). Here is a summary of your major rights under the FCRA.
If you don’t think you’ve dealt with a debt collector, you may already have
If you use credit cards, have loans or pay utility bills, you have debts. And if you fall behind even by a few days in paying those debts or if an error is made on your accounts, debt collectors can contact you by mail and phone until they hear from you.
Consumers urged to be cautious of debt settlers
Business models for debt negotiations can vary, but they often work like this: Consumers give a debt settler power of attorney to negotiate on their behalf. Debtors then contribute money each month into an account, building up cash that will be offered to a creditor as a settlement.
Pending bill could boost personal bankruptcies
Bankruptcy attorneys will soon flood the television airwaves urging people to file for bankruptcy protection, predicts one consumer advocate. The reason: a sweeping overhaul of the rules governing personal bankruptcies, which will make it harder for individuals to walk away from their debts, is expected to take effect in October.
Asta buys consumer debt firm in Denver for $13.5M
Englewood Cliffs debt purchaser and collector Asta Funding Inc. said Monday that it paid about $13.5 million for a Denver-based company with debt portfolios worth $197 million if it collects every penny.
Credit Card Penalties, Fees Bury Debtors
Punitive charges, penalty fees, and sharply higher interest rates after a payment is late, compound the problems of many financially strapped consumers, sometimes making it impossible for them to dig their way out of debt and pushing them into bankruptcy.
Agencies calling to collect
If you use credit cards, have loans or pay utility bills, you have debts. And if you fall behind even by a few days in paying those debts or if an error is made on your accounts, debt collectors can contact you by mail and phone until they hear from you.
RevQ Releases Revenue Results - Debt Collection Software for Smaller Governments
Revenue Results offers small government offices simplified: account entry, due diligence tracking of accounts, matching like debtors, automated correspondence series, payment plan setup, work list capability, graphical reporting and more. Reporting and statistical information can also be viewed in real-time.
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