Stop Collection Agency Harassment

Mann Bracken and Hanna are based in Georgia and not only are these collectors suing consumers allover the country, they are being sued BY CONSUMERS. Consumers are fighting back and winning. View the investigation video below.

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This information was discussed on Good Morning America in March 2009. There are going to be credit card industry changes ahead. Below are some new changes and other rules that are already active. Our view on credit cards is not to have one however if you MUST once your FICO is improved, then American Express is the only one we approve. You pay that balance every month.

Retroactive rates increase rate going forward

We are still trying to understand how this makes sense. An interest rate increase that is retroactive? That sounds like an oxymoron.

Universal Default – check credit report and increase rate even if score is good

This is in every credit card agreement. The credit card company can check your credit report and increase your interest rate based on your credit even if you have a good score.

Due date trap – credit card moves due date to am/pm – charged late fees

The credit card company can change the due date and time without notifying the consumer and then the payment would be considered late and you will be charged a late fee.

One other reason NOT to have a credit card is the mandatory binding arbitration. Arbitration is not fair to the consumer when it comes to credit card debt.

The government currently is talking with the CEOs of major credit card companies to help the consumer and negotiate payments to make it easier to pay. The government says they are cracking down on the teeny print in the contract. Credit card companies fund political campaigns, so don’t believe everything you read.

Though the Federal Reserve Board has finalized its credit card rule, it does not go into effect until July 2010! Congress is currently considering a number of proposals that could go into effect much sooner and contain some additional protections. In addition, Consumers Union, the Public Interest Research Group (PIRG) and the Consumer Federation of America jointly called on President Obama to make credit card reform an immediate economic recovery priority. (creditcardreform.org) 

why do/did you have a credit card, what is/was the purpose, can you live without credit cards in your future?

Tell us and leave a comment below…

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When a consumer is dealing with a junk debt buyer sometimes the consumer may think they are losing their mind.

The debt collector wants to confuse the consumer to have the consumer doubt themselves.

Here is a list of examples:

1. you paid off a credit card balance years ago but the collection agency says otherwise telling you it is collections unpaid

2. you receive a letter and it is not your identity but because your name is on the piece of paper it must be yours

3. you receive a letter from a collector with the original creditors logo and vp signature stamped on it – is it from the OC or from a collection attorney

Let’s expound on #3 . . .

Would it make sense to believe if you see letterhead and logo of American Express it would be from Amex? Modern technology these days and just a jpg and a banner can create any company letterhead. You say “well that is against the law to impersonate/imply the letter is from American Express”. We say these people break laws all the time to get you to pay them. Mitchell N Kay office offers a $25 American Express gift card. They want your money. Who cares about a gift card? It is confusing to the consumer to get a letter from a collector with the Amex letterhead. This guy wants to confuse you. They want you to call with confusion.

This agency is aligned with Plaza Associates and they work side by side to collect money from unsuspecting consumers. You may get letters from the law office or Plaza Associates.

Send a VOD (validation of debt) letter to them as soon as possible. Do not talk on the phone to these offices. There is no point to talking on the phone and the best protection is correspondence.

NEXT LEVEL CREDIT

“Taking Your Credit to the Next Level”

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It is a education in itself when it comes to reading a credit report. The big 3 – CRA’s Credit Reporting Agencies are TransUnion, Experian and Equifax. Each bureau has a different way of reporting the items listed. It is very helpful when the reports note when the item will “fall off” the report. That brings us to the topic of DOLA – date of last activity.

Date of last activity SHOULD be on the credit report as the last date of the LAST payment made. For example, if a consumer has not made a payment on the current credit card debt in 12 months, the date of last activity would be 12 months ago.

Some reports could note “NA” where the DOLA should read. We are referring to Equifax and most of the time there is no date listed.

So why is this important? The DOLA could make a difference on what should be on your report or can be deleted. Often these dates are miscalculated and even debated about what date the DOLA should be on the report (time frame). If the DOLA is incorrect, then the item could be alot older and can be deleted after 7 seven years.

By the way, collection agencies change the DOLA dates all the time. It keeps the item on the report and keeps the score down. It is like a dog chasing its tail, UNTIL the consumer learns more and takes action to change it. There are many violations, and the consumer can sue the CRA’s and win thousands.

Where can you get a free credit report? It is always best to order hard copies of your report. You are allowed 3 free reports every 12 months. 877-322-8228

It takes time but it is time well spent.

NEXT LEVEL CREDIT

“Taking Your Credit to the Next Level”

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What is a charge off and what can you do about it?

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They are both labeled with the acronyms CA, but have two different descriptions. One is more serious than the other.

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