Credit card rate hikes reviewed, penalty fees crimped

Most credit card penalties will be limited to $25, and fees for customers who don’t use their cards will be eliminated under rules released Tuesday by the Federal Reserve.

The Fed also ordered a review of all credit card interest rate hikes imposed since January 2009, including most of the record increases that came in the wake of a nationwide cutback on credit.

The rules, which implement a final set of changes that Congress passed in May 2009, take effect Aug. 22.

“The Federal Reserve’s guidelines issued today are great news for consumers,” said Rep. Carolyn Maloney, D-N.Y., one of the authors of the credit card laws.

READ the article: CNN Money.com 6/15/2010

*****

Let’s talk about staying away from credit cards. We advocate the consumer having one card for emergencies. READ our blog post on building credit without a credit card.

NEXT LEVEL CREDIT

“Taking Your Credit to the Next Level”

Tweet This Post

Nothing is easy when it comes to money and credit, but this information we are about to tell you, in our humble opinion, is a method that is different and easy to help your credit restoration process and build credit for yourself. It is very creative and we are very excited to tell you about it.

A VISA/MC LOGO ACCOUNT / PREPAID DEBIT CARD

A PRACTICAL WAY TO BUILD YOUR CREDIT

ACCOUNT NOW APPLICATION

Tweet This Post

“The Law Office of Derrick E McGavic is attorney firm specializing in collections, creditor’s rights, bankruptcy, foreclosures and replevins. The firm is based in Eugene, OR and represents some of the largest and well respected clients in the industry.”

Even though this article is from 2008, it still depicts the corruption of this firm.  Beware.

If you are a consumer that has been contacted by this collection agency, contact us for an analysis immediately.

NEXT LEVEL CREDIT

“Taking Your Credit to the Next Level”

Tweet This Post

When a consumer writes to the collection agency with a VOD (validation of debt) letter and the CA replies and sends older credit card statements to the consumer what would be the next step. #1 How long does it take the CA to reply and send the documentation to the consumer? #2 How old (dated) are the statements? #3 Are the statements authentic business records? #4 What is the relationship with the original creditor?

Ordinarily, if a consumer receives the statements from the collection agency, the consumer might assume that they need to start paying the debt collector. However, we believe otherwise. We keep challenging the CA and the relationship with the original creditor. Even when the CA sends documentation it should be questioned by the consumer. Push back. There are 2 things that may happen. When the consumer questions the documents, the debt collector will back off or they will sue.

What constitutes debt validation?

The FDCPA does not define what constitutes proper debt validation, and the issue has not been fully resolved by the courts. In the leading case of Chaudhry v. Gallerizzo, the Fourth Circuit Court of Appeals adopted a relatively low standard: “Verification of a debt involves nothing more than the debt collector confirming in writing that the amount being demanded is what the creditor is claiming is owed; the debt collector is not required to keep detailed files of the alleged debt.” The Court further stated that a request for validation of the debt is primarily intended to eliminate such problems as collectors contacting the wrong person or attempting to collect debts which have already been paid. In 2006, the Ninth Circuit Court of Appeals followed and adopted what they described as the “reasonable standard” articulated in Chaudhry.

Consumer advocates have criticized the Chaudhry and Clark cases as setting too low a legal standard for validation and allowing debt collectors to justify providing little information in response to a dispute. In addition, some courts (such as the Court of Appeals of Indiana) have taken a stricter stance on debt validation than the Chuadhry Court, though the precedential value of such cases is uncertain.

Thus, what exactly constitutes proper validation of a debt is not a settled issue and is likely to depend on the specific nature of the dispute. At a minimum, the debt collector is required to confirm with the creditor the amount being claimed is correct and that the person from whom they are attempting to collect the debt is the person who owes it.

NEXT LEVEL CREDIT

“Taking Your Credit to the Next Level”

Tweet This Post

Lori Swanson, Minnesota AG does it again. She is on the warpath in our humble opinion. This article is regarding collections and lawsuits from junk debt buyers.

Legislation set to be introduced in Minnesota later this month would ban the practice known as “re-aging” delinquent accounts, making it more difficult for debt buyers to collect debts – particularly in cases where the amounts owed cannot be verified.

The bill would require debt buyers filing collection lawsuits to produce documents that prove the borrowers being sued actually owe the debts. That paperwork includes a copy of the contract or written evidence of the original debt, an affidavit stating the date and amount of last payment and written proof that the collection company does, indeed, own the account.

Failure to do so could result in fines reaching $2,500 per violation – and consumers would have the right to sue for damages. The Minneapolis Star Tribune published a story about the proposed legislation in Tuesday’s edition. Read more here: ARTICLE

Highest debt buyers 2007 rankings according to revenues (in thousands)…

1 Sherman Financial Group $1,250,000
2 Unifund 375,000
3 Asset Acceptance Capital Corp. 344,100
4 FirstCity Financial Corp. 310,000
5 Encore Capital Group Inc. 255,140
6 Aktiv Kapital Group1 240,684
7 NCO Portfolio Management 186,963
8 Portfolio Recovery Associates Inc. 163,357
9 1st Credit Ltd.2 107,546
10 ASTA Funding Inc.3 101,979
11 Intrum Justitia Group 59,000
12 Lowell Group 56,000
13 New Century Financial Services Inc. 47,000
14 Professional Recovery Systems LLC 35,000
15 RJM Acquisitions LLC 32,000
16 Resurgence Financial LLC 23,000
17 The Sagres Company 12,500
18 Streamline Capital Partners LLC 1,850

NEXT LEVEL CREDIT

“Taking Your Credit to the Next Level”

Tweet This Post

Oliphant Financial, Florida
Diversified Collection Services, California
Receivable Performance Management
Western New York Capital
Pro Debt Mediation, Florida
International Judgment Services
Profile Recovery Group
Rubin & Yates
Diaz & Associates, California
MIG Capital
GVA
Thomas Thomas & Wichterman, Utah
Financial Management Services, Illinois
AmeriCol, California
Norfolk Financial Group, Mass
Cardwork Services
R S Clark & Associates, Texas
Goldman & Warshaw, Pa
Federal Bureau of Unsecured Loans
Stock and Grimes
Conserve
Jacob Law Group
Federal Credit Corp, Texas
National Revenue Corporation
Stellar Recovery
Brewers, Michael & Kane, New York
Credit Bureau of Harve
Bureau of Collection Recovery, MN
PNV Capital, Texas
Valentine & Kabartas
Abrams, Russo and Harrington, Ohio

Reagin Law Group, P.C. for RPR Holdings, Inc. Atlanta, GA 
Roy D. Reagin, Jr. was an associate for the notorious Fredrick J. Hanna. He(and maybe Fred) have started a new agency: RPR Holdings, Inc. assignee of Chase Bank. Reagin Law Group, P..C. P.O. Box 502287 Atlanta, GA 31150 Phone-770-649-1000. Another member of this firm is: Panton Patrick Pou.
 
Independence Receivables Corporation Green & Cooper Attorneys LLP
615 Colonial Park Drive Suit 104 PO Box 1635 Roswell, Ga 30075
GREENE & COOPER ATTORNEYS LLP C/O KERRY B. MILLS “ATTORNEY”
“INDEPENDENCE RECEIVABLES CORPORATION” 615 COLONIAL PARK DRIVE SUITE 104
PO BOX 1635 ROSWELL, GEORGIA 30075

Tweet This Post

FTC investigates CLOSED Mann Bracken (bk?) and Fred Hanna

http://finance.yahoo.com/news/Buffalos-debt-collectors-apf-2226423347.html?x=0

Good Credit Score Not Good Enough Anymore: A few years ago, a score of 620 or higher was good enough

http://finance.yahoo.com/banking-budgeting/article/108486/good-credit-score-not-good-enough-anymore?mod=bb-creditreports

New report highlights ways issuers have gotten around new law

While the Credit CARD Act of 2009 puts an end to abusive tactics card issuers have long used to boost their profits, consumers need only to look at their card statements to know there’s no reason to celebrate. Read more below:

http://finance.yahoo.com/banking-budgeting/article/108488/credit-new-fees-escape-card-act-rules-surprise-consumers?mod=bb-creditcards

NEXT LEVEL CREDIT

“Taking Your Credit to the Next Level”

Tweet This Post

We are very delighted to post the first article of the new year, new decade regarding junk debt buyer Mann Bracken (again). They are CLOSING in Georgia. This is the headquarters office. Closing – meaning out of business! Bankrupt. All the national offices should fall quickly like dominoes. You can help if you call your AG in your state. The root started here in Georgia so now it is just a matter of time when it will be gone forever.

This has been confirmed with reporters here in Atlanta with this news report.

MB was the largest agency in the US. They got caught. Thanks to Lori Swanson the MN AG exposing this in July. Thanks to ALL the consumers who complained many times to their AG in their state. It gets results. It takes people to get this type of corr*uption shut down. Keep complaining!

NEXT LEVEL CREDIT

“Taking Your Credit to the Next Level”

Tweet This Post

Cavalry Portfolio Services is definitely a junk debt buyer. They have offices in Phoenix, New York, St Paul and Tulsa.

Cavalry will attempt to collect on all types of alleged accounts including Ford, MBNA, Sprint, bks, and SOL.

Here is a recent excerpt about Cavalry Portfolio Services SINCE the NAF scandal hit in July 2009:

“Bud Hibbs site – Dated Sept 2009: Daren Eccles claims to be a Legal Administrator working for Cavalry Portfolio Services, LLC doing recovery for Cavalry SPV I, LLC and of Cavalry Portfolio Services, LLC. Daren’s job is to fill out those papers where they swear under penalty of perjury to the truthfulness of their lies.

Daren Eccles appears to be another one of those clairvoyant liars who can attest to facts that he reads from a computer screen, then swear under oath that what he read is true and correct. Daren surely is aware that lying on a court document is perjury and perjury can mean jail time in most cases.

Darren’s ability to swear to lies under oath is only the tip of the Cavalry problem and here why:
In their filings, Cavalry appears to be using the same old worn out, agreement that was copied thousands of times by Mann Bracken and others on MBNA accounts used in bogus Arbitration claims through the National Arbitration Forum.

The problem is that in August, the NAF imploded after the MN Attorney General found out that they were 40% owned by Mann Bracken, America’s most notorious debt collectors.

Here comes Cavalry, trying to pick the last remaining morsels of dead meat from the carcasses of these decaying debts. They hire Daren Eccles, tell him to dummy up a bunch of phony affidavits, and then hire some lawyers who appear so desperate for income, that they file lawsuits, in courts, on debts that just two months ago, could only be handled by Arbitration.”

FEEL FREE TO COMMENT BELOW ABOUT YOUR EXPERIENCE GOOD OR BAD WITH CAVALRY PORTFOLIO SERVICES.

If you are being contact by Cavalry, or ANY collector, contact our office for your analysis.

NEXT LEVEL CREDIT
“Taking Your Credit to the Next Level”

Tweet This Post

This is a special time of year for me. When I was a little girl, there was a full house of people and we had one of my uncles dress up as santa. I have happy memories of that time. But now it is even more special because for a number of years I know and understand “christmas”.

I celebrate Jesus’ birth this time of year. It is hard not to get caught up in the gifts and parties. It is alot of fun. Most of all I have joy, peace and love in my life. I know I am here for a purpose. My purpose is to serve you.

I want to say blessings to you today…to have joy, peace and love in your life.

Tweet This Post