Debt & Credit Repair

Debt & Credit Repair

What's the FCRA?

The three big credit reporting agencies—Experian, Equifax, and TransUnion—gather an enormous amount of personal data about consumers, compile their credit reports, and disseminate information to third parties such as credit issuers or employers. The FCRA, or Fair Credit Reporting Act, was enacted in 1970 to protect this credit information and regulate not only when the credit bureaus can disclose it, but also under what circumstances.

on Sun, 2009-11-15 16:00

What's the FCBA?

Have you ever noticed that your credit card company mistakenly billed you for something twice? Or perhaps you returned that new flat screen TV because it was too huge to fit on your living room wall, only to find the charge still showed up on your credit card statement without a refund? If so, you should know you have the right to resolve these types of billing disputes for "open-end credit accounts", such as credit cards or charge cards, through the Fair Credit Billing Act (FCBA).

on Wed, 2009-09-09 17:00

Can Social Security Benefits Be Garnished?

Unless you owe Uncle Sam taxes or are behind on alimony or child support payments, your social security benefits cannot be garnished. So, if you've recently lost your job and are worried about your social security payments falling victim to the debt collectors as well, you can rest assured that won't happen.

on Sun, 2009-05-03 17:00

I Paid My Tax Lien - Why is it Still on My Credit Report?

The IRS has 30 days, according to its own rules, to release a tax lien once you pay or settle the debt. However, in reality this is something that is often overlooked. Unaware consumers may go for years before they notice the pesky tax lien still living on their credit reports as unpaid.

on Sun, 2009-04-26 17:00

Collection Accounts Linger for 7 Years

It's a common misconception among consumers that paying off a collection account will make it disappear from their credit report. However, the truth is a collection remains on your credit report for seven years from the date the account went into serious delinquent status. This date is often pegged as the first 180-day late payment on record.

on Sun, 2009-04-19 17:00

Top 5 Ways to Spring Clean Your Credit

Spring is meant to be a time of renewal and rejuvenation. For many people, this might include cleaning out the old attic or scrubbing the entire house from floor to ceiling. There's just something about a warm Spring day that should make us want to declutter life and move forward with a fresh start. But what about the financial clutter that has made it's way into our lives? Shouldn't it receive some attention too?

on Wed, 2009-04-08 17:00

Is Forgiven Debt Really Considered Income?

If you're in the process of settling a debt or thinking about approaching a creditor to begin debt settlement negotiations, it's important to remember that the IRS considers forgiven debt to be taxable income. What this means is that if you owe $10,000 on a credit card and settle with your creditor for $4,000, the difference of $6,000 will be reported to the IRS as earned and taxable income.

on Sun, 2009-02-22 16:00

2009 - The Year to Get Rid of Debt

Consumers have truly witnessed an ironic turn of events in the credit card world. For decades credit issuers have ferociously competed to be the first card in your wallet, and now they are just competing to be the first paid back.

on Sun, 2009-01-04 16:00

What's Loss Mitigation?

What does this financial buzzword you're hearing everywhere really mean? If you're a homeowner facing the possibility of foreclosure, it should mean a great deal to you because loss mitigation is a process available to help keep you in your home. And while loss mitigation includes various methods used to negotiate terms with home lenders, each method has the same goal in mind - to stop the home foreclosure process before it occurs.

on Mon, 2008-11-17 16:00

Credit Talk Forum Helps Users Navigate the Credit World

Are you ready to take matters into your own hands and improve your credit? If so, congratulations for having the courage to do something about your credit problems. Many people choose to avoid the issue in every way possible, so you are taking an important step in the right direction. Making the time to repair your own credit is also an excellent alternative to paying an expensive credit repair agency to accomplish tasks you can complete right from the comfort of your home.

on Sat, 2008-09-13 17:00