Posts Tagged bad debt collection agencies
What Does My Credit Report Mean And How Was It Calculated?
Posted by Mallory Megan in Currency & Finance on June 14th, 2010
As of 2009, bankruptcy filings that were new increased by over thirty five percent in just one year. Although it may seem like a dismal sign, a good way to look at it is that all of these people are on their own paths to rebuilding their credit scores and ultimately, financial freedom. We have all seen commercials with “people just like you and me” urging us to go to whatever website and check on our credit score. We know that if the number is high, it’s a good thing. It it’s low, it could mean trouble finding a loan, getting a job, or a new place to stay. But just what is a credit score?
Your credit score is summed up in one (hopefully!!!) three digit number that is formed from a statistical analysis of your personal credit file. Credit scores are here to give you a major headache, and for the banks to determine your ability to take on debt and repay a credit obligation. That’s why credit card businesses and banks will assess your score to figure out how much credit they want to offer you and at what interest rate.
So how is your score determined, you might ask? The Fair Issac Corporation, or as you might know them, FICO, was the first organization to build a scoring system in 1958. The report recently underwent a makeover (FICO 08) but it is not utilized by all agencies. In this new, improved FICO 08 version, minor credit delinquencies aren’t counted against you when you for the most part do a good job repaying your debts.
There are five questions that a credit score asks. What is your payment history? How much debt do you currently owe? Just how long have you had credit? How many times have there been credit inquiries made on your report? And what type of credit do you have? So let’s say, for argument’s sake that you screwed up. Just how long will negative marks impact your credit score? Well, that depends on the type of information. Plain old negative information can stay on your credit report for up to seven years. In the case of bankruptcy filing it can remain on there for up to ten years. Here is where we get into the creepy big brother aspect of credit reports. Every person has their own personal credit file, and what this means is that the impact from person to person will affect each differently.
If you are considering filing for bankruptcy, concerned about your financial situation, or just want to know more and feel more secure, it is in your best interest to seek out the advice of a financial planner. One that works for a fee is preferable, because they will have your best interest at heart and not their commission instead. Good luck in your financial journey!
Rapid Recovery Solution is a medical collection agency.
The Scoop On How To Obtain Financial Information Of Your Debtors
Posted by Mallory Megan in Currency & Finance on March 2nd, 2010
Being able to locate a debtor’s bank account information could be very useful in your attempts to collect debt. By law, it is required that a private investigator to do the work. Be wary when you hire someone to locate bank account numbers as there are a number of scam companies claiming that they can help, and take your money with no activity in return.
Below are legal ways to obtain a debtor’s bank account number.
First, if your debtor works at a retail store buy something from the debtor and pay by check. This is a good way to find out account information by looking at your own bank statement; the bank account information will allow you to determine the debtors account number.
Interacting with a previous landlord of the debtor can be quite helpful. Ask his formal landlord if you can look at the rental application and obtain financial information. You can also subpoena the old land lord for a copy of the rental application to see where the defendant banked. Because old habits die hard, it is likely that the debtor still uses the same bank account.
One consideration that is helpful to think about is serving a Business Record Subpoena on the employer in order to get a copy of a payroll check the debtor has cashed in. The check should have the defendant’s account number and quite possibly the name of the bank on the bank.
In addition, there are a few “colorful” ways to acquire information about a debtor’s bank account. Conduct a trash search. This is an simple way to obtain bank information and a way to get to know more than you ever wanted about this debtor.
One very elaborate scheme to get the information on your debtor’s bank account is what I like to call “the fake block party.” Mail post cards to everyone who lives on your debtor’s block, and put up signs directing traffic towards his house. The debtor may get block party fever and open his garage. Scope out his items and take inventory. He may even start to sell things. At this point, buy something and give them a check.
So there you go. All of this is legal, but my advice would be to look through trash and stage a block party last, because that seems kind of crazy.
Mallory Megan is employed by a debt collection agency. Also, she does articles on business, finance, the credit industry, and debt collection.
The Skinny On Paying Your Mortgage With Credit Cards
Posted by Mallory Megan in Currency & Finance on February 8th, 2010
Whenever it is being allowed by landlords, it’s smart to pay your rent with credit cards. Not only will you have the money to pay the credit card bill right away, you can earn cash back for using your Premium Cards that offer benefit.
The cash back isn’t the only pro. By utilizing credit cards, you put off your payment by at least 30 days. That permits you to gain interest on the money while it’s put into your savings account. The more time you can put off making payments without getting penalized, you will be in a better financial position.
This is comparable to how big businesses work. A big vendor for a small company has the ability to ask for payment for goods at once; a small vendor for a large company has to provide goods on the large company’s terms. This usually means that the large vendor can wait before paying; it’s better to delay payments than to let investments earn more interest of appreciation. American Express will begin to allow card holders to pay their mortgage using their credit cards, earning points along the way.
While this may work for some people, it can be lethal for anyone who cannot afford their mortgage. If the full credit card bill can’t be paid each month, borrowers will be faced with credit interest charges on top of their mortgage interest.
Before you choose to go obtain an American Express card, remember that in order to qualify for making mortgage payments through the card, the borrower would be required to pay an enrollment fee of $395 to the lender. This fee means it will take a longer time to make rewards earned by using the cards worthwhile. It can take over a year to reap the benefits if the borrower uses American Express Blue Cash.
Mallory McGuinness is employed bya debt collection agency.
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