Since a good credit score and credit history has become so important for consumers to obtain credit and housing and insurance and other products and services, companies that target consumers who have poor credit histories with promises to clean up their credit report have run amuck. The FTC is one government agency responsible for curtailing fraudulent, deceptive, and unfair business practices regarding credit repair organizations. The FTC announced in the first week of September that … [Read more...]
Watch for Debt Collection Scams
March 4, 2010 By Leave a Comment
Debt collection scams can cost consumers financially as well as cost time and aggravation. Debt collection scams and errors occur when the information about a consumer’s debt is recorded incorrectly. Errors regarding debts and debt collections may include minor issues such as the wrong amount recorded in the credit report or major issues such as the wrong person being attributed to the bad debt. Errors often occur when a bad debt is released or sold from the original creditor to a … [Read more...]
Changes to Credit Score Calculations
February 27, 2010 By 1 Comment
In 2007 Fair Isaac Corporation, creators of the FICO credit scoring system announced that they would change how their credit score models evaluate credit report data. The new credit score, referred to as FICO 08, was delayed in its implementation until the second half of 2009. The FICO score model is kept under wraps by the company that created it, but it is always a good idea to obtain a general understanding as to what makes a good or bad credit score. With the knowledge of what drives … [Read more...]
Debt Collection News – Debt Collection Supervisors Settle FTC Charges
February 4, 2010 By Leave a Comment
The Federal Trade Commission administer a wide variety of consumer protection laws, engages in law enforcement, and develops policy and research tools to prohibit unfair and deceptive acts or practices against consumers including actions that involve credit reporting agencies, credit repair services and debt collection activities. The FTC produces press releases on action taken against businesses and individuals that fall under the jurisdiction of the FTC. This is a recent press release on … [Read more...]