Collection accounts will almost always have a significant negative impact on a credit score. A collection account is a listing in a credit report that represents a consumer account that has been assigned to a company to collect on an unpaid debt obligation. If a consumer stops making the contractual payments on an account or debt, the lender or creditor may assign the account or sell the account to a collection agency. This action turns a credit account into a collection account. The … [Read more...]
Credit Report Complaints and State Consumer Protection Agencies
February 2, 2010 By Leave a Comment
State consumer protection agencies enforce consumer protection laws and often make available consumer protection information to inform consumers of the state and help file complaints. Many state consumer protection agencies regulate credit reporting agencies and credit repair organizations as well collection agencies. State consumer protection agencies contact information by state: Alabama Consumer Affairs Division Office of Attorney General Alabama State House 500 Dexter … [Read more...]
Simple Myths Regarding Credit Scores
August 3, 2009 By Leave a Comment
Myths and urban legends abound on the Internet, but most of them can't impact your finances. However, there are many financial myths that can cost you a lot of money. Myths about credit reporting and your credit score can take a significant amount of your hard-earned money out of your wallet. Making a lot of money will help your credit report and your credit scores. It is a common misconception that a big salary will lead to spotless credit, low interest rates and a high credit score … [Read more...]