Tag Archive | "Federal Trade Commission"

Stop Wrong Number Collection Calls

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People are always feeling disturbance from debt collector calls if they are actually be indebted. However, sometime debt collector is merely harassing a person, or ask about any other person like former room-mate or a person not knowing you. In this case, these calls might consider as wrong number calls. Moreover, there might be some other calls for which a person not interested to attend these.

Wrong Number Calls

Wrong Number Calls

Mostly, when people received calls from an unknown wrong number, just reply and tell not to call again is considered as enough. However, this is not the case every time that work accordingly. Every debt collector suggested that to harassing a person for collection of debt is usually wastage of time.

Auto Dialing Operators

Some bill collection companies mostly have automatic computerized dialing system. Whenever, a phone number is entered in the computer due to someone’s debt, it will receive the calls again and again from the auto dialer. This might happens if phone number was remained in the use of another person or wrongfully entered in the computer. There are many options available to discontinue these types of calls.

Checking of Credit Reports

People should check their credit reports from the available sources and make sure that there no wrongful debt has been reported. If there is any error found in it then must report to the credit bureau for its correction.

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PayDay Loan Alerts

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The Federal Trade Commission has asked the public to be alert regarding the payday loan fiasco. More and more companies, springing up out of nowhere are proclaiming to provide users with payday loan opportunities, but at a high cost, sometimes causing people to get into severe debt issues, in pursue of some quick cash.

Payday loans are not the exact amount of money that you request for, instead an added amount of fee is also imposed on to the loan. Each time you borrow more money, the fee increases, with every $50 or$100 borrowed.

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Credit Reports and Scores: Fixing Mistakes on your Credit Report

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The information that comprises your credit history is not sent by you rather than that it is sent by your creditors. Despite of all the fact, you are the one who is responsible for the accuracy of the information about your financial life that is present in each of the three credit reports.

You should expect that there will be some problems in your credit report. It has been shown by the statistics that approximately 70% of all reports contain at least one error. Due to these  mistakes sometimes you can be turned down for a loan or a credit card company may charge the highest interest rate on a credit card.


It’s not very much difficult to get rid of these mistakes, it is just time consuming. As the process of correction is slow, it may take weeks or sometimes even months for you to get these mistakes correct, you may have to make phone calls and exchange of real mail or e-mail takes place between you and your card company.

Steps to correct mistakes

There are standard procedures by which you can get rid of mistakes on your credit report.

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Financial Profiling: A New Technique Of Cutting Credit Limit

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Just think over that as you have been consulting with a consultant and paying his fee with your credit card or for example, if you use your credit card to pay to retread your tire, the bank may draw the conclusion that you are, or are about to be, in financial distress and consequently adjust or withdraw your credit limit. Think your application for a loan has been rejected because of your affiliation with property consultant or any mortgaging company. Again just think that your credit card provider decrease your credit limit just because you shop at the same place where people who have bad credit history come to shop as well.


The Figure (Above) Gives Us An Insight Of Financial Profiling

You Are Welcome to Financial Profiling or Behavioral scoring.

Take an example A family used to do shopping using American express card regularly, they shop for around $5,000 in a month and usually paid the full amount back. You’ll be shocked to know that their credit limit lowered about 75% of the original credit limit. This is a live example of victims of financial profiling despite the fact that they didn’t make anything wrong. The bank indirectly impacts their credit rating by reducing the ratio of in-use to available credit.

Consumers also find no opportunity for recourse. Individuals are not given justification for the reduction of their credit limit and often report difficulties in contacting the bank to negotiate a resolution.

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A Brief Guide to Reverse Mortgage Counseling – Part-2

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What do I need to bring to my counseling session?

It was said by Hunt who is housing counseling program manager at Consumer Credit Counseling Services that it is a good idea, before your session is scheduled, to make some notes about how much income you get in a month and how much money you spend, that includes housing, utilities, food, transportation and medical expenses. She further said that there is no need to provide your actual pay stubs or bills.

Mortgage Houses

It was also said by her that you may also want to know if there are any liens on your house. She also suggests that In addition to this, although an official appraisal is not needed by you, you may require calling a real estate agent who does business in your area, or you can also visit Zillow.com to get an estimate on how much your home is worth.

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Credit, ATM and Debit Cards: what to do if they are stolen or lost

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ATM, Credit and debit cards provide a convenient and easy way to use money without the hassle of carrying a great amount of cash in hand. In case the cards are stolen or lost, The Fair Credit Billing Act (FCBA) and the Electronic Fund Transfer Act (EFTA) provide the procedures to act upon.

How to Limit the Financial Loss

As soon as you discover that the ATM, debit or credit card is missing, contact the card issuer. Most of the companies have a 24-hour help service for such issues. Report your loss to the customer service representative and then follow up by writing a letter to the company including your account number and the date on which you reported the missing card.WOMAN_OnPhone-LostStolenCard

It may by helpful to check whether your homeowner’s insurance policy covers the card theft. If not, some insurance companies do allow you to change your policy to include this.

Credit Card Loss or Fraudulent Charges (FCBA):

In case you report about the missing card before it is used by someone else, the FCBA states that the card issuer cannot charge you for any unauthorized use. On the other hand, if the card has been used before you reported, the maximum charges laid against you can be $50 per card. If the card number has been used only, without the card itself, you cannot be held responsible for any charges.

Also, review the bills carefully that come after the card has been lost. If you find any unauthorized use, write a letter to the card issuer including all the questionable charges, your account number, and the date on which you reported the card missing. Send this letter to the billing complaints department rather than the billing department itself, and do not send any payments unless you are requested to do so.

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