Midland Funding, LLC and Your Credit Report

Who is Midland Funding, LLC? Midland Funding, LLC is one of the country’s biggest junk debt buyers. Midland buys old, charged off debt (usually credit card debt) for pennies on the dollar. Midland then attempts to collect the full amount of this debt from hapless consumers. Junk debt is often referred to as “Zombie Debt” […]

Medical Debts no Longer Part of FICO Credit Scores

I have some very welcome news. FICO is changing its scoring method . Medical debt will no longer count against you. As explained in a recent New York Times article: The creator of one of the most widely used and influential credit scores, FICO, said on Thursday that the latest version of its score would […]

Terrific Article on the Great Recession’s Impact on Consumer Credit

The fine folks at the National Consumer Law Center recently posted a great article concerning the impact of the mortgage crises of 08 and beyond on consumer credit reports. It’s well worth the read. I’ve included some excepts below that really leaped out at me: Credit reporting has become the determining factor for many essentials […]

Credit Score Dinged by Online Criticism

I’ve researched this, and still have trouble believing it. The website Kleargear.com fined a customer $3,500.00 for criticizing the company on the site RipoffoffReport.com. The fine was charged to the customer’s credit card. When she didn’t pay the charge, this negative info got reported to consumer reporting agencies. As a result, the customer’s credit score […]

Credit Reporting Agencies Now Identify "Revolvers"

Consumer Reporting Agencies recently changed the way it reports credit card payments in order to identify “revolvers,” card holders that routinely carry an outstanding balance on their accounts. As explained by Money Talks News:   “In the past, your credit file displayed your monthly balance, your credit limit and whether you failed to make at […]

The Downside of Improving your Credit Score

Raising your credit score has, well, scores of benefits, such as better access to credit, the ability to get more favorable rates, and an increased chance at employment and housing. For those with delinquent debt, there’s a downside. Your improved credit score makes you a target for collection activities. Consumer reporting agencies market services to […]

Reporting Negative Info is a Coercive Tool to Collect a Debt

Debt Collectors and Creditors Report Negative Information on Credit Reports in Order to Coerce Payment of Debts You all know this. But it’s comforting that courts and other authorities recognize it as well: “[R]eporting a debt to a credit reporting agency is ‘a powerful tool designed, in part, to wrench compliance with payment terms . […]

Credit Scores and the Affordable Care Act

Rumors seem to be swirling that your credit score will affect how much you will pay for health insurance under the Affordable Care Act, also known as Obama Care. These rumors seem to have started on Florida TV station with an interview health insurance navigator. According to Rawstory.com The broadcast prompted conservative sites like The Weekly […]

Another Article on Credit Reports and Jobs

Here’s another article from ABC News about the importance of credit reports and job applications. The article’s focus is on knowledge and preparation. One 2010 study from the Society of Human Resource Management estimates that 60% of companies checked some (or all) job applicants’ credit reports. This is a practice that many people understandably find objectionable – […]

Two Articles of Note Concerning Portfolio Recovery Associates, LLC

For those of you with issues with Portfolio Recovery Associates, LLC, here are two recent articles about PRA you might find interesting. Turnips can bleed: The Portfolio Recovery story http://hamptonroads.com/2013/09/turnips-can-bleed-portfolio-recovery-story A lawsuit filed in U.S. District Court in New York last year names PRA among more than a dozen debt collectors and says they pursued […]

Surprising things that Lower your Credit Score

Here’s an interesting article about surprising things that can hurt your credit score. The article explains how the following can hurt your credit: Closing credit cards or account. Debt settlement. Payment plans. Inquiring about old debts. Having a credit limit lowering. Paying off an old collection account. Balance transfers. Neglecting old debts. Cancelling older credit […]

Fake Debt Collectors on the Rise

The Better Business Bureau issued a recent press release alerting the public to an increase in fake-debt-collector activity. According to the BBB records, fake debt collection scams are on the rise. From September 2011-2012, there were 782 complaints. From September 2012-2013, there were 926, an 18% increase from the previous year. While I have no […]