Know your rights when debt collectors call
“I’ll send you to collection” shouldn’t be used as a threat, as collection services are a legitimate and legal way for a business to get the money that they’re owed that has been promised.
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Criminals Could Be Working at Debt Collectors – That’s a Risk You Don’t Want to Take
One of the most worrisome of all risks consumers face is identity theft. Most people think this happens just through data breaches.
READ MOREWhere Can Consumers Go to Find Alternative Credit?
Far too many people are under the mistaken impression that if a major lender tells them “no” they have no other alternatives to consider. While that was the story once upon a time, it is no longer the case for all credit situations and circumstances.
READ MOREConsumer knowledge about credit scores reaches 8-year low
In 2010, roughly 50 percent of Americans checked their credit reports. Fast-forward to 2019 and, according to the Consumer Federation of America, the number of consumers checking their credit scores on a routine basis has increased.
READ MOREAverage Consumer Credit Scores on the Rise
As of September 10, 2019, consumer FICO credit scores hit a new high with the average, nationwide credit score increasing 11 points during the preceding quarter, according to the Washington Post.
READ MOREConsumer ID theft drops but problems persist
The number of identity theft incidences dropped in 2018 but the problem still persists for millions of consumers. According to Javelin Strategy & Research in its 2019 Identity Fraud Study, the number of people who fell victim to identity theft fraud fell from 16.7 million in 2017 to 14.4 million in 2018.
READ MOREWhat to look out for when taking out a short-term loan
Consumers often pursue short-term loans to get access to a little extra cash to get by when needed. While this type of borrowing is helpful, it’s important to understand how quickly these loans can spiral out of control if not careful. Before signing on the dotted line, always be sure to thoroughly understand how the short-term loan process and its payback terms work.
READ MOREIncreased credit card delinquency trends signal potential problems for consumers
Credit delinquencies continue to be a problem for a large number of U.S. consumers. A delinquency is recognized as a missed payment 30, 60, or 90 days past due.
READ MOREHow to end collection calls
Statistics suggest Americans owe $13.51 trillion in consumer debt. As a result, many collection agencies are busy making calls to chase down payment. The problem is it’s common for debt collectors to harass consumers in attempts to collect. Furthermore, consumers change their phone numbers, or they fraudulently give companies the wrong number.
READ MOREPeace of Mind with Short Term Loans
When temporary cash flow problems and emergencies arise, people have traditionally turned to high-interest credit cards or friends and family to help make ends meet.
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