Time-Barred Debts
June 7, 2008
There’s no doubt about it: you are responsible for your debts. If you fall behind in paying your creditors — or if you dispute the legitimacy of a debt — a debt collector may contact you.
“Time-barred” debts are debts so old they are beyond the point at which a creditor or debt collector may sue you to collect. State law varies as to when a creditor or debt collector may no longer sue to collect: in most states, the statute of limitations period on debts is between 3 and 10 years; in some states, the period is longer. Read more
Home Buying Consulting Business Penalized for Credit Repair Violations
June 6, 2008
Under a federal court order entered on May 29, a home-buying consulting business that offers credit repair and home-buying consulting services will pay $10,000 to settle Federal Trade Commission charges, including illegally charging an advance fee for credit repair and falsely claiming that it can remove negative information from consumers’ credit reports, even if the information is accurate and timely. Home Buyers Consulting Network, Inc. d/b/a Home Buyers Network, Good Credit Company, GoodCredit.com, and 0downhomebuyers.com, and Douglas Andersen Moore a/k/a Douglas A. Moore are barred from further violations of the Credit Repair Organizations Act and the FTC Act. Read more
For People on Debt Management Plans: A Must-Do List
May 29, 2008
Reputable credit counseling organizations employ counselors who are certified and trained in consumer credit, money and debt management, and budgeting. Those organizations that are nonprofit have a legal obligation to provide education and counseling. Read more
How to Dispute Credit Report Errors
May 29, 2008
Your credit report contains information about where you live, how you pay your bills, and whether you’ve been sued, arrested, or filed for bankruptcy. Consumer reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. The federal Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nation’s consumer reporting companies. Read more
Before You File for Personal Bankruptcy:Information About Credit Counseling and Debtor Education
May 28, 2008
Produced in cooperation with the Department of Justice’s U.S. Trustee Program
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 launched a new era: With limited exceptions, people who plan to file for bankruptcy protection must get credit counseling from a government-approved organization within 180 days before they file. They also must complete a debtor education course to have their debts discharged. Read more
