Debt plays a crucial role in determining your credit score, influencing various aspects of your financial life. How Debt Affects Your Credit Score is a crucial topic that many overlook, yet it can significantly impact your financial future. This guide provides a thorough look at how debt impacts credit scores, covering both direct financial effects …
In this episode of Get Out of Debt Guy, Damon Day and I discuss a major problem keeping people stuck in debt: misconceptions. I wrote an article explaining why so many people believe their financial situation will magically fix itself… even when all signs point the other way. We get into the science behind it—how …
Question: Dear Steve, I need help with my credit history and payments. I contacted the credit collection companies and started paying on some outstanding accounts. How can I get my credit fixed and remove these accounts to be able to raise my credit score? Sonia Answer: Dear Sonia, This recent podcast talks specifically about how …
A woman from Humble, Texas, was recently arrested by local police for using dubious police reports to get items removed from consumer credit reports. According to KHOU 11, Roekeicha Brisby is accused of fixing people’s credit through illegal means between November 2020 and March 2022. She’s charged with forgery and fraudulent use of identifying information, …
Question: Dear Steve, I defaulted on a credit card from Capital One many years ago, and the debt was sold to a debt collector. The debt collector sued me a few years ago, but I had moved out of state before the court date and honestly just forgot about it. I just received a letter …
The Federal Trade Commission obtained an order halting a credit repair scheme that allegedly bilked consumers out of millions of dollars by falsely claiming they will remove negative information from credit reports, while also filing fake identity theft reports to explain negative items on customers’ credit reports. At the request of the FTC and the …
It appears the suit filed by the National Association of Credit Services Organizations (NASCO) against the Consumer Financial Protection Bureau (CFPB) is kaput. This saga began about 10 months ago when NASCO was trying to raise money from members to sue the CFPB and rid the credit repair industry of the irritating Telemarketing Sales Rules …
The National Association of Credit Services Organizations (NACSO) that had previously sued the CFPB and FTC to force the TSR not to apply to credit repair groups, received a response from regulators. I’m not sure if I even need to waste keystrokes to write the CFPB and FTC disagree with NACSO. The latest response from …
Defendants promise “huge” credit score increases, ease in obtaining mortgages A Colorado-based credit repair company and its owner have agreed to settle Federal Trade Commission charges they mislead consumers with promises to “drastically and immediately” improve credit scores and increase access to lower rates on mortgages. In its complaint against the operators of BoostMyScore.net (BMS), the …