A federal law called the Fair Debt Collection Practices Act (FDCPA) protects consumers against certain unfair collection practices. It applies only to outside, or third-party debt collectors (not creditors collecting their own debts) and only for personal (not business) debts. State laws may provide additional protection. The FDCPA makes certain collection activities illegal, and a collection agency who breaks the law can be sued for statutory damages.
Ever wonder how a lender decides whether to grant you credit? For years, creditors have been using credit scoring systems to determine if you’d be a good risk for credit cards, auto loans, and mortgages. These days, other types of businesses — including auto and homeowners insurance companies and phone companies — are using credit scores to decide whether to issue you a policy or provide you with a service and on what terms. A higher credit score is taken to mean you are less of a risk, which, in turn, means you are more likely to get credit or insurance — or pay less for it.
Debt buying is a massive industry. Some of the debt buyers are so huge that they are publicly traded companies on the stock market. Portfolio Recovery Associates, Midland Funding, LVNV Funding, CACH, CACV and Jefferson Capital Systems are some of the major debt buying companies that buy hundreds of millions in bad debt for pennies on the dollar. These companies then file lawsuits against you demanding that you pay back the full balance on the account (although they may offer you a slight discount).
WHO IS NATIONAL COLLEGIATE?
National Collegiate Student Loan Trust is a company that buys private student loans from the original bank that issued your loan. Although there are many student loan aid programs for federal student loans, private student loans do not have the same program. Instead, National Collegiate demands high monthly payments that are often unfordable. There are other debt buying company that purchase student loans, and National Collegiate is one of the larger student loan debt buyers.
Vacating a Judgment is the term for removing a judgment. If you previously had a judgment entered against you, you realize how far reaching the effects of the judgment can go. It makes it almost impossible to get a loan, get credit, and purchase any large item on credit such as a vehicle or home. However, there is a possibility that the judgment can be removed and deleted. Below are common questions I often receive by clients seeking to vacate a judgment that was entered against them.
Law Offices of Joseph I Harrison
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- Protection from debt collection harassment.
- Defense for pending lawsuit or garnishment.
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