Can a debt collector talk to other people about my debt?

If you have an attorney, the debt collector can only contact the attorney and not you. If you do not have a lawyer, a bill collector can contact other people but only to find out where you are. The cannot tell you about the debt and their opinion about you and the debt. Most collectors are usually prohibited from contacting such third parties more than once. Usually the collector may not tell anyone other than you and your lawyer that you owe money. If you have any questions about collections, you should read the Fair Debt Collection Practices Act.

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Credit Builders - Simple tips to raise your credit score

Credit Builders can be free and easy if you know what the rules for credit reports are. Don't cancel your credit cards even if you are not using them. Roughly 15% of your credit score is based on your credit history. If you cancel the cards, you are canceling the credit history with it as well. Pay your credit card balances off or pay them down to at least 30% of the available credit. The amount of your debt load will account for over 30% of your score. Paying off debt can have a big impact on your credit score.

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Instant Credit Builders - pay off your old bills

Instant credit builders are for real. When you pay off or pay down debt, your credit score will be impacted almost immediately. Doing debt negotiation and paying of a collection can raise your score 200 points or more in some cases. This could be the difference between buying a home or continuing to rent. The other thing that has an impact on your credit is what percent of your credit limit you have used on your credit cards. Once you go over 30% of your available credit on your credit cards, your score will be negatively affect. So if you have the money and want to raise your credit scores, just pay them down to 30% of what you owe.

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What is the statute of limitation on credit card debt?

What is the statute of limitation on credit card debt? The statute of limitation limits the amount of time that a creditor is allowed to collect from you. In most states it is a period of 7 years that a creditor has to collect repayment from you. If the collection account is off of your credit report and the statute of limitation has been full filled, you should be home free. I recommend that you seek legal advice in your state to find out what the rules are. I would also recommend speaking with a lawyer regarding debt settlement and collection law.

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What is a defaulted loan?

What is a defaulted loan? A defaulted loan occurs when the schedule of repayments for that loan have not been kept. The schedule of repayment can be weekly or monthly. Most loans are made on a monthly basis. A defaulted loan can have serious consequences on your credit report and credit history.

If you receive a defaulted loan notice, do not ignore it. Do so may have you end up in court or possibly even a wage garnishment. It is in your best interest to contact the creditor that you have a default with and try to work out payment arrangements. You may also want to seek out debt counseling or debt negotiation as an option to get the debt settled.

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Does debt consolidation work?

Does debt consolidation work? Debt consolidation does work but you need to do the work yourself. You still need to make your debt payments on time. If you don't you can potentially be dropped from the debt program. If this were to happen you would be on your own again. Most debt management programs will have you out of debt in 5 years or less. Be sure only to register into a non profit debt consolidation program. There are for profit debt management programs but not all creditors will work with them.

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I want to be debt free

I want to be debt free. If you want to be debt free, you will need some discipline. Stop spending money, have more coming in than going out. Sounds simple right? Do you feel a sense of entitlement that you should have nice things? If you do, you may be in trouble. Bad habits are bad habits, the sooner you can recognize this, the sooner you can gain healthy spending habits. Having a lot of stuff wont make you happy. In fact spending too much money can actually make you miserable. Once you are in debt, the mechanism of worry and fear will probably kick in. Now your life will be about working to pay for all your new stuff. If you are lucky, mommy and daddy can bail you out. If so you will probably end up in the same place again, in debt and broke.

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