Posts Categorized: Debt Collectors

Kill Zombie Debt for Good with These 5 Steps

Collecting unpaid debt is a big business. According to a report by Ernst and Young, collection agencies recovered about $54.9 billion in total debt in 2010, with medical and credit card debt topping the list. From this, the agencies themselves earned about $10.3 billion in commissions. Much of what’s collected by third-party agencies is referred toread more

CFPB to Officially Oversee Debt Collectors in January

Debt collectors might rank up there with tax auditors in the list least favorite professions, but those who give the profession a bad name will now have to answer to the Consumer Financial Protection Bureau. As of Jan. 2, 2013, the CFPB will oversee the practices of about 63% of the nation’s debt collection firms.read more

Credit Score Glossary: Collection-Proof

Collection-Proof: A term used to describe an individual who has so few assets that creditors have little hope of collecting anything. Creditors have the right to sue and seek judgment against a debtor, but if someone collection-proof is sued, there would be nothing to obtain a judgment against. Realistically, most creditors will not bother toread more

Credit Score Glossary: Identity Theft

Identity Theft: Using personal information to commit fraud. Commonly referred to as ID theft, it occurs when someone, without permission, uses another person’s identifying information—such as name, Social Security number, or credit card number—to commit fraud. Identify theft can be time-consuming to fix and can cost quite a bit for consumers to repair their reputationread more