Category Archives: Consumer Protection

If an NJ business or large corporation has taken advantage of you as a consumer, you should contact a qualified consumer protection attorney to help you make the business pay for its actions.

Is There More Than One Type of Credit Score?

Credit scores can determine the conditions you are offered on loans, jobs you may receive and where you can sign residential leases. These scores are determined by calculating the information on your three credit reports. The three credit bureaus (Experian, TransUnion and Equifax) each maintain an individual report on your credit history. There are two main credit scoring models: FICO and VantageScore. These credit scoring models have multiple variations that are used by specific lenders. A 2012 Consumer Financial Protection Bureau (CFPB) report suggests there are 49 separate FICO scores, some of which are industry-specific. For instance, there are FICO scores that are used in the auto and mortgage lending industry. VantageScore also has multiple scoring models. Some of these variations, especially for FICO scores, have been around for many years. Your credit scores can vary depending on the type of scoring model that was used to calculate the information…
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Seven Mistakes That Can Hurt Your Credit Ratings

Your credit scores are created by using the information that is contained on your three credit reports, which are compiled by Equifax, Transunion and Experian. There are also different types of credit scoring models that are used by various lenders. For example, there are various types of FICO scoring models. VantageScore is also becoming more popular with lenders. Despite the diversity of scoring systems, there are still common factors that can hurt or improve your scores. Making late payments. Creditors could report you to the three credit bureaus if you do not make timely payments on your debt obligations. This may occur after 30, 60, 90 or 120 days. Depending on the creditor, you may not be reported for six or more months. Late payments can seriously harm your credit scores. Overextending your credit. Your credit scores can also be hurt if take out too many lines of credit, especially…
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What Debt Collectors Can and Cannot Do While Collecting Debts

Debtors in the US have certain rights that must be respected by debt collectors. Several years ago, The New York Times wrote an interesting piece on how debt collectors resorted to mob tactics to intimidate debtors. The article described instances of physical violence and destruction of property. Fortunately, debt collectors are not allowed to resort to these tactics in the US. The Fair Debt Collection Practices Act (FDCPA) offers you certain protections if you have consumer debts. Under this law, third-party debt collection agencies are forbidden from the following: Making threats of physical violence or harm Using obscene or profane language Misrepresenting themselves or the debts owed Threatening to have you arrested Making repeated phone calls with the intent to annoy or harass Giving false information about you to other parties Coming to your workplace to collect payments Pursuing you for debts you do not owe We have only listed…
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