Tag Archives: #NewJersey

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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Should I File for Bankruptcy for Medical Bills?

A story involving a $17,000 post-surgery drug test has made headlines across the country. The story involves a 30-year-old Texas State University student who was billed $17,000 after she took a drug test to show that she was not abusing her pain medication. According to the woman, the laboratory that conducted the testing was out-of-network and billed her excessively for the services she received. Out-of-network hospital bills have become a major financial problem for millions of Americans. Even in cases where you do have insurance and select a hospital that is covered by your insurance, certain specialists or employees may not be covered. You could be stuck paying the remainder of what your insurance will not cover, if it covers anything at all. Many people have filed for bankruptcy to discharge medical bills. Whether you should file for bankruptcy on your medical bills would depend on the circumstances. You could…
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