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Credit and Debit Cards
Credit cards are instruments that facilitate revolving debt for consumers so that they may acquire goods and services and pay the card issuer the amount of the charge plus interest at a later date. Debit cards pay for purchases at the time of sale by deducting the amount immediately from the consumer's deposit account.
How do you write a credit dispute letter?
Credit Dispute Letters In order to correct an error in your credit report, you need to inform the reporting agency in writing what information you believe is an error or is incomplete. Below is a sample credit dispute letter. Your Name Your Address Your City, State, Zip Code Complaint Department Name of Reporting Agency Address City, State, Zip Code Dear Sir or Madam: I am writing to dispute the following information in my file. The items I dispute are also encircled on the attached copy of the report I received. (Identify...
Who is responsible for your credit card debt after your death?
Generally speaking, the estate is responsible for the debts of the decedent. If a person owned any property at the time of their death that property comprises the estate and their estate must be probated. Depending on the size of the estate, many jurisdictions have less formal procedures for small estates. The decedent's debts must be paid before there can be any distribution to the heirs. If the assets of the estate are not sufficient to pay those debts the estate is...
How to prevent and report credit card fraud or identity theft?
Reporting Losses and Fraud If you lose your credit or charge cards or if you realize they've been lost or stolen, immediately call the issuer(s). Many companies have toll-free numbers and 24-hour service to deal with such emergencies. By law, once you report the loss or theft, you have no further responsibility for unauthorized charges. In any event, your maximum liability under federal law is $50 per card. If you suspect fraud, you may be asked to sign a statement under oath that...
What should a letter to close a credit card account include?
Actually, I wouldn't recommend closing your credit card account, closed accounts impact your score and do nothing to help improve it. If you zero balance the card just put it in your sock draw get gas or pay a bill with it once a month and then P.I.F. it when you get the bill, that way your not paying any interest, the credit card companies hate when you do that! LOL It makes you look good it fakes up your score...
How do you choose a debt consolidation company?
: The best way is to look for a reputable organization that is an approved nonprofit organization. You can check with the IRS to ensure that the organization is tax-exempt. Otherwise, any Debt Consolidation Company can try to sell you on a consolidation option that could make your situation even worse. No harm looking for a company that is BBB registered. Look for unresolved complaints in the company's name. Search the internet for the complaints that company has. You can look up rippoffreport or...
How do you repair bad credit?
Fix Bad Credit 1. DELETE COLLECTION ACCOUNTS Did you know that paying a collection account can actually reduce your score? Here's why: credit scoring software reviews credit reports for each account's date of last activity to determine the impact it will have on the overall credit score. When payment is made on a collection account, collection agencies update credit bureaus to reflect the account status as "Paid Collection". When this happens, the date of last activity becomes more recent. Since the guideline for credit...
Asked in Credit and Debit Cards, Banking, Industrial Credit and Investment Corporation of India Bank ICICI
Is there any way around ChexSystems when opening a bank account?
Getting Around ChexSystems When a person applies for an account at a bank that uses Chexsystems and is denied, it shows up as an inquiry on your report. Too many inquiries on your report can cause Chexsystems to "flag" your account for suspicious activity. It is very important to know where you can and can not get an approval at prior to applying at a bank. Here is more information from Wikifriendus Contributors: I was reported to chex system 2 months ago and I'm...
Asked in Credit and Debit Cards
Can you get a credit card without a Social Security number?
There are a few things you should read and understand before you read my answer to this question at the bottom of this response. Today Banks and Credit Card companies will try to bully you into giving a Social Security Number. Some have even begun to state that the Patriot Act requires them to obtain a SSN. This however is NOT TRUE. Below is the Only Passage within the entire Patriot Act that mentions the phrase "Social Security". [ Patriot Act ] SEC. 326....
Does paying off collection accounts help your credit score?
Why payoff collections when you have a bona-fide chance in getting the collection deleted by disputing it with the bureaus that are reporting it, as per "The Fair Credit Reporting Act". The original creditor already wrote it off as a loss on their taxes anyway and in most cases sold the debt to a collection agency for 15 to 20 percent. Last resort is to settle on the debt. Make sure you write a restrictive endorsement on the front of the check:"By...
Can credit card companies garnish your wages or take away your house?
== == * Yes they can, but there are so many factors that must be in order before they can do that. For example, they must consider the balance of the account, if your bank account is a joint account, the laws of the state which you live, etc. They have procedures to follow. It does happen, but as a general rule, they try to stay away from that because it costs them money for lawyers, etc. == == * If...
Asked in Credit and Debit Cards, Credit, Beds, Mattresses
Can you stop payment on debit card for bad service was told my mattress was there made me wait 2 12 hours before it came from another store when told it was there before I signed papers?
if your still in the store yes, call the bank and request a stop payment if the store is unwilling to void the transaction. For the future, insist on a written 30 day free return for any mattress you buy. Unless your banking with Bank of America than forget it they will say wait 7 days and put it under investigation then do nothing and charge you a fee. Happened to me when i found the company was a fraud, even will...
Asked in Credit and Debit Cards
Is Care One Credit a reliable company?
Care One Credit is a credit/debt management company that will help to consilidate your debts for a lower monthly payment. It appears to be a reliable service but like most of these companies, it is a for profit business. Which means some of what you pay a month goes directly to them. You could first try calling your creditors yourself to negociate a lower interest and payment. ...
How is your balance calculated according the finance charge on owner financing?
Examples of computation methods include the following: The most common credit card balance calculation method credits your account from the day payment is received by the issuer. To figure the balance due, the issuer totals the beginning balance for each day in the billing period and subtracts any credits made to your account that day. While new purchases may or may not be added, depending on your plan, cash advances typically are included. The resulting daily balances are added for the billing...
What happens if a person dies and has a lot of credit card debt?
The credit card company will first try to collect from the estate. Creditors are not allowed to put the extra debt baggage on survivors if the estate is insolvent. Creditors will most likely close the account and write it off when they receive the death certificate and has filed a claim in probate towards the estate. Only way the survivors are responsible for the debt is if they want to pay off the debt themselves or if they are the joint...
What is vesting assent in an estate of a deceased?
A vesting assent is given by a personal representative of an estate in the UK to convey legal ownership of property that is the subject of a bequest or devised to a tenant-for-life of 'settled property'. 'Settled property' is a complex feature of UK property law. You can read more about it at the link provided below. ...
Asked in Credit and Debit Cards, Credit Reports, Credit
Should you close credit card accounts that you are not using?
Here are friendus and opinions from FAQ Farmers: * To ward off fraud, yes, you should. Most companies don't penalize you for closing and you should be able to reopen the account at a later time if you decide. I would just call the credit card company and ask their policies, but working for a credit company in the past, you wouldn't believe how easy it is for people to commit fraud, and people don't know because they never see a...
Asked in Credit and Debit Cards, Credit Reports, Credit
Can a satisfied judgment be taken off of your credit report?
A satisfied judgment can be taken off your credit, if it is inaccurate. If the judgment is yours, it will remain for the full reporting period allowed by law. Here is more advice: I have a satisfied judgment on my credit report. We satisfied this judgment 5 years ago. However, the plaintiff the judgment was awarded to, never bothered to give the court an order to mark the judgment satisfied. And I didn't know at the time that I could do it myself....
What will happen if you do not pay your credit cards?
The question of what "will" happen is not one that can be answered because there are numerous avenues a creditor can take. However, we can say what is likely to happen. First, they will report your late payments to the credit agencies and damage your credit rating (in addition to their late fees of course). Then, when the delinquency reaches a certain point (180 days is common) their GAP accounting rules require that they realize the loss and charge the debt off....
Will settling a credit card debt hurt your credit?
The first step that most U.S. banks require to begin the settlement negotiation process is that the customer must be delinquent in his or her monthly payments. So, initially, yes is the answer, as missing monthly payments will reduce your credit score. The longer the payments are missed, the more the score will drop. However, once you reach a negotiated settlement, the bank will report to the credit bureaus that the account is "paid, settled for less than amount owed." While this doesn't...