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Monthly Archives: July 2017

Remove A Bad Check From ChexSystems

When your check is returned to you, you generally will be given a number to call in order to rectify the situation. The number will likely belong to ChexSystems. ChexSystems is a credit reporting agency as defined by the Fair Credit Reporting Act (FCRA) and, as such, is subject to the rules and regulations of the FCRA. Also noteworthy, the banks that are furnishing the data to ChexSystems are also governed by guidelines under FCRA furnisher rules.

What does all of this mean? It means that consumers can use FCRA guidelines in order to get these bad checks and other incorrect data removed from ChexSystems. If you have ever disputed an item on your credit report then you have a good idea of how to remove and clear checks because the process is virtually the same. Again, ChexSystems is nothing more than another credit bureau that reports on your check writing habits, or should I say, bad habits. Therefore, when preparing your dispute letter for ChexSystems you will want to provide an accurate and factual letter and explanation of your complaint just as you would when disputing with any of the other big 3 bureaus. Just like the big 3, ChexSystems would prefer that you use their online dispute form or form letter, however, there is no law that says that you must do so. It is important to remember, just like disputing errors on your credit report with the big 3, you will want to create and keep a paper trail. This is very important. If you use their online form, it will be impossible to keep copies of all correspondence. Once you have submitted your dispute, ChexSystems is required to then correspond with the furnisher which in many cases is a bank, in order to rectify the issue. If they do not, or there is a delay, then under the FCRA, the item showing up in Chex must be removed within the allotted 30 day timeframe.

Once you have sent in your dispute to ChexSystems, you will just play the waiting game. If the item comes back as verified, your next step will be to follow up with asking for a Method Of Verification Request as permitted by the FCRA. If you are still unsuccessful in getting the item removed, there are several other lines of attack you will want to employ. At this point you will file complaints with The Better Business Bureau (BBB) and the Federal Trade Commission (FTC). You can also contact the bank or furnisher directly and ask them to remove the item. You will want to provide any supporting documentation validating your claim, in addition to docs proving the steps you have taken up to this point. If an item on your ChexSystem report has been paid, you have a right to have it reporting as such under the FCRA. Don’t stop until you get what is rightfully yours – accurate reporting.

Commercial Debt Collection Agencies

If they ever take any legal action and become successful at it, they will execute judgment without any hesitation and, in a number of cases, they may seize the property of the debtor. Still, there are extreme situations where they may even liquidate the debtor’s assets. Agencies that take care of debts between companies are able to handle all sorts of issues that surface during the process of delivering their services. They offer a wide range of services, such as getting the payment on checks that have insufficient funds, second placements; skip tracing or other issues pertaining to particular individuals and situations.

A majority of debt collection agencies provide features that cater to specific industries, together with the services they offer. Credit application assistance is on top of the list. This valuable service is offered by most agencies. This program allows agencies to shortlist applicants and to get rid of fraudulent ones before their debts build up. To achieve this goal, applicants should go through a number of screenings, which are based on their credit report. There are also some things they need to watch out for, and these include fake phone numbers, fake addresses, plus other details that indicate increased risks.

Agencies that collect commercial debt examine the company’s business profile thoroughly and this usually includes the previous credit history. To make sure that unforeseen predicaments are eliminated as early as possible, these agencies link the credit history of both business owner and his/her company.

An additional feature that best defines these agencies is their skill in going after clients that are delinquent. These agencies are experts in this field, since they are managed by professionals that make use of the latest technologies, in order to achieve positive results. They use a strategy called skip tracing, which allows them to trail the activities of individuals by means of data banks and locator programs. Debt agencies mainly hire trained professionals that can collect the money that you ought to have received. Leaving this job to the experts helps you save time and effort.

Consult Debt Solutions Companies

People having a tendency of taking loans over and over again in order to pay off past debts can be confronted with a serious financial crisis in the long run. Again, most people use their credit cards without thinking about the future consequences. Such careless use of credit cards can lead to heavy debt burdens and in many cases the cause of bankruptcy. No matter what the reason of your financial problem is, you can get immense help from reputed debt solution companies.

Most debt solution companies provide sound debt advice free of charges. They get an insight into your problems through a thorough discussion, on the basis of which they provide detailed information on the various options available for you to overcome your debt problems. Fees will be charged only if you ask for debt solution services from them. The amount of the fees depends largely on your individual circumstances and requirements, and of course the kind of service they are providing for you. Some of the significant debt solutions provided by these companies include:

Individual Voluntary Arrangement (IVA): IVA came into existence in 1986, when it was commenced by the government as a substitute for bankruptcy. It is basically a legal bond between you and your creditors that is signed for a period of five years. There are several rules and regulations included in the IVA, which prevents it from being suitable for everyone. Reliable debt solution companies provide you adequate information on the pros and cons of an IVA, and help you decide if it is ideally in your situation.

Debt Management Plan (DMP): Unlike IVAs and bankruptcy, a debt management plan is an unofficial contract between you and your lenders, which is not legally implemented. It is important to know that a DMP cannot legally bind your creditors for accepting your proposal on payment plans, pursing interests and stop any legal proceedings against you. Hence, there is a possibility that you eventually pay a larger amount than you are actually supposed to. It is important to seek professional advice before making a decision.

Debt Consolidation: Debt consolidation is a suitable process for people who have multiple loans to pay off. This process enables an individual to take one large amount of loan in order to pay back several small loans. You can either take this loan through secured borrowing against any of your valuable assets, or through more unsecured borrowing. The positive part of debt consolidation is that the debtor has only one loan amount to pay, instead of several ones, which results in a reduced interest rate and consequently a lesser monthly payment.

Information of Creditors To Avoid

One of many judgment articles: I am a Judgment Broker, not a lawyer, and this article is my opinion based on my experience, please consult with a lawyer if you need legal advice.

Problem creditors may have trouble with their mindsets or their actions. Examples of mindset problems include believing their judgment is guaranteed, or worth big cash upfront, or recovery should happen in a few weeks, or that enforcers should only keep 10% of whatever gets recovered, or that courts favor creditors. Such points of view are a waste of time that mean the creditor will probably not recover a dime.

Problem judgment creditor actions fall into two categories, the first is when the creditor is attempting to recover the judgment by themselves. Problem creditors may break one or more of the hundreds of laws protecting debtors (and privacy); and problem creditors might get sued, or denied by a court or a sheriff.

The other problem creditor category is when they outsource their judgment to a recovery expert. The rest of this article discusses creditor outsourcing problems.

The average judgment recovery is in chunks of money, and each chunk comes after months or even years. This is usually not the fault of the judgment experts. Many judgments have poor debtors, and will never be recovered.

When the debtor has some assets; usually, it takes a long time to discover those assets, perhaps a long time for the court to issue a writ, a wait for the sheriff or a process server to serve it, then a long time before the sheriff mails out a check.

The number one problem judgment recovery experts have with creditors is when they hyperactively and repetitively contact them. Examples include calling more often than once every three months or emailing more often than once per month.

Another problem is when creditors attempt to find enforcers for expired judgments, UCC liens (which are not judgments), or judgments where the debtor is unknown, has successfully went bankrupt, or a company that long ago went out of business.