Being contacted by the Internal Revenue Service (IRS) can cause concern for any taxpayer, but imagine receiving a telephone call and hearing this:
"This prerecorded message is to notify you that the IRS has found fraud and misconduct on your tax return. This needs to be resolved immediately, and it's very important that I hear from you as soon as possible or a legal action will be taken against you."
Most people are quick to spot the call as a fake since the IRS doesn't threaten taxpayers by telephone, emails, or text messages—or issue arrest warrants. But any scam can work if you aren't paying close attention.
Remember these ...
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Delinquent Credit Card Debt – One Cycle Is All It Takes To Begin the Spiral
Delinquent credit card debt is like having mold in your house. As time passes, they both silently get worse and become more difficult to fix.
When you make a payment after the due date on your credit card statement, you have a delinquent credit card account on your hands. You might think that one missed payment doesn't matter. In fact, many people seem to believe this.
According to the National Foundation for Credit Counseling 2018 Consumer Financial Literacy Survey, 25 percent of Americans said they didn't pay their bills on time. While it's heartening to know that 75 percent do pay their bills on time, the 25 percent who don't are on ...
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My Credit Score Suddenly Dropped – Why???
Few things in personal finance are scarier -- or more bewildering -- than opening your credit report and seeing that your credit score suddenly has dropped.
Your credit score - that little number - plays a large role in your financial life. A poor credit score can damage prospects for getting the credit card you want, or the terms you need on a mortgage or auto loan. It could also influence what interest rate you potentially pay..
Many factors can cause your credit score to slip, or even to free fall. Knowing which financial actions lower your score can help you avoid such mistakes.
Top Two Reasons Your Credit Score Might ...
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Massachusetts Opens Door For Possible State Regulation of Student Loan Servicers
An action commenced in Massachusetts could have implications for the U.S. Department of Education’s efforts to shield student loan contractors from state oversight. A Superior Court Judge on Thursday refused to dismiss a lawsuit filed in August by Massachusetts Attorney General Maura Healey against Pennsylvania Higher Education Assistance Agency, a company that manages student loans and grants on behalf of the government.
Healey has accused FedLoan Servicing, of haphazardly handling two federal programs that encourage college graduates to enter fields serving the public good with the promise of loan forgiveness or financial aid.
The ...
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Don’t Ignore Your Credit Report
It pays to be familiar with your credit report. The information it contains determines your credit score, your ability to access credit and loans, and even your chances of landing a job or signing a lease. It's a good idea to check your credit report on at least an annual basis. In certain scenarios, however, you should closely monitor your credit report no matter when you last checked it. Here are six times you need to check your credit report.
Debt Collectors are Calling
If you're getting calls from debt collectors regarding unpaid bills, you may need to do some damage control. Whether the debt in question is valid or not, it could ...
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Are Debt Management Plans Effective?
The debt support industry is often associated with scams, lies, and rudimentary players. There of course are legitimate firms that help people with debt management and for many observers, nonprofit counselors are the only good news to come out of said industry. However, one thing needs to be kept in mind—the signature offering of credit counselors i.e. debt management plans aren’t effective for everyone.
What are Debt Management Plans?
Debt management plans are often considered as an affordable way to return credit card debt. Furthermore, they’re promoted as a medium to help avoid bankruptcy. After receiving payment from borrowers, the ...
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Debt Collection Laws – What Collectors Can and Cannot Do
Getting phone calls from collectors are no doubt annoying, but can be illegal if collectors do not follow the rules of the Fair Debt Collections Practice Act (FDCPA). Many financial institutions and collection agencies now use automated robo calls to contact the debtor and they may call frequently each day. If you answer, the system acknowledges receipt of the phone call and switches to a live representative.
Even if they are conscious of the rules, mistakes can happen. One case involved a woman who lost her job and fell behind on her monthly gym bill. After three months, she managed to pay them the money that was due and was able to zero ...
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What Makes Me Different From the Others?