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We hope the articles below help you understand your rights as a consumer. You can scroll through the titles, or sort by Practice Area or Topic. You can also use the search feature to locate information by keyword.

Flitter Milz represents people with a variety of problems involving consumer credit and collections. If you have a particular question or believe your consumer rights have been violated, Contact Us for a no cost consultation.

How to Maintain Good Credit During Divorce

Financial Separation is Key

Getting divorced is never easy. Although it is an unfortunate fact of life for more than half of all U.S. couples, parting ways with your spouse doesn’t mean that your credit has to take a hit.

Separating financially is crucial as most married couples share joint assets, such as homes, cars, credit cards and loans. But the division of these accounts can be a messy financial predicament.  It is important for you to protect your credit, and good name, as you work towards an independent life from your spouse.

Credit Impact During Divorce

Joint accounts have joint consequences, and often with the stress of divorce one spouse may have forgotten to make a payment, or assumed the other spouse did. Missed or late payments may result in contact from debt collectors, negative credit reporting and lowered credit scores.  To ensure joint accounts get paid properly and on time take these steps:

1. Calendar payments.
–   Identify accounts: your name v. joint.
–   Create a file for each account.
–   Organize account statements.
–   Calendar payment due dates.
–   Review accounts for payment status.

 

2. Obtain Current Credit Reports.  Transunion, Experian and Equifax are the three main credit reporting agencies. Consumers are entitled to receive one free credit report from each bureau every year.  Sometimes, consumers choose to enroll in a credit monitoring service which enables review of credit reports on a regular basis throughout the year.

How to get credit reports.  We suggest that you send a written request to each credit bureau to obtain a report.  Your letter should include two forms of identification, such as a current driver’s license and utility bill. It takes about two weeks to receive your reports.  While you can also obtain your reports online through www.annualcreditreport.com, this method requires you to agree to terms in a “click” agreement, which could negatively impact your consumer rights.

3. Identify your accounts
Review your reports and identify accounts in your name and those that are joint with a spouse.  Evaluate your reports for errors such as:

            • Inaccurate personal identifying information.
            • Account balance or payment history errors.
            • Duplicate account information.
            • Personal information belonging to someone else.
            • Accounts opened by someone other than yourself.

4. If Inaccurate…Dispute!  After obtaining your credit report, if there are errors, you should send a dispute letter to the credit reporting agency to request that the errors be corrected.  Be sure to enclose documents that support your claim. The credit bureaus have 30 days to respond to your dispute. You may include documents such as, account statements, cancelled checks, court docket information, or collection correspondence that  prove why your claim of an error is valid.

One Dispute Letter Per Error. If you find multiple errors on a credit report, dispute them individually with the bureau. Enclose a copy of the credit report with the error highlighted and your supporting documents. The credit bureaus then have 30 days to respond to your dispute letter.

 

 

The Fair Credit Reporting Act 
The Fair Credit Reporting Act is a federal law governing how consumer credit information can be used and distributed. Consumers have the right to see what’s on their credit reports and dispute errors and inaccurate information. Errors not corrected, may violate the consumer’s rights.

Seek Legal Help

Flitter Milz, P.C. represents people in consumer credit matters related to credit reporting accuracy and privacy, abusive debt collection contact and vehicle repossessions which stem from a pending divorce or separation.  Contact Us for a no-cost consultation.

 

Resolution for the New Year: Create a Budget and Avoid Credit Problems

Crafting a household budget is not only necessary to help evaluate spending patterns and measure income versus expenditures, but it also helps to ensure a secure financial future.

When an individual’s debt-to-income ratio rises, meaning that the person is taking on more debt than they are receiving in income, dire financial circumstances may occur for that person, and his or her family.

And if debt starts to get out of control and goes on unpaid for a period of time, debt collectors will no doubt start reaching out, your vehicle could get repossessed and credit scores could plummet.

It All Starts With Budgeting

The discipline of a budget helps keep a focus on income and payments towards all financial obligations.  Develop a plan to meet your obligations and protect your credit rating.

1. Obtain Current Credit Reports
One of the first steps toward keeping on top of your financial picture is to obtain current copies of your credit reports from the three main reporting agencies, Transunion, Experian and Equifax. You are entitled to one free credit report every 12 months from each credit bureau.

2. Evaluate Credit Reports for Accuracy
A review of your report will point out any negative entries and possibly errors, which could remain as black marks on your credit reports for up to seven-and-a-half years. These listings may affect terms on existing credit or your ability to obtain favorable terms on new lines of credit. If you discover errors on your reports, dispute the errors in writing directly with the credit bureau.

3. Where is your hard-earned money spent?

If you know how much money is coming in versus going out each month, it becomes less likely that you’ll overspend to the point where payments are skipped or missed. Create the budget that you can stick to with a payment schedule that you can meet.  When you stay in charge of your finances, you decide when it’s time to make a new purchase, whether it be for a home, education, a new vehicle, or another personal expense.

4. Develop a Budget that’s right for you.
It’s all about organization and discipline. Gather all of your paperwork, create files for each account, calendar your payments and focus on meeting your financial goals.  These steps will help you meet your goals.

  • Identify your income sources
  • Compile a list of all expenditures: i.e. rent/mortgage, auto loan, insurance, food, credit cards, etc.
  • Categorize expenses: i.e. essential/necessities versus extraneous/unnecessary
  • Develop a plan to satisfy obligations within a specific time period
  • Obtain current credit reports from Transunion, Experian and Equifax
  • Establish both long and short-term financial goals.
  • Develop a plan to meet your goals.
  • Consider ways to earn or save more to help meet your goals

Seek Legal Help

Flitter Milz is a nationally recognized consumer protection law firm that represents victims with consumer credit problems, such as credit reporting accuracy and privacy issues, abusive debt collection tactics, wrongful vehicle repossession, which stem from over-spending. If you have errors on your credit reports, have received contact from debt collectors, or your auto lender has repossessed your vehicle,  Contact Us for a no-cost evaluation to determine whether your consumer rights may have been violated.

Identity Theft During Economic Crises: Look for Credit Report Errors

Credit Score Consumers Law

You may think an identity theft hacker may not notice you. That’s not true. The ways identity thieves pick their targets are more about accessibility. They don’t care about your financial situation. Cybercriminals look for weak spots in personal financial security and privacy they can exploit for profit.  Too often, the way we find we’ve been financially hacked is when credit report errors are revealed. It’s never at a good time, either. Most often it occurs when we’re about to seek credit for a home mortgage, car or personal loan.

Continue reading Identity Theft During Economic Crises: Look for Credit Report Errors

How can a Credit Report Lawyer help me?

Mistake on Credit Report

Credit report errors happen more often than most of us would like to think. The Consumer Financial Protection Bureau has listed credit report errors as one of the top complaints filed.  Believe it or not, one out of every 20 of us have errors on one of our three major credit reports.

Continue reading How can a Credit Report Lawyer help me?

How Will Borrowing Money Affect My Credit?

Getting a Loan

Taking out a loan can help you build your credit.  But remember, to get that benefit, loans must be paid back in full and on time, and according to the terms of the loan agreement.  When these terms are not met, the lender can take steps to repossess collateral and collect any money that is owed.  As a result, the defaulted loan can be listed negatively on credit reports and lower your credit scores.

Let’s take a closer look at how this all works.

Continue reading How Will Borrowing Money Affect My Credit?

How Long Does it take for a Repossession to come off your Credit Report?

Low Credit Score from Car Repossession

It’s not enough stress to have your car repossessed, but the consequences  —  collection contact and negative credit reporting  —  can be too much to bear.

Car repossessions carry negative weight to a credit report for 7 ½ years from the date it was first reported as late by the lender.  Credit scores may drop and your ability to get new credit, and credit with favorable terms, may diminish.

In this blog, we’d like to take a closer look at how long a repossession remains on your credit report and what you can do to correct credit reporting errors.

Continue reading How Long Does it take for a Repossession to come off your Credit Report?

What is the Fair Credit Reporting Act?

FCRA Fair Credit Reporting Act on a table.

October 26, 2020 marks the 50th anniversary of one of the most important pieces of consumer protection legislation in the country’s history: The Fair Credit Reporting Act.

The Fair Credit Reporting Act, or FCRA, is a federal law governing how consumer credit information can be used and distributed. It gives consumers the right to see what’s on their credit reports and dispute errors and inaccurate information.

Continue reading What is the Fair Credit Reporting Act?

How to Get a Copy of Your Credit Report

Credit Report on Tablet

Just as a yearly check-up with your doctor is good for your physical health, taking an annual look at your credit report is good for your financial well-being.

Consumers are entitled to receive one  free copy of their credit report every 12 months from each of the three main consumer reporting agencies – – Equifax, Experian and TransUnion.

Continue reading How to Get a Copy of Your Credit Report

5 Things to Do After Your Car Has Been Repossessed

Car being towed repossessed

Your car is hooked up to the tow truck. You’d been struggling for months to make payments, and now the thing you feared most has come true: repossession.

And you think to yourself:  What do I do now?  Where is my car?  Is there some sort of car repossession look-up service that can track it down?

Continue reading 5 Things to Do After Your Car Has Been Repossessed