Dealing with a debt that’s gone to collections can be confusing enough, but what happens if you lose the notice?  Credit.com recently received the following question from one of our readers who had just this issue: I received a notice that a collector was seeking a judgement but have misplaced the notice and have no… Read More

If a creditor gets a judgment against you for a debt collection item, you may wind up paying more than you bargained for. Our reader, Catherine, recently shared her experience with this: On Feb 09, 2012 the court requested garnishment on my wages every month. The total judgment due is $6161.15. Payroll has been deducting… Read More

There’s at least one thing Congressional Republicans and Democrats agree on, and it’s that medical debt is a problem. Members of Congress and their staff recognize that medical bills are confusing and prone to errors — and the debts can hurt creditworthy consumers by constraining their access to credit. In recent years, attempts at much-needed reforms… Read More

“I want to clean up my credit. How do I take care of collection accounts?” It’s a question we hear often, often from readers like Kim, who wrote on the Credit.com blog: I have to admit that I have a few collection accounts… Until a year ago, I just stuck my head in the sand… Read More

We recently received a question from a reader who is looking for help with a past due movie rental that went to collections: Today I received a letter in the mail from a collection agency stating that a DVD I rented from Family Video (probably 5 years ago) has gone to collections. The total that… Read More

Dealing with an outstanding collection can be nerve wracking, especially when you’re trying to do the right thing and make every effort to pay your debt.

If your phone is ringing off the hook with calls from debt collectors, it’s not likely that you feel in control of the situation. But letting yourself feel scared or intimidated isn’t a good option, either. Go down that road and you may wind up making promises you can’t keep, or payments you can’t afford…. Read More

In recent months, the federal watchdog tasked with protecting consumers’ finances has cast its regulatory spotlight on how bank and nonbank financial institutions handle delinquent and defaulted debt. That attention might lead many financial institutions to reconsider their collections practices. The Consumer Financial Protection Bureau began regulating nonbank debt collection agencies with annual receipts exceeding… Read More

The federal agency in charge of helping consumers to protect their finances and credit recently issued its final regulations for how it will oversee the debt collection industry, which will take effect early next year. The federal Consumer Financial Protection Bureau’s final rules for debt collections agencies will take effect on Jan. 2, when it… Read More

Of all the debt collection scams, the ones that inspire the greatest panic come over the phone. A menacing, often almost incomprehensible voice, claiming to represent a creditor, demands immediate payment of a supposed debt. Otherwise, the caller threatens, the consumer could be arrested and thrown in jail. “Outrageous!” we tell the many consumers who… Read More