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November 2013 Archives

Federal agency to address debt collection issues

The Bureau of Consumer Financial Protection, the federal agency in charge of debt collection oversight in the United States, recently proposed a new set of rules for the purpose of increasing consumer protection and tightening the reins on creditors and debt collectors. They agency is reportedly looking for feedback regarding three areas: ensuring consumers understand their rights in the debt collection process; ensuring the information used by collectors is accurate; and addressing communication practices used by debt collectors.

After bankruptcy: don’t reject credit, learn from mistakes

For those who have been crippled with credit card in the past and who’ve been forced to file for bankruptcy to get out from under that weight, credit cards often take on a whole new significance. For some former debtors, the new perspective on credit cards is more responsible, more controlled. For others, the view of credit suffers enormously. It is not uncommon for some people to renounce credit altogether, or at least as much as possible.