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Losing a credit card lawsuit can have significant adverse effects.. 19 Apr 2023 11:55 AM (last year)

Losing a credit card lawsuit can have significant adverse effects on a person’s financial situation. The impact of a lost credit card lawsuit can be long-lasting and may result in various consequences. Below are some of the adverse effects of losing a credit card lawsuit:

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Certificate of Service in Credit Card Lawsuits: A Comprehensive Guide 19 Apr 2023 11:52 AM (last year)

In the world of credit card lawsuits, the legal process can be confusing and intimidating, especially for those who are not familiar with the intricacies of the justice system. One crucial aspect of this process is the “certificate of service.” In this article, we will explore what a certificate of service is, its role in a credit card lawsuit, and provide a detailed example to help you better understand this essential document.

What is a Certificate of Service?

A certificate of service is a formal document that verifies the delivery of legal documents or pleadings to the opposing party in a lawsuit. It is a standard requirement in civil litigation and ensures that all parties are kept informed of the case’s progress. In the context of a credit card lawsuit, the certificate of service is used to prove that the plaintiff (the credit card company or debt collector) has served the defendant (the credit card holder) with the necessary paperwork to initiate the lawsuit.

Role of Certificate of Service in Credit Card Lawsuits

The primary purpose of a certificate of service is to establish a record that the defendant has been duly informed of the legal action taken against them. This is crucial because, in order for a lawsuit to proceed, the defendant must be given the opportunity to defend themselves in court. The certificate of service ensures that due process is followed and that the defendant’s right to a fair trial is preserved.

In credit card lawsuits, a certificate of service is particularly important because it demonstrates that the plaintiff has fulfilled their legal obligation to notify the defendant. This may include serving the defendant with a summons, a complaint detailing the plaintiff’s claims, and any other pertinent documents required by the court.

Let’s consider a hypothetical credit card lawsuit. Jane, the credit card holder, has failed to pay her outstanding balance for several months. As a result, ABC Credit Card Company decides to initiate legal action against Jane to recover the debt.

  1. Filing the Complaint: ABC Credit Card Company files a complaint with the court, detailing the outstanding balance and the specific terms of the credit agreement that Jane has allegedly breached.
  2. Issuing a Summons: The court issues a summons, which informs Jane that she is being sued and requires her to respond to the complaint within a specified time frame.
  3. Serving the Defendant: ABC Credit Card Company is responsible for serving Jane with the summons and complaint. This can be done through a process server, the local sheriff’s office, or certified mail.
  4. Certificate of Service: Once Jane has been served, ABC Credit Card Company must file a certificate of service with the court. This document contains the following information:
    • The case number and the names of both parties involved
    • The date on which the defendant was served
    • A description of the documents served (summons and complaint)
    • The method of service (e.g., personal service, certified mail)
    • The name and signature of the person who served the documents (e.g., process server, sheriff’s deputy)
  5. Proceeding with the Lawsuit: Once the certificate of service is filed, the court can proceed with the lawsuit. Jane must respond to the complaint within the specified time frame, or she risks having a default judgment entered against her.

In a credit card lawsuit, the certificate of service plays a vital role in ensuring that all parties are properly informed about the case’s progress. It provides a record of service, allowing the court to confirm that the defendant has been given an opportunity to respond to the legal action taken against them. Understanding the importance of the certificate of service can help both plaintiffs and defendants navigate the complexities of credit card lawsuits and ensure that the legal process is conducted

When does a Defendant File Certificate of Service?

Defendants file a certificate of service in credit card lawsuits for several reasons, and understanding its importance is crucial for both parties involved in the litigation process. Here are the primary reasons why defendants file a certificate of service and why it is important:

Example of Defendant Certificate of Service

CERTIFICATE OF SERVICE

STATE OF [State]

COUNTY OF [County]

IN THE [Your State] DISTRICT COURT

FOR THE [Your County] COUNTY

ABC Credit Card Company, )

Plaintiff, ) Case No: [Case Number]

v. )

Jane Doe, )

Defendant. )

I, Jane Doe, do hereby certify that on the [Day] day of [Month], [Year], I served my Answer and Affirmative Defenses to the Complaint on the Plaintiff, ABC Credit Card Company, in the above-captioned case, by the following method(s):

[Choose one or more of the following, depending on the method(s) of service you used:]

[ ] Personal Service: By personally delivering a true and correct copy of the Answer and Affirmative Defenses to the Plaintiff’s attorney, [Attorney’s Name], at the law office of [Law Firm Name] located at [Address], [City], [State], [Zip Code].

[ ] Certified Mail: By sending a true and correct copy of the Answer and Affirmative Defenses via Certified Mail, Return Receipt Requested, to the Plaintiff’s attorney, [Attorney’s Name], at the law office of [Law Firm Name] located at [Address], [City], [State], [Zip Code]. The Certified Mail Receipt Number is [Receipt Number], and the Return Receipt was received and is attached hereto.

[ ] First-Class Mail: By mailing a true and correct copy of the Answer and Affirmative Defenses via First-Class Mail, postage prepaid, to the Plaintiff’s attorney, [Attorney’s Name], at the law office of [Law Firm Name] located at [Address], [City], [State], [Zip Code].

[ ] Electronic Mail: By emailing a true and correct copy of the Answer and Affirmative Defenses to the Plaintiff’s attorney, [Attorney’s Name], at [Attorney’s Email Address], in accordance with the state’s rules of civil procedure.

[ ] Other [Describe any other approved method of service used, as permitted by your state’s rules of civil procedure.]

I declare under penalty of perjury under the laws of the State of [Your State] that the foregoing is true and correct.

Dated this [Day] day of [Month], [Year].

Jane Doe, Defendant

[Your Address]

[City], [State], [Zip Code]

[Phone Number]

[Email Address]

The certificate of service plays a vital role in the credit card lawsuit process by ensuring compliance with court rules, documenting the defendant’s response, preserving due process, facilitating communication, and avoiding sanctions. Both plaintiffs and defendants must understand the importance of this document in order to navigate the complexities of credit card lawsuits effectively.

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How Co-signing for a Loan Affects Your Credit Score 19 Apr 2023 11:31 AM (last year)

Co-signing for a loan can be a good way to help someone secure financing when they might not be able to do so on their own. However, it’s important to understand that co-signing for a loan can affect your credit score in both positive and negative ways. In this article, we’ll explore how co-signing for a loan can affect your credit score and what steps you can take to ensure that nothing negative happens.

Co-signing for a loan means that you are essentially taking on the responsibility of repaying the loan if the primary borrower is unable to do so. As such, the loan will appear on both your credit report and the borrower’s credit report. If the borrower makes payments on time and pays the loan off in full, it can have a positive effect on your credit score. However, if the borrower misses payments or defaults on the loan, it will be reflected on your credit report as well, which can negatively impact your credit score.

One of the main ways co-signing for a loan can affect your credit score is through your debt-to-income ratio. This ratio measures how much debt you have compared to your income. If the loan you co-sign is large, it could increase your debt-to-income ratio, which may negatively impact your credit score. Additionally, co- signing for a loan may also increase your credit utilization ratio, which is the percentage of your available credit that you’re using at any given time. If the loan you co-sign is for a large amount, it may increase your credit utilization ratio, which could lower your credit score.

Steps to Ensure Nothing Negative Happens

If you’re considering co-signing for a loan, there are steps you can take to ensure that nothing negative happens to your credit score. Here are a few things to keep in mind:

Conclusion

Co-signing for a loan can be a good way to help someone secure financing, but it’s important to understand the risks. By monitoring your credit report, staying in communication with the borrower, and having an exit plan in place, you can help ensure that nothing negative happens to your credit score as a result of co-signing for a loan.

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4 Important Supreme Court Cases Involving Credit Cards Debt 20 Mar 2023 10:54 AM (2 years ago)

Credit card debt is a common issue that many Americans face, and it has been the subject of several cases that have made it to the United States Supreme Court. Here are four notable cases that have dealt with various aspects of credit card debt:

  1. Marquette National Bank of Minneapolis v. First of Omaha Service Corp. (1978)

In this case, the Supreme Court considered whether a national bank could charge interest rates that exceeded the limits set by the state where the borrower lived. Marquette National Bank of Minneapolis issued credit cards to Nebraska residents with interest rates that exceeded the state’s usury limit. The Court ultimately held that national banks could charge interest rates that complied with the laws of the state where the bank was located, regardless of where the borrower lived.

This decision had significant implications for the credit card industry, as it allowed national banks to charge higher interest rates than some states permitted. It also led to the growth of the credit card industry and the creation of credit card issuers that operated nationally.

  1. Smiley v. Citibank (South Dakota) N.A. (1996)

In Smiley v. Citibank, the Supreme Court considered whether a credit card issuer could raise the interest rate on a credit card account without providing advance notice to the cardholder. Citibank had raised the interest rate on Smiley’s account from 9.9% to 18% without providing advance notice. The Court held that the Truth in Lending Act (TILA) did not require advance notice for interest rate increases, as long as the cardholder was given notice before the increase took effect.

This decision had significant implications for credit card holders, as it meant that credit card issuers could raise interest rates without providing advance notice. However, it also highlighted the importance of reading the terms and conditions of credit card agreements and understanding the rights and responsibilities of cardholders.

  1. Citizens Bank of Maryland v. Strumpf (1995)

In Citizens Bank of Maryland v. Strumpf, the Supreme Court considered whether a bank could place a hold on a debtor’s account to secure payment of a credit card debt. Strumpf had a credit card debt with Citizens Bank of Maryland and discovered that the bank had placed a hold on his account to secure payment of the debt. Strumpf sued the bank, arguing that the hold was unlawful.

The Court ultimately ruled in favor of the bank, holding that a bank may place a hold on a debtor’s account to secure payment of a debt, provided that the hold does not exceed the amount owed on the debt. This decision had significant implications for debtors, as it meant that banks could place holds on accounts to secure payment of debts.

  1. Midland Funding, LLC v. Johnson (2017)

In Midland Funding, LLC v. Johnson, the Supreme Court considered whether a debt collector could file a proof of claim for a time-barred debt in a bankruptcy case. Midland Funding, LLC purchased Johnson’s time-barred credit card debt and filed a proof of claim for the full amount in Johnson’s bankruptcy case. Johnson objected to the claim, arguing that it was time-barred.

The Court ultimately ruled in favor of Midland Funding, LLC, holding that the filing of a proof of claim for a time-barred debt does not violate the Fair Debt Collection Practices Act (FDCPA). This decision had significant implications for debtors, as it meant that debt collectors could continue to file proof of claims for time-barred debts in bankruptcy cases.

These four cases highlight the complex legal issues that can arise in the context of credit card debt. They also underscore the importance of understanding the rights and responsibilities of credit card holders and the potential consequences of credit card debt. If you are struggling with credit card debt, it is important.

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The Most Important Credit Card Lawsuit in American History 20 Mar 2023 10:47 AM (2 years ago)

The most significant court case involving credit card debt in American history is undoubtedly Marquette National Bank of Minneapolis v. First of Omaha Service Corp. (1978). This landmark case set a precedent that paved the way for the modern credit card industry and reshaped the landscape of consumer credit in the United States.

The case dealt with the issue of usury laws, which were state laws that limited the interest rates that could be charged on loans. At the time, many states had strict usury laws that limited the interest rates on credit card debt to as low as 12% per year. This made it difficult for banks to profit from credit card lending, as they were unable to charge high enough interest rates to cover the costs of issuing and managing credit cards.

The defendant in the case, First of Omaha Service Corp., was a national bank based in Nebraska that issued credit cards to customers across the country. The plaintiff, Marquette National Bank of Minneapolis, argued that the Nebraska bank was violating Minnesota’s usury laws by charging high interest rates on credit card debt owed by Minnesota residents.

The case made its way to the Supreme Court, which ultimately ruled in favor of the Nebraska bank. The Court held that a national bank could charge interest at the rate allowed by its home state, regardless of where the borrower lived or the loan was made. This decision effectively eliminated the ability of individual states to regulate interest rates on credit card debt and paved the way for the modern credit card industry.

The significance of this ruling cannot be overstated. Prior to the Marquette decision, credit card lending was largely limited to regional banks and department stores, which issued credit cards with low credit limits and high fees. The ruling allowed national banks to issue credit cards with much higher credit limits and interest rates, which made credit cards more accessible to a wider range of consumers.

The ruling also led to the proliferation of “credit card banks,” which were able to locate in states with lenient usury laws and offer credit cards to consumers across the country. This helped fuel the explosive growth of the credit card industry in the 1980s and 1990s, and paved the way for the emergence of today’s global credit card companies.

In addition to its impact on the credit card industry, the Marquette decision also had broader implications for the regulation of consumer credit in the United States. The ruling set a precedent that federal law preempted state law when it came to the regulation of national banks, and this principle has since been applied to other areas of consumer lending, such as mortgages and auto loans.

In conclusion, the Marquette National Bank of Minneapolis v. First of Omaha Service Corp. case is arguably the most significant court case involving credit card debt in American history. The ruling paved the way for the modern credit card industry, eliminated state-level usury laws, and set a precedent for the federal preemption of state law in the regulation of national banks. The impact of this decision continues to be felt today, as credit cards remain a ubiquitous part of American consumer culture.

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How to use a Sworn Denial to Win a Credit Card Lawsuit 13 Mar 2023 6:44 AM (2 years ago)

A sworn denial statement is a legal document that a defendant can use to deny
allegations made against them in a credit card lawsuit. Here are three advantages to
using a sworn denial statement to defend a credit card lawsuit:

  1. Protects your rights: A sworn denial statement helps protect your legal rights by putting the burden of proof on the plaintiff to prove their case. By denying the allegations, you are asserting that the plaintiff has not provided sufficient evidence to prove their case against you.
  2. Can prevent default judgment: If you fail to respond to a credit card lawsuit, the court may enter a default judgment against you. However, by filing a sworn denial statement, you are taking an active step in defending yourself, which can prevent a default judgment from being entered.
  3. Provides a basis for discovery: When you file a sworn denial statement, the plaintiff may need to provide additional evidence to support their allegations. This can provide you with an opportunity to conduct discovery and gather more information about the plaintiff’s case, which can help you build a stronger defense.

Here’s an example of a sworn denial that could be used in a credit card lawsuit:

I, [your name], swear under penalty of perjury that the following statements are true and
accurate to the best of my knowledge and belief:

  1. I do not owe the plaintiff the amount of money they are claiming in this lawsuit. I have reviewed my credit card statements and I have not used my credit card for the transactions that the plaintiff is alleging.
  2. The plaintiff has not provided any evidence to support their claim that I owe them money. I have not received any statements or invoices from the plaintiff indicating that I owe them money. I have not received any notifications or warnings from the plaintiff regarding the alleged debt. I only became aware of this alleged debt when I received notice of this lawsuit.
  3. I have not engaged in any fraudulent activity related to my credit card account, and I have not authorized anyone else to use my credit card.
  4. I believe that the plaintiff is making these allegations in bad faith in an attempt to collect money that they are not entitled to.

Based on the above statements, I deny the plaintiff’s claims and request that this lawsuit be dismissed.

[Your signature and date]

By submitting a sworn denial like the one above, you are essentially telling the court that you dispute the plaintiff’s claims and are willing to swear under oath that they are false. This can be a powerful tool in a credit card lawsuit, as it may force the plaintiff to provide additional evidence to support their claims or to drop the case altogether.

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Understanding Your FICO Credit Score and How to Improve It. 13 Mar 2023 6:40 AM (2 years ago)

If you’ve ever applied for a loan or a credit card, you’ve probably heard the term FICO score. But what exactly is a FICO score, and why is it so important? In this blog post, we’ll take a closer look at FICO scores and explain what you need to know about them.

What is a FICO Score?

A FICO score is a credit score that is used by lenders to determine your creditworthiness. The score is calculated by a company called Fair Isaac Corporation (FICO), which uses a complex algorithm to analyze your credit history and predict your likelihood of repaying your debts on time.

Your FICO score is based on five factors: your payment history, the amount of debt you have, the length of your credit history, the types of credit you use, and the recent inquiries into your credit history. Each of these factors is given a different weight, depending on its importance in determining your creditworthiness.

FICO Score VS. Credit Score

FICO scores and credit scores are often used interchangeably, but there are some key differences between the two.

A FICO score is is the most widely used credit score in the United States, and it is used by lenders to assess your creditworthiness.

Credit scores, on the other hand, are scores that are calculated by a variety of companies using different scoring models. While FICO scores are the most widely used credit scores, there are other scoring models, such as VantageScore, that lenders may use to assess your creditworthiness.

Another difference between FICO scores and credit scores is how they are calculated. FICO scores are calculated using a complex algorithm that takes into account five different factors: payment history, amounts owed, length of credit history, types of credit used, and new credit inquiries. Each of these factors is given a different weight, depending on its importance in determining your creditworthiness.

Credit scores, on the other hand, may be calculated using different algorithms that take into account different factors. For example, VantageScore 4.0 uses six factors to calculate your credit score: payment history, credit utilization, credit balances, depth of credit, recent credit, and available credit.

Despite these differences, both FICO scores and credit scores are used by lenders to assess your creditworthiness and determine your ability to repay your debts on time. It is important to monitor your credit score regularly and take steps to improve it if necessary, regardless of whether it is a FICO score or a different type of credit score.

Why is Your FICO Score Important?

Your FICO score is important because it can have a big impact on your financial life. Lenders use your FICO score to determine whether or not to approve your loan or credit card application, and what interest rate to offer you if you are approved. A higher FICO score can lead to lower interest rates and better loan terms, while a lower score can make it harder to get approved for credit and may result in higher interest rates and less favorable loan terms.

But FICO scores aren’t just important for loans and credit cards. Landlords, employers, and insurance companies may also use your FICO score to determine whether or not to rent to you, hire you, or offer you insurance. This means that your FICO score can impact many different areas of your life, not just your ability to get a loan or credit card.

How to Check Your FICO Score

If you want to check your FICO score, you can do so by visiting the FICO website. There, you can purchase your credit report and score from one or all of the three major credit bureaus (Equifax, Experian, and TransUnion).

It’s important to note that your FICO score is just one of many credit scores that are available. Each credit bureau may have its own scoring model, which means that your score may be different depending on which bureau you check with. However, your FICO score is the most widely used credit score, so it’s the one that you should pay the most attention to.

How to Improve Your FICO Score

If you have a low FICO score, don’t worry – there are things you can do to improve it. The most important thing you can do is to make all of your payments on time. Late payments can have a big negative impact on your FICO score, so it’s essential to pay your bills on time every month.

Here are three ways to improve your FICO score:

  1. Pay your bills on time: Your payment history is the most critical factor in determining your FICO score, so it’s essential to make all your payments on time. Late payments can have a significant negative impact on your score, so set up automatic payments or reminders to help you stay on track.
  2. Reduce your debt: The amount of debt you have is another important factor in calculating your FICO score. Try to pay down your debt as much as possible, focusing on high-interest debt first. This will help improve your credit utilization ratio, which is the percentage of your available credit that you are using.
  3. Check your credit report for errors: Errors on your credit report can negatively impact your FICO score. Check your report regularly to ensure that it’s accurate and dispute any errors that you find. You can get one free credit report per year from each of the three major credit bureaus (Equifax, Experian, and TransUnion) at AnnualCreditReport.com.

By paying your bills on time, reducing your debt, and ensuring that your credit report is accurate, you can improve your FICO score over time. Keep in mind that it may take some time to see significant improvements in your score, so be patient and consistent in your efforts.

To conclude, your FICO score is an essential factor in determining your creditworthiness, and it can have a big impact on your financial life. By understanding what your FICO score is, how it’s calculated, and how to improve it, you can take control of your credit and improve your financial health.

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Credit Reporting Burden of Proof Rules 9 Mar 2023 10:18 AM (2 years ago)

Credit reporting burden of proof rules are regulations that specify the responsibilities of credit reporting agencies and creditors in verifying the accuracy of credit information they report about consumers. These rules are established by federal laws, such as the Fair Credit Reporting Act (FCRA) in the United States, and are designed to protect consumers from inaccurate, incomplete, or outdated credit information.

Under these rules, credit reporting agencies and creditors have a legal obligation to investigate and verify the accuracy of any disputed credit information reported by consumers. This means that they must take reasonable steps to confirm that the information is correct, such as contacting the creditor who provided the information or reviewing documentation provided by the consumer.

If a credit reporting agency or creditor is unable to verify the accuracy of the disputed credit information, they must remove it from the consumer’s credit report. This is because inaccurate credit information can have a negative impact on a consumer’s credit score and ability to obtain credit, loans, or other financial products.

Why Are Credit Reporting Burden of Proof Rules Important?

Credit reporting burden of proof rules are important for several reasons. First, they help ensure the accuracy and integrity of credit information reported about consumers. This is important because credit information is often used by lenders, employers, landlords, and other entities to make important decisions that can affect a consumer’s financial well-being.

Second, these rules provide consumers with a way to dispute inaccurate credit information and have it removed from their credit reports. This can help consumers improve their credit scores and access to credit, which can be crucial for achieving financial stability and success.

Third, credit reporting burden of proof rules give consumers greater control over their own credit information. By requiring credit reporting agencies and creditors to verify the accuracy of credit information, consumers can feel more confident that their credit reports reflect their true credit history and financial standing.

How Do Credit Reporting Burden of Proof Rules Affect Consumers?

Credit reporting burden of proof rules can have a significant impact on consumers. For example, if a consumer discovers inaccurate information on their credit report and disputes it, the credit reporting agency or creditor must investigate and verify the accuracy of the information. If they are unable to do so, the information must be removed from the consumer’s credit report.

This can be particularly beneficial for consumers who are trying to improve their credit scores or apply for credit. By having inaccurate or outdated credit information removed from their credit reports, consumers can potentially qualify for better interest rates, lower fees, and other financial benefits.

However, it is important to note that credit reporting burden of proof rules do not guarantee that all credit information reported about a consumer will be accurate or complete. Consumers should regularly review their credit reports to ensure that they are accurate and up-to-date, and dispute any errors or discrepancies they find.

Conclusion

Credit reporting burden of proof rules play an important role in ensuring the accuracy and integrity of credit information reported about consumers. These rules require credit reporting agencies and creditors to investigate and verify the accuracy of disputed credit information, and remove any inaccurate information that cannot be verified.

For consumers, these rules provide a way to dispute inaccurate credit information and potentially improve their credit scores and access to credit. However, it is important for consumers to regularly review their credit reports and dispute any errors or discrepancies they find, as credit reporting burden of proof rules do not guarantee the accuracy of all credit information reported about them.

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New Rules 2023 Medical Debt I Credit Reporting 9 Mar 2023 10:12 AM (2 years ago)

Medical debts, unlike any other debts/section on the credit report, aren’t incurred voluntarily but
have been estimated by the Consumer Financial Protection Bureau (CFPB) to contribute to
approximately 43 million Americans with bad credit reports across the United States. When
compared to assets you voluntarily purchased, you can’t just wake up and feel; oh, I want to be
sick today, then go on to the hospital to get treatment knowing fully well that you do not have the
money to pay this debt.

Yet, these medical debts can stand in your way and prevent you from accessing funds needed to
execute vital projects in your life like; getting an apartment, paying your child’s college fees, and
so on. This article contains the latest changes made to credit report listing of medical debts that’ll
bring a smile to your face.

New Rules on Credit Report Listing of Medical Debts

Here’s the good news; a recent change effected as of July 1, 2022, has brought relief to millions
of Americans suffering from the effects of these debts.

Medical Debt – How it Impacts Your Creditworthiness

Medical Debts refer to any outstanding healthcare bills you owe and are unable to meet up with
payment by the due date given by such services. You might have done everything you think is
required of you, even probably chose in-network hospitals and medical practitioners but still end
up with an unwanted medical debt.

Yes, this might be because you do not have the money, but more often, some sit on your credit
report unnoticed. A survey by nationally representative consumer reports revealed that 24% out of
a population of 1000 consumers (adults) with medical bills over $500 weren’t aware the debt was
there!

The impact of these debts on your credit score isn’t a positive one as it drastically drags down
your FICO score, especially when it becomes past due. Medical Debt has been estimated by
whitehouse.gov to be the largest source of debt in collections, even more than a collection of auto
loans, credit cards, and utilities combined.

How Important is Medical Debt to the FICO Score Formula?

A recent article we released on important Tips to Improve Credit Scores, reveals that payment
history– amidst other major factors that make up the FICO score– is the most important. Timely
payment of debts, together with bankruptcies, liens, etc. constitute this history, and together they
make up 35% of your total FICO score.

The amount owed(debts) section, will boldly reveal this debt when calculating the FICO score and
inevitably drag down your score because this section also contributes to 30% of your total FICO
score.

Benefits That Accompany These New Rules For Consumers

Before these changes were made, credit bureaus usually wait for 180 days before linking unpaid
medical debts to your credit report. But now, you have a grace period of a year, allowing both
insurers and providers to resolve the debts before it’s too late.

These 3 bureaus in a statement made in March 2022, revealed that these new rules remove an
estimated 70% of medical collection debt tradelines from credit reports of Americans nationwide.

The Kaiser Family Foundation also noted that two-thirds of medical debts result from short-term
or one-time healthcare bills incurred due to acute healthcare needs.

What We Advise You Do

We at howtowinacreditcardlawsuit.net are committed to helping you achieve your goal of a
healthy credit score, so kindly consider these 2 cents as golden.

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How to Remove Inaccuracies From Credit Report 9 Mar 2023 9:54 AM (2 years ago)

According to an official study on credit report accuracy carried out by the Federal Trade
Commission (FTC); one in five consumers – culminating to more than 34% of Americans – find
one error or the other on their credit report.

The facts uncovered by this study is quite shocking and Disturbing, given the negative impacts it
can have on your credit score. And of course, it shows that you are not the only one experiencing
this situation. Millions of Americans find themselves in this mess too.

Although these credit bureaus try their best to ensure adequate and accurate credit information,
the inordinate volume of data makes consumer credit report error inevitable.

Before we dive in too deep, an important and fundamental question to ask yourself is; Can you
readily identify these errors by yourself?

How To Identify Vital Inaccuracies In Your Credit Report

To be able to access or review your credit report, you are entitled to a free report from the 3 major
consumer Credit bureaus each i.e Equifax, Experian and TransUnion. These reports contain
various information that ranges from employment history, payment history, to bankruptcy
schedules.

Some very important and common Inaccuracies/errors you need to take note of include;

Is It Possible To Remove Such Inaccuracies?

The good news is Yes! It is not only possible, but less time consuming, straightforward and Free!
What you have to do is keep yourself updated with information/contents like this from a reputable
source like howtowinacreditcardlawsuit.com

The next question you are probably asking is; Can I do this myself without involving a credit repair
agency? Once again, the answer is Yes! You can achieve this yourself. But just like any other win,
it requires you are guided on the right steps to take. All you need to do to remove that Inaccuracy
are covered below. So without further Ado, grab a snack and chair and peruse these steps.

Steps To Remove Inaccuracies From a Credit Report

To begin with, it is expedient that you are well aware of your rights to your credit history.
According to Fair Credit Reporting Act (FRCA), only accurate and truthful reports should be
provided by credit bureaus and lenders. This, you have all the legal rights to dispute and remove
Inaccuracies from your credit report.

STEP 1: Issue a Report To The Credit Bureaus

Once you have identified the Inaccuracies, we advise you report them/file a dispute directly with
the credit bureau either by website (online), by mail, or contacting them via phone. This will also
trigger an investigation by the affected bureau. We at howtowinyourcreditcardlawsuit.com highly
recommend that you file such dispute across all the 3 credit report bureaus ( Experian, Equifax
and TransUnion)

How to report such Inaccuracies online

Visit the credit bureau’s website dedicated for filing a dispute ( Equifax , Experian , and TransUnion ).
Some additional documentation will be required based on the information being disputed e.g birth
certificates, W-2 forms, Copy of utility bill, Current bank Statements with account information,
Cancelled checks, Bankruptcy schedules, Student loan disability letters, Valid driver’s license,
proof against identity theft e.g Police report, e.t.c

How to report such Inaccuracies via mail

We advice you include copies(not original) of the available documentations listed above to
supplement your dispute letter. You might still be in need of the original document down the road.

In case you are unsure about how to structure your letter, here is a sample template from the
Consumer Financial Protection Bureau (CFPB) or the Federal Trade Commission (FTC).

Here is the mailing addresses for each of the bureaus:

Equifax Information Services LLC
P.O. Box 740256
Atlanta, GA 30348

Experian
P.O.Box 4500
Allen, TX 75013

TransUnion LLC Consumer Dispute Center
P.O.Box 2000
Chester, PA 19016

After sending your letter via a registered mail, ensure you pay for a return receipt to be sure your
credit bureau got the mail.

How to report such Inaccuracies via phone

Experian – (888) 397–3742
Equifax – (866) 349–5191
TransUnion – (800) 916–8800

STEP 2: Proper Recording

Be sure to keep a proper record of everything and every step, from your documents, your letter,
down to the return receipt.

STEP 3: Issue a Report To The Furnisher/Information Provider

These are the banks/credit card company also referred to as Lenders. They are required to
investigate and respond to all disputes. Be sure to include a copy of your credit report highlighting
the section with Inaccuracies.

The credit bureau will also reach out to the lender with all evidences you’ve provided. Then the
lender will conduct their investigation and report back to the credit bureau which in turn effect the
required changes. The Credit bureau is then mandated to get back to you (in writing) about the
outcome of the dispute.

STEP 4: Closely Monitor Your Reports

The last part of the puzzle is to make sure you closely monitor your reports. It usually takes about
30 days for credit bureaus to get back to you on the outcome of your dispute. If the lender keeps
reporting the disputed Inaccuracies, confirm that they got your dispute and also confirm whether
the credit bureau placed a notice informing the lender of your dispute.

Be sure that the Inaccuracies (If true) will be removed from subsequent reports. We at
howtowinyourcreditcardlawsuit.com are committed to helping you achieve this feat as you
embark on a journey to a good credit score.

The post How to Remove Inaccuracies From Credit Report first appeared on How to Win a Credit Card Lawsuit.

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