The best way to determine one's debt, how much is owed and to whom these debts are owed would be to request a current credit report and credit score, according to CNN Money. Free copies are available of one's credit report from all the major credit bureaus.Know More
The three most popular and trusted credit bureaus are Equifax, Experian and TransUnion. These companies pull together all available credit information and analyze it to determine a credit score, which can be obtained for about $15. The FICO score is the one that is referenced the most by lenders, reports CNN Money.
A credit report includes a detailed list of exactly which entities or institutions have claimed a debt against an individual. It also includes information about how much these debts are and when they were accrued, states CNN Money. An individual can view this information to determine the extent of his debt, and he should always check his credit report for any inconsistencies or inaccuracies. If there are any errors, report them to the bureaus so that they can investigate.
Individuals can obtain a free credit report for any of the aforementioned credit bureaus from AnnualCreditReport.com, and a FICO credit score can be obtained from MyFICO.com, according to CNN Money.Learn more about Debt Law
National Debt Relief is one of the nation's largest debt settlement companies. The organization offers a variety of debt relief services to consumers through settlement and negotiation, states the Better Business Bureau.Full Answer >
If it is inconvenient for a debtor to receive a debt collection call on Sunday, and the debtor has specifically told collection agents not to call on Sundays, then debt collectors are not legally allowed to call. Under the Fair Debt Collection Practices Act, debt collectors who call on Sunday after being advised not to can be held in violation of the law.Full Answer >
According to LawNY, a debt collector can repossess a car if the debt is secured. A secured debt has something that is used as collateral for the loan. In this case, the car is collateral for the loan and it may be repossessed if the loan is not paid.Full Answer >
Debt collection laws vary by state, according to Nolo. Some states, such as Virginia, Maryland, Georgia and Iowa, have fair debt collection laws, while others do not. Regardless of the state laws, all third-party collectors are controlled by the Fair Debt Collection Practices Act, or FDCPA.Full Answer >