Consumer Credit, Debt, and Bankruptcy Blog

Some Notes on Credit Bureaus

Debt Buying Practices

A new study published by the Federal Trade Commission sheds some light on the debt buying industry:

New FTC restrictions on Debt Settlement Companies

New Restrictions on Debt Settlement Companies:

Note: In almost every case, it is better for debtors to file for bankruptcy under Chapter 7 or Chapter 13 than to use a debt settlement company. Bankruptcy offers many benefits that a debt settlement company cannot provide, including re-establishing your credit sooner. A debt settlement company offers no advantage over bankruptcy, but costs the debtor considerably more money. To learn more, see Bankruptcy — Table Of Contents.

New Rules for Credit Card Issuers

New rules regulating credit card issuers were approved by the Federal Reserve, the Office of Thrift Supervision, and the National Credit Union Administration. The following rules take effect in July, 2010:

Rules Aim to Protect Credit Card Users

Company Credit Cards can Hurt Authorized Users' Credit Scores if Paid Late

Company Cards Can Hurt Credit - WSJ.com

Many people, as authorized users, have company credit cards to pay for business expenses. Sometimes the people pay the monthly bills themselves, and sometimes, especially for smaller businesses, the company pays the bill. However, an authorized user's credit score can suffer if the card payment is late, even if the company pays the bill.