WHY DEBT COLLECTORS CAN NOW TEXT OR DM YOU!

A recent change in rules by the US Consumer Financial Protection Bureau (CFPB) allows debt collectors to contact you by direct message on social networks, email, or text message.

 

No one likes debt collector calls and emails or text messages most certainly will not be welcomed, especially when you have no debts to collect. You could block the number used for text messages, but whether it’s a scam text or a legitimate debt collector, they can always contact you from yet another phone number.

 

There is some good news here… the rules do require debt collectors to provide you a way to opt-out of further messages, whether from email, text message, or direct message. You might have to call or email the debt collector back in order to opt-out as they are not being mandated to have to provide that in text or social networks directly.

 

If you have any questions about this ruling or if THD Credit can be of assistance to you in anyway – call us at 800- 822-7120. We are here to help!

-Erik Kaplan

A Special 50% Discount for You

With the increase in consumer credit complaints – with issues ranging from credit report mistakes to problems related to debt collection, credit cards or mortgages, it is more important than ever to monitor your credit report.

According to the Federal Consumer Program U.S. PIRG, the number of complaints during the pandemic has surged by 86 percent.  In fact, the credit reporting complaints has been driven by nearly double the number of complaints about incorrect information on credit reports.

 

The accuracy of your credit reports is important because lenders determine how much to charge you for a loan or credit card based on a credit score derived from your report. In addition, if you are looking for work, potential employers might decide whether or not to hire you based on your credit report.

 

The best part of my job is helping people, and nothing makes me happier than helping someone qualify for a loan, get lower interest rates, an increased line of credit or a healthier credit standing.

 

If you or one of your clients, friends or family members need help with credit repair, in any way – please email me at erik@thdcreditconsulting.com  We would like to offer 50% off of our fees to anyone we can help during this challenging time.

-Erik Kaplan

What happens if I can’t pay my credit cards?

When you’re faced with a sudden disruption in your income – something millions of people are experiencing because of the COVID-19 pandemic – credit cards often become a necessity for survival.

 

When plastic is your only option make sure you investigate if and how your credit card company is offering some leniency to those in a financial crisis. Such support could include flexible bill payments and waived late fees.  Your options will vary based on the credit card company and your history as a customer.

 

Many card issuers do offer forbearance programs, which act as temporary relief during financial hardships. While each forbearance program is different, you can typically expect to receive assistance with monthly payments and possibly lowered interest. If you do go this route, your account may continue to accrue interest, but the lender won’t report the late payments to the credit bureaus. Which means there won’t be a negative effect to your credit score.

 

Keep in mind that you have to opt-in to a forbearance program. If you simply skip payments without speaking to your card issuer, your credit score will be affected.

 

Another option to help protect your credit score is to request that your lender includes a statement on your account that indicates you have been affected by a natural or declared disaster. Experian has stated this can help protect your credit history and scores.

 

If you need help during this time, please email me at erik@thdcreditconsulting.com with any questions you may have.

-Erik Kaplan