Thursday, July 25, 2019
Nick Statt has detailed directions on The Verge (Vox) of how to get at least $125 from this weeks settlement by Equifax with the government (FTC).
You need to use the free credit monitoring (which is a pain) to collect the $125.
Your social is scanned first, but there is a very good chance it will test positive.
You can use outside sources like Credit Karma for the monitoring.
And you may be able to collect for time spent on your problems.
Tuesday, July 16, 2019
I’ve seen more discussion and speculation about a proposed CASE Act, now in the Senate (S 1273 ); it would allow the Copyright Office to set up a “small claims court” and hand out “fines” (like $5000) for small violations of copyright law with less due process.
What would really happen is a bit speculative, but some observers fear that copyright trolls would get judgments against ordinary users with little due process, and users would suddenly get calls from collection agencies, with debts that might even get sold like many others.
When an vested interest gets in bed with the collection industry, it can become abusive. And Trump has made it easier to go after old or questionable debts.
Saturday, July 06, 2019
The weekend Wall Street Journal has a feature story by Yuka Hayashi, “Debt-Collecting Surges as Regulation Eases”, link.
Under the Trump administration, the Consumer Financial Protection Board has eased regulation on debt-collection companies going after old debts, which are often consolidated and sold to companies who specialize in going after them aggressively.
In 2000, I pulled a credit report on myself (thinking I would buy a home) and found a credit card debt from the early 80s that had been lost in a cross country relocation. I wound up paying $650 to settle a dangling $128 bill from a Best Buy-like store. I found another renewal of a Discover card that had been missed. I simply paid the principle off voluntarily to close the account.
I worked for RMA, a debt collection agency, in the summer of 2003. Many people said they had been affected by 9/11.