If you are a regular in our Community, you may have noticed how adamant I am about sending disputes of inaccurate information on your credit report to the Credit Reporting Agency/ies whose report reflects such information.

Is it Really a Waste of Time to Dispute With Credit Reporting Agencies?

If you do not save this info, and merely send them a letter saying basically “this is wrong, change it”, then you just may be at the mercy of an unscrupulous creditor who will just say “it’s accurate”. For instance, one poster on our Forum stated: “I guarantee you that, even if you send the bureau a copy of a PIF letter, the bureau won’t actually change your credit report. In all cases, they forward the dispute to the creditor/data furnisher who is reporting the information. This method of procedure is all that is required of them in the FCRA.” In order for the creditor to merely say “it’s accurate”, they would have to LIE and say that they did not send you the PIF letter (to use the example just cited), which is fraudulent on their part, or they are basically accusing you of fraud.

The Government Fights Back

According to the National Consumer Law Center’s Report Automated Injustice: How A Mechanized Dispute System Frustrates Consumers Seeking to Fix Errors In Their Credit Reports disputes to the CRA were being processed exactly as the above mentioned poster said. It stated: “Despite its importance, the FCRA dispute process has become a travesty of justice. The major credit bureaus (Equifax, Experian, and TransUnion) conduct investigations in an automated and perfunctory manner.”

They aren’t supposed to just pass the dispute on, especially when the consumer is providing documented proof in their defense. The Fair and Accurate Credit Transactions Act of 2003, also known as the FACT Act, was enacted because of this very reason. So even though they may have basically ignored disputes in the past, they are now fair game for a possible lawsuit by the FTC in Federal Court. If the CRA refuses to bend, again, file that complaint with the FTC. The CRAs may have differing information, but they are all beholden to the FTC. After the CRA spurns the heartfelt plea of the wronged consumer, they usually believe that they are beaten by an entity with power over their lives. This, my friends, is the very definition of tyranny.

How a CRA is SUPPOSED to Deal With Your Dispute

The FTC itself has power over the CRAs. The CRAs actually must investigate and take into consideration any documentation that the consumer supplies. According to FTC Reports to Congress on Credit Report Complaint Referral Program (page 2): “Sections 611 and 623 of the FCRA impose dispute investigation and resolution duties on CRAs and those entities that furnish information about consumers to the CRAs. … If a consumer disputes the accuracy of an item of information in his or her file with a CRA, the CRA must (i) complete an investigation of the dispute … (ii) review and consider all relevant information provided by the consumer“* [emphases mine]. The same paragraph continues that the alleged creditor must also investigate. THAT is why I say to always dispute with the CRA, it’s a one-two punch. Of course, first try with the creditor, and if they refuse to correct it, then go this route. That is a total of 3 denials, and you know what they say about 3 strikes.

Again, keep all documentation, you will need it. Send not only a copy of any letters, etc., but also the envelope it was mailed in. If emailed, print out the email with full headers. The more proof you have, the tighter your case is.

Daddy’s Watching!

The FTC randomly audits dispute data in the CRA records, because of complaints to the FTC that the CRAs are not removing info that is inaccurate. If they don’t, the penalties against the CRAs can be up to $2,500 per violation.

The Federal Trade CO-Mission (It Takes 2 – Us & Them)

I keep harping on about the Federal Trade Commission, but, seriously, they do their job very well. Perhaps people have become jaded against any Federal agency after so many reports of incompetence, especially the Katrina fiasco. But every agency is not like that. Some are headed by very dedicated people whose main motive is to defend people against unfair and deceptive acts or practices, and get a paycheck for it too! Win-win! But it takes legitimate and documented complaints for them to open an investigation. They can’t, both logistically and financially, sue every company that some citizen complains against, but a consistent history of similar complaints shows a purposeful flaunting of the law.

The same is also true of debt settlement companies, or that store down the street that sold you defective merchandise and refused to refund your money, or even that judge who rules in the creditor’s favor even though the defendant has a mountain of evidence in their favor. If you feel you have been ripped off, it is your duty as a citizen of this free country to demand a redress of grievances.

FTC Testifies on Efforts to Protect Consumers of Financial Services; Urges New Tools for Stronger Enforcement Authority is an attempt by the FTC for Congress to grant them more power to file charges against these rip-off artists. Right now, they have to file a request with the Dept. Of Justice, and that can run into one heck of a backlog. That’s why it may seem to take awhile before justice is served.

Thus Quoth The Raven: Nevermore

“The price of freedom is eternal vigilance.” (Thomas Jefferson)

“[P]eople have only as much liberty as they have the intelligence to want and the courage to take.” (Emma Goldman)

“So long as the people do not care to exercise their freedom, those who wish to tyrannize will do so; for tyrants are active and ardent…to put shackles upon sleeping men. (Voltairine de Cleyre)

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* See also the FCRA Sections 611 (disputes to the CRA) [15 U.S.C. § 1681i(a)(1)(A)] and 623 (disputes to the alleged creditor) [15 U.S.C. § 1681s-2].

Searching and zeroing down to the best debt consolidation company is a grueling task. We spend months to make up our mind in selecting the best one out of the whole bunch. Even after selecting one we land up with such a debt consolidation company that is far from being the best. I myself have faced this problem in the past. But with time I have learned a lot about debt consolidation companies. Here are some basic tips for finding the best debt consolidation company: -

Tips 1: Research a lot on different debt consolidation companies
Research on different debt consolidation companies can help you in finding the best one for you. While researching check two basic aspects of a company:
i. Accreditations of company
Best debt consolidation companies are usually accredited with either
a) Association of Independent Consumer Credit Counseling Agencies (AICCCA), or
b) National Foundation for Credit Counseling (NFCC)

ii. Reputation of the company
Check out reputation of the debt consolidation company with BBB and your state’s Attorney General’s office. The best ones will have no complaints registered against them. Also search about their reputation in Ripoff Report and debt related forums.

Tips 2: Ask for information and free counseling from a debt consolidation company
Best debt consolidation companies are always ready to help you by giving free consultation. Talk to the counselors about your debt problem and inquire about their program/fee structure. Best companies are more than willing to give you printed information about their company, debt relief programs offered and fees structure so that you can have a look at them after going back home.

Tips 3: Do a background check of the debt consolidation company
Best debt consolidation company usually possess employees having educational degree of finance, management, economics or accounting. The best companies also give training to their employees on
a) federal and local laws
b) company policies and procedures
so that they can efficiently guide you out of your debt woes.

Tips 4: Best debt consolidation company will teach you to tactics for staying out of debt

The best companies in the debt consolidation industry generally help their customers to remain out of debt by educating them through seminars, classes and books. These helps are generally free of cost.

Tips 5: Best debt consolidation companies will help you with fees and payment schedules
If you find any problem in paying fees or payments then the best debt consolidation company will try to get you out of the mess. It will be more than happy to work out a customized solution to your problem.

These tips will help you in finding the best debt consolidation company for you.

In a Commentary on Feb 9, in Bloomberg, this article caught my eye: “Ruin Your Health With the Obama Stimulus Plan: Betsy McCaughey”. It made some interesting points, and so I did a little research to learn more.

One of the issues slipped in to the Stimulus is: Title XIII – Health Information Technology. (H.R. 1-112) Ostensibly this will help ensure that procedures are not duplicated and that any emergency room in the country could get your full medical history in case – for instance – you are admitted to the emergency room and unable to converse about your medical history.

This sounds all well and good.

Americans have been debating a national database for quite some time. It is a hot-ticket item. However, the process of national databases took a turn toward a fact of our lives through the child support issue, and then illegal aliens. A part of the Secure Borders, Economic Opportunity and Immigration Reform Act of 2007 extended the Employment Eligibility Verification System (EEVS), now requiring employers to verify I9 information through the Department of Homeland Security. Most notable to me was this comment upon passing, by Neal Kurk, a Republican state representative from New Hampshire, in reaction to the immigration bill: “The people of New Hampshire are adamantly opposed to any kind of ‘papers-please’ society reminiscent of Nazi Germany and Stalinist Russia. This is another effort of the federal government to keep track of all its citizens.” I wholeheartedly concur.

But, let’s think for a moment about the ramifications of this issue. Firstly, and most importantly, the potential for abuse is high. For instance, what will be the system for labeling each unique record to avoid any normal computer errors? How many lives have already been interrupted because of a computer or operator error of one kind or another? An error in a medical database could be catastrophic. It would have to be an absolutely unique and non-duplicated marker – such as the retina. But has our retina-scanning technology perfected enough and become cost efficient enough to ensure that it would be at every medical facility in the country?

The office of the Health Information Technology, and the position of Coordinator, was actually inaugurated by former President George Bush, through Executive Order #13335. In fact, some of the reasons specified on Section 3001(b) of Title XIII are nearly identical to Section 2 of E.O. #13335. This Act is basically turning that Executive Order into Federal Law by updating the Public Health Service Act [42 USC 201] and adding funding ($20 billion) in order to implement the next step, which would be the actual technology and staffing of the offices that would handle the coordination of the data and to implement strict security measures to limit access to authorized medical providers only. They will have one year, when they must report on their progress to the Senate and the House, including security measures, and evaluation of benefits and costs to completely implement the “[t]he utilization of an electronic health record for each person in the United States by 2014.” [Subtitle A, Section 3001(c)(3)(A)(ii)].

And then, there’s the “Emergency Supplemental Appropriations Act for Defense, the Global War on Terror, and Tsunami Relief, 2005”, also known as the Real ID Act of 2005. This requires State DMVs to verify an individual’s information for a Driver’s License or a State ID. All states would have to comply with the regulations of this statute, or their IDs will not be accepted at any Federal office. By Sep 11, 2005, all States are supposed to be plugged into this system, known as Systematic Alien Verification for Entitlements, as provided for by section 404 of the Illegal Immigration Reform and Immigrant Responsibility Act of 1996 [49 USC 30301 (c)(3)(C)], which goes even further back to the Immigration Reform and Control Act of 1986 which started the process centered around Form I9, the Employment Eligibility Verification Form.

So, all this points toward one thing: a National Database, with personal and private information all included. Now, health information is to be added. Income information is already there, for child support collection and “alien-proofing” the workforce. It’s only a step away to add credit reports, which are now private firms, but whose accuracy and efficiency is in question. Step by step, the database grows. Step by step, our reliance upon an unreliable technology becomes a part of daily life. How long, really, until we have a system somewhat like on Minority Report, where as soon as you walk in a building, you are already tagged? Everywhere you move, everywhere you shop, everywhere you read, everywhere you try to hide – all noted, recorded, and filed.

Back to the bill at hand: Ms. McCaughey states “…the bill treats health care … as a cost problem instead of a growth industry.” Those who filed for bankruptcy and those who are struggling to file for bankruptcy after the 2005 “reforms” in order to get free from crushing and bloated medical debt would beg to differ with you, Ms. McCaughey. It is *precisely* a cost problem. HMOs are not the problem, nor are they the solution. Mandatory health insurance is not the solution. The entire industry is corrupt to the bone, and cares more for self-enrichment than service to the injured and ill. The solution is a top-down shaking and re-configuring of the entire system. And that won’t happen, so now the solution is to have us all numbered, tagged, and filed. Nice. It’s sad that this had to be snuck in the back door, out of sight from an open vote. It just goes to show that the government no longer cares about the will of the people. And the fact that this was slid into a bill of such immense importance and sweeping ramifications, and thus more difficult to overturn, makes it particularly sinister, and says a lot about President Obama’s real motivations. And that, my friends, is more of the same old, same old. The joke is on us, the American people, yet again.

In chess, when you can’t get to a main piece, you attack the minor pieces one by one, thus opening up your options for attack. On Feb 14, 2001, in her 1st address on the Senate floor as Senator, while addressing the health care plan, Hillary Clinton stated “I learned … the wisdom of taking small steps to get a big job done.” Indeed.

Hopefully, this system will ensure timely and efficient medical care and a record of allergies and sensitivities, which will cut down on wasteful spending. Hopefully, it will not be used as an excuse to deny service to the suffering, especially the elderly and genetically challenged. But I would be aware, I would keep my eyes open, to ensure the safety and integrity of such a massive database. And let it not be used as a further tool of control of our most basic of needs – for that of our body to function in such a way that we can have quality of life. It is our Right.

Home Owners Loan Corporation (HOLC) is able to stop mortgage default and help homeowners to retain their homes. But what is HOLC and how can it help you to retain your house? Let us explore.

Home Owners Loan Corporation – what is it?

HOLC or Home Owners Loan Corporation was an agency that bought mortgages from failed banks during the Great Depression of 1930s and modified the loan terms to much easier ones. HOLC offered easier refinance options to homeowners. It extended the loan repayment period and divided the single lump sum payments to smaller installments. Thus, Home Owners Loan Corporation helped more than 1 million families in repaying their mortgage debt and avoid foreclosure.

Home Owners Loan Corporation and its significance in current economic crisis
According to an estimate there are more than 2 million homeowners carrying $3 trillion mortgage debt. Moreover, there are 3 million ARMs (Adjustable Rate Mortgages) that would be adjusted to higher interest rate during 2009 and 2010. Mortgage default and consequent foreclosure were the main reason behind current financial and economic crisis. Thus, more mortgage defaults would deepen ongoing economic crisis in the coming years.

So, what’s the solution?
The only solution is to stop mortgage default and consequently foreclosure. This can be done if Home Owners Loan Corporation is reinstated until the crisis is over. Corporation then can buy mortgages from lenders and dole out refinance options to the distressed mortgage borrowers at easier terms so that they can repay the loan. This will help the average distressed Americans to keep their homes with themselves.

Question of the Month:
Question of the Month is yet another effort by the debtcc team to enhance the community knowledge bank. It’s a monthly contest and every month a challenging question will be thrown before the members for responses. The best answer will be chosen collectively at the end of the month by the debtcc members and the admin panel of the site. The winner of this contest will receive a handsome reward of a $50.
The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges.
Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.

Latest Question

Question 6: How are you going to celebrate Valentine Day with your loved one during this cash-strapped season?

Valentine’s Day is the most exciting and romantic day of the year for most couples. Every one of us tries to make this day memorable by offering our love to our beloved through gifts. According to a survey by CNNMoney, an average American spends $120 on Valentine’s Day. But during this cash-strapped time can’t we become innovative and balance all the aspects? Share your wisdom with us on the ways you’re going to take during this Valentine’s Day to shower your Love and Affection on your The Loved One.

Winner Post

Answer 1:     I really believe it is simple. The best way to spend V Day without the worry of money involved is to take the evening and commit it only to each other. When you want to show your true love for each other, Money should never be a factor. It is the heart. Leave the problems behind and focus on your love instead of the problems knocking on your door. Cuddle up on the couch or lay in bed with only you and your loved one talking of your love for each, passions, and hobbies. Leave all issues behind for the evening. Focus on your love and make sure that the other one feels that no matter what may lie outside your door, you have always got the most important thing that money can not buy. Each others love. Each others heart. Youre in it completely together. When I was diagnosed with a disease that prevents me from doing a lots of things, you realize that the most important thing is the love you have. Not what you can buy. With sharing your love, you can accomplish anything. Show that love. It means more then the gifts and things that may just end up stressing you out in the end. Hold them, remind them each day (not only special occasions) what it means to have them in your life. This Valentines Day, leave everything aside for a while and build on that love.
I know all of this is not exactly what you have asked. But the gift of love is the most priceless thing that you could ever give or receive. Everyone wants to do something really special with their loved ones or be able to buy them something unforgettable. But in these hard times stop and think of the last time you gave 100% attention only to the love you share. Several years after you will still remember how it felt. Money? What does it all mean and what do you really have if you do not feel and give your love. Be it with your kids, parents, husbands and wives, or even someone in need of a helping hand. Let them know you care. Money cant buy that. But you sure can give it. The most expensive gift of all. LOVE

Answer Posted by |Allie

The other answers worth mentioning are:

Answer 2:     Valentines Day 2009 will be low key and wonderful at the same time. Love is truely free and there is no need to buy presents to represent that. Far more important than spending money is spending time and giving full attention. It is a pretty scary world right now and that sometimes takes away from whats most important in this world and that is love.
This year make sure the people you love know how much they mean to you and give them all the time and attention that you can. If you would like to buy something, put more effort into something that has meaning.

Answer Posted by |bea2ls

Answer 3:     Valentines Day is a day you should spending with your loved ones. It doesnt necessarily mean you have to spend money. My son is MY WORLD!….I dont have to spend money everytime a special day comes up. Your loved ones want your TIME ( thats how it should be), not just the money you spend on them.

Answer Posted by |sdchargers_63

Answer 4:     What money cant buy- attention, a soft touch, a high degree of communication mostly listening you asking a simple thing like would you like can I get you a cup of coffee. Maybe we should make ever day Valentine ‘s Day .simple consideration, listening and a soft touch goes a long way. Flowers fade and candy goes stale but a relationship built on consideration and communication will make love last forever.

Answer Posted by |MIKE1234412905

Answer 5:     First, I plan on making cards I will make one for my husband of just over 13 years and also for my boys. Cards are so expensive to buy and i can also write my true feelings.
Also I plan on staying in and making a nice home cooked meal, that we rarely get to enjoy as a family. I plan on going all out and buying nice steaks, YUMMY and way cheaper than going a restaurant. I plan on having an awesome dessert to finish it off.
Most couples spend the day or evening together without their kids, but myself Our kids are part of Valentines Day and we should celebrate together, and with it being on a Saturday, even though we have basketball and indoor soccor that day, we will spend the evening as a family with a nice dinner/dessert and a good family movie that we can enjoy together~as a Family
Happy Valentines Day to ALL!!!

Answer Posted by |wendylynn93

Answer 6:     My Husband I have celebrated 26 Valentines Days together. Some of these have been quite extravagent while we were dating and included roses being delivered to my work, a gourmet dinner out and a room at a 4 star resort complete with breakfast in bed. The amount of money we spent is more than what we currently spend on our monthly groceries for our family of 4.

This year we will do our “holiday” breakfast of eggs benedict with our children. We are going to take them ice skating, only $5 each and then take them to Grandmas for a sleep over. My Husband and I are going to return home, make a steak dinner together, drink too much wine and enjoy each others company without the children. We agree that this low budget celebration and inclusion of the children is the conservative way to go this year.

Answer Posted by |Michelle1235403967

Answer 7:     We have already decided to stay in and forego the gifts and flowers etc. – no sense in spending a ton of money we shouldnt be spending. Instead, we will be making some recipes we havent tried before from the new cookbook we got for Christmas (its always fun cooking together!) and watching some movies on DVD weve been wanting to see. Since we rarely get to spend time together because of work schedules, thats whats most important anyway.

Answer Posted by |SusieQ

Answer 8:     Well if your lucky to have a loved one, then I say everyday should be Valentines day. You should have to wait for one day a year to show your loved that you care. You should do that everyday. With kindness, helpfulness and thoughtfulnes all the time. I will spend no money on this day. I beleive that this day is over commericalized.

Answer Posted by |mariewoodson1354

Answer 9:     We are going to go to our cabin and have a nice dinner there. I have already picked up a tenderloin when the store had them really cheap and put it in the freezer. Better than paying $22 for 1 16oz steak dinner. I got a whole 4lb tenderloin for $13. The rest of the dinner will cost a few dollars. Then we are going to curl up by the fire and watch some movies. The video store has a special going on 3 movies for 5 days for $5. So our whole V-day will cost us about $40 that includes dinner,movies and gas to get to the cabin. We dont do presents or cards on V-day because #1 the cards usually get thrown away so that would be like throwing $4 in the trash #2 being able to have the cabin is a gift in itself these days #3 flowers die, true love doesnt.

Answer Posted by |puddlejmpr

Answer 10:     This Valentines Day I am going to “Act in Love”. I will do special things for my loved ones. I will make each one a handmade card. Inside will be a special message for them expressing how much they mean to me and what I love about them. Also inside will be what their special “Act of Love” from me will be. For my husband, I will give him that back massage hes always been begging for. For my teenage son, I will cook his favorite dinner, Spaghetti. For my 6 year old daughter, I will paint her finger and toe nails with any of my nail polishes she chooses. And for my 4 year old son, I will take him to our local playground and play WITH him. He loves going down the slide together. I am going to just to show them how much I love them. No gift can really express love…only YOU can express how much you love someone. Make sure you always tell your loved ones that you love them, no one is promised tomorrow.

Answer Posted by |mamamerel

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