Preparing For Settlement

Date: Mon, 03/22/2010 - 19:26

Submitted by anonymous
on Mon, 03/22/2010 - 19:26

Posts: 202330 Credits: [Donate]

Total Replies: 2

My wife has a lot of credit card debt from medical bills, family emergencies, etc that we are saving up to settle. All the credit cards are in her name only. I know its a good idea to have a separate checking account that is not affiliated with the bank of any of your credit cards but my question is can the Credit cards find out how much money you have saved in your savings account even though the account is with a different bank? I know the credit report doesn't show this information but is there another way they can find out what you have saved for settlement?

You're right about maintaining a separate account to save for se

You're right about maintaining a separate account to save for settlement. The credit card companies can look up for your financial whereabouts by using your social security number but they normally don't go that far. You may maintain a separate account while saving for settlement and don't let out the information to any of your creditors or collection agencies.

lrhall41

Submitted by on Mon, 03/22/2010 - 21:44

( Posts: | Credits: )

Creditors cannot get the amount in your accounts. Banks cannot

Creditors cannot get the amount in your accounts. Banks cannot release the amount in your accounts without a written authorization from you. So unless your credit card agreement states your signature on the application gives them permission (I don't believe it does) then they may be able to see where you bank but not the amounts in your account.

lrhall41

Submitted by on Wed, 03/24/2010 - 20:13

( Posts: | Credits: )