Death-debt collectors chase down mourners

credit-cards-with-death-certificate

Debt collectors have found a way to help lenders get their money after the debtor has died.

Linda Long’s husband died of colon cancer in 2010.  After his death the phone calls poured in. Linda is a  68-year-old retired office worker o whsays she got as many as 10 calls a day from a debt-collection firm asking for $16,651.52 that her husband, Millard, had racked up on a Bank of America Corp. credit card.

 

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Student loan defaults continue to grow and the worst is yet to come

graduates

The student loan default rate for fiscal 2009 surged to 8.8%, up from 7% in 2008.

Two years ago critics warned that government-backed student loan defaults would rise.  The question was how soon would taxpayers feel the pain.  This month, the U.S. Department of Education provided part of the answer when it reported that the default rate for fiscal 2009 surged to 8.8%, up from 7% in 2008.

 

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‘Fourth bureau’ – little known companies track data used in credit scores

magazines

The “fourth bureaus” track your everyday transactions including your magazine subscriptions.

Mike Mondelli, an Atlanta entrepreneur, has access to more than a billion records detailing consumers’ personal finances — and there is little they can do about it.

 

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43 Million American’s Credit Scores Now a Poor Risk for Lenders

denied loan

A quarter of Americans have a credit score below 599.

Credit scores of millions of Americans are sinking to new lows.  Figures provided by FICO Inc. show that 25.5 percent of consumers — nearly 43.4 million people — now have a credit score of 599 or below, marking them as poor risks for lenders. It’s unlikely they will be able to get credit cards, auto loans or mortgages under the tighter lending standards banks now use.

 

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