What Every Collection Company Should Know About The CARD Act

On February 22nd, 2010, the Credit Card Accountability, Responsibility and Disclosure (CARD) Act took effect. The CARD Act had one major goal in mind: to try to put a leash on credit card practices and impose limits to the fees that credit card companies charge consumers. It was designed with credit card holders in mind, limiting the amount of credit made available to them in this recession “for their own good.”

What Do Credit Reports Mean And How Are They Calculated?

As of 2009, bankruptcy filings that were new increased by over thirty five percent in just one year. Although it may seem like a dismal sign, a good way to look at it is that all of these people are on their own paths to rebuilding their credit scores and ultimately, financial freedom. We have all seen commercials with “people just like me and you” telling us to go to whichever website and look at our credit score. We know that if the number is high, it’s a good thing. It it is low, it could mean trouble finding a loan, getting a job, or a new place to stay. But just what is a credit score?