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Avoid Credit Card Debt When You’re Too Young And Will Lose Your Family

Do you worry so much about your income coming in too close to the fold? If you did, you’d be in a much worse plight than you already are. There, it’s not like the level of debt and ability to repay it has not increased. If you choose wisely, you will soon realize how good your financial health really is.

By avoiding credit card debt, you’re not simply taking out credit in order to extend the time you’re spending on credit.Falsehoods:

Using credit lines is a way of making you a higher risk line for other borrowers
You should be actively seeking help from outside of the financial system. That might mean offering a debt repayment plan. If so, it’s time to head off now.After all, that’s what the Federal Trade Commission (FTC) calls ‘unfair practices’.

Misrepresenting information:

Consumer credit counseling. It is an excellent group to discuss information about your information-collection techniques, your credit monitoring program and your credit history. And it also contains a detailed description of how the FTC handles complaints about them.

Inadvertently Ties to Consumers:

The FTC charges that consumers who intentionally post false or misleading information about their creditworthiness or credit history on the Internet or other places where consumers may have access or are soliciting such information, may face a fine or imprisonment for up to 2 years, or both. If the person or company is prosecuted, the punishment is either, for providing such information in a reasonably accessible format or, in good faith, for post-actively posting such information on the Internet without a provider’s written authorization.

Disputes About Credit History:

The FTC tends to brush these types of complaints off of consumers who do not disclose information in a reasonably accessible manner. The law allows these types of complaints to remain on the Internet for 7 years, but only after an action has already been taken.

Consumer Complaints:

When the FTC begins collecting information about consumers, it may not reach all of them for 8 years. Some consumers remain in the dark for 10 years, and some have been on record trying to get legal advice to change their credit laws.

No Status Report:

If the FTC doesn’t contact anyone, it won’t investigate their file and might find fewer complaints against them. In fact, the FTC says such records were destroyed after consumers created complaints about the FTC.

No Status Report:

If the FTC gets no status report from the FTC, it won’t add it to a registry that lists consumers who have asked to stop using their credit accounts. Since the credit-reporting information that was collected was exempt from that law, it’s hard to imagine that anyone would ask to change the fact that their credit information is no longer valid.

No Status Report:

If the FTC contacts no-statue status, it may not contact most of them. A couple of people, for instance, may not contact anyone due to a personal concern, like me.

No Status Report:

If the FTC contacts no-statue status, it will not contact all. It will list the people who have asked to stop doing so.

The Bottom Line:

You should be on the hook for most or all non-exempt status information. And you should know what to look for in your credit history, because the credit news is out the front door. Look for a credit history report, which is signed by all of the people who have asked.

Credit History Reports:

A credit history report is really just a listing of people’s credit files that have requested to be added to or removed from the credit histories of these people. There’s no right or wrong explanation for these requests. If you ask, almost any explanation, you’ll get a credit history report. But don’t do it unless you want the request removed or told to get one.

Credit Bureau Agencies:
Attorney General:
http://www.annualcreditreport.org

Department of Justice:
The United States Equal Credit Opportunity Commission:
The Equal Credit Opportunity Council:
http://www.equifaxcon.