Consumer Debt Relief Frequently Asked Questions

Frequently Asked Questions

Consumer Debt Relief Frequently Asked Questions

Consumer Credit Basics

Convenience – Credit cards are a widely accepted form of payment and relatively safe versus cash or checks.

Leverage – If you are not satisfied with a product purchase using a credit card, you normally have the option of canceling and refusing payment.

Interest free loan – Most credit cards have about a 25 day period where no interest is paid on the balance.

Emergency Spending – Credit cards provide a ready source of credit for unexpected expenses.

Expense Tracking – Your credit card purchase are monthly summarized for your review and budgeting.

A secured credit card means that a security deposit has been set up to guarantee payments using the credit card. The amount of your security deposit is the credit limit for the secured credit card. This type of card is used by those that need to establish a credit history of consistent, on-time account credit payments.

A grace period is the amount of time after a due date of a bill before late fees are applied.

When you default on a loan to fail to make timely payments or follow other terms of the loan. When a borrower fails to make any payments due, it is referred to as a monetary default. When a borrower fails to follow through on any other terms of the debt, it is referred to as a covenant default.

Bankruptcy is the term that describes the legal court process a person must go through to relieve the debts they are unable to pay their creditors.

A late bill payment needs to be 30 days old before it will appear on your credit report. However, even if your late payment does not appear on your credit report, you will likely experience late fees and interest charges.

Late payments (30 days or more after due date), collections and foreclosures will remain on your credit report for seven years. Bankruptcy judgements will remain on your credit report for ten years.

Credit bureaus do no approve loans. Your perspective loan lender can request from the credit bureau your credit report to review as part of the application process. Credit bureaus do not make lending decisions. They collect consumer credit data to produce credit reports.

A lien holder is an institution, like a bank, that has the right to take and hold or sell the property of a debtor as security or payment on a debt or loan borrowed from them.

Debt consolidation is the process of combining multiple debts into one larger debt that can often lower payments and interest rates.

APR stands for Annual Percentage Rate, a term normally used with consumer loans. An APR includes the costs associated with obtaining the loan: interest rate, points, origination fee that you will be paying annually. The APR is used a means of comparison with like loan products.

Consumer Credit is simply the ability for a consumer to be able to borrow money in order to purchase a product or service. Borrowed money can take many forms, such as credit cards for product purchases. a student loan, a personal loan, car loan or home mortgage.

Most likely your credit report has errors.

The Federal Trade Commission reported in a study conducted in 2012 that 26% of the credit reports they analyzed had errors. Of those with errors, 5% who disputed these errors increased their credit scores at least 25 points. That is a significant change in a credit score.

You should not assume that your credit reports are completely accurate.

No. Your credit report is independent of your spouse. The same is true of your credit scores. However…

A lender will likely take into consideration both of your credit reports when deciding on a home mortgage, for example. If your credit report is bad and your spouse’s good you may find that the loan, if approved, has a higher interest rate than if both were good.

It certainly can. Many employers will do a credit check of a potential employee to determine the stability of the job candidate. For job positions that entail financial responsibility, it is most likely you would experience a credit report check.

This means that the issuer of the credit card has verified with a credit bureau that you meet its credit criteria and has pre-approved you as a quality candidate for its product.

However you will still need to apply in order to actually receive a new credit card. You may or may not be accepted once you have formally applied.

This simply means that the credit card issuer will make a quick decision about your application. Generally only those with good to excellent credit will receive rapid approval.

In the US, you need to be 18 years old to get a credit card using your credit history. You however can be listed as an authorized user by your parents.

There is a saying: “Everything in life is negotiable.” That also applies to your credit card interest rate.

If you have been consistently making on-time payments on your credit card for a period of time, it is worth a call to your credit card issuer to see if they can reduce the interest rate. It is a competitive market and it might be worth your card issuer to reduce the APR to not lose your business. If not, you might want to take advantage of an offer from another card issuer, since it is a competitive market.

Also you can consider opening a balance transfer credit card, with a lower interest rate, to move your existing credit card balance to the new card. You need to make sure that the balance transfer card, after the customary promotional period, offer you a competitive APR.

Credit cards offer much more protection against theft and fraud for online purchases. In case of a buyer dispute, the funds have already left your bank account. That is not the case if you use a credit card.

Keep your debit card for local purchases, when it is more convenient than carrying lots of cash. Use your credit card for online electronic payments.

Consumer Credit Repair

The Fair Credit Reporting Act (FCRA) was written in 1970 as an amendment to the Consumer Credit Protection Act. The FCRA provides additional measures of consumer protection in the areas of fairness, accuracy, and privacy of the information collected by the credit bureaus. It also allows you to personally engage in credit repair and maintenance processes, verifying that the information in your credit report is correct.

A credit bureau – sometimes called a “consumer reporting agency” – is a business that collects relevant consumer information from creditors and courthouses, and then sells that information to interested parties such as potential lenders. Such information is sold in the form of a credit report. In the U.S., the three major credit bureaus are TransUnion, Experian, and Equifax.

Normally negative items will remain on your credit report for seven years, with the exception of bankruptcy (ten years). You may choose to dispute a negative item, but if it is accurate, the dispute will be rejected and the item will remain on your credit report. However, if the negative item violated consumer protection laws, it may be removed.

When an account is unpaid for more than 180 days, a creditor usually writes off the debt as a loss on their financial statements. This is known as a charge off. Once a debt is charged off, it is either transferred to an in-house collections department or sold to a third-party collection agency who will likely contact you in attempt to recoup the balance.

The time it takes to repair your credit is completely dependent upon your personal situation. Six months should be your guide if you have many issues with your credit report.

It is a common myth that negative items must remain on your credit report for a minimum number of years. In fact, there is no minimum time-frame. Creditors control the information they provide to the credit bureaus. They can also choose to remove negative items as well. The Fair Credit Reporting Act requires all reported information to be fair, accurate, and substantiated. If these conditions are not met, the credit bureaus are required to remove it.

Credit Repair is actually the process of removing inaccurate, unfounded, out of date, false, and erroneous information from your credit report.  Your credit report dictates your credit score.  The 3 major credit bureaus collect information from lenders, creditors, and debt collectors and apply it to your credit report.  Based on that information, your credit score is determined.  This information could include the balances on loans or credit cards, credit inquiries, debt to income ratio, and most importantly, credit utilization (the percentage of debt you have to available credit)

This is determined by what your goal is.  Perhaps you are trying to buy a house.  If this is the case, you might want to get started at least 6-9 months before you plan on purchasing.  If you plan on purchasing a car, then you might to get started in 2-3 months.

You have the ability to dispute any information on your credit report you deem as inaccurate, unfounded, or incorrect.  However many consumers have tried doing this themselves only to find out that the process takes too long, is confusing, and full of challenges they deem too stressful to deal with themselves.  A third-party credit repair company can take the burden of disputing off your hands and have the ability to speed up the process through their experience.  Think of a third-party credit repair company like you would think of a Tax preparer, Legal Service, or even a plumber.  You could probably do it yourself, but perhaps not with the same end results. We highly suggest that all of our clients and prospective clients take some time to learn about their credit, credit reports, as well as the process of repairing their own credit.  You may feel doing it yourself is the better route for you and your situation.

A good credit score helps you obtain low interest rates and long term loans, like home loans or car loans. Lenders may charge high interest rates or impose undesirable repayment plans for you. Given the stakes and the consequences involved, it is clearly to your advantage to work toward recovering from a bad credit rating.

Credit Bureaus are companies that maintain records of your credit lines and performance. Records can go back for up to ten years, in the case of bankruptcy data. Creditors, banks, mortgage companies and other financial institutions supply this information to the credit bureaus. The credit bureaus then compile this data into your a credit report. A credit report has details of how you have managed credit in the past, so other lenders can judge your credit worthiness.

Most likely your credit report has errors.

The Federal Trade Commission reported in a study conducted in 2012 that 26% of the credit reports they analyzed had errors. Of those with errors, 5% who disputed these errors increased their credit scores at least 25 points. That is a significant change in a credit score.

You should not assume that your credit reports are completely accurate.

No. Your credit report is independent of your spouse. The same is true of your credit scores. However…

A lender will likely take into consideration both of your credit reports when deciding on a home mortgage, for example. If your credit report is bad and your spouse’s good you may find that the loan, if approved, has a higher interest rate than if both were good.

It certainly can. Many employers will do a credit check of a potential employee to determine the stability of the job candidate. For job positions that entail financial responsibility, it is most likely you would experience a credit report check.

When you are initially contacted by a debt collector regarding an unpaid debt, you have the right to request proof of the debt within 30 days of initial contact. This is called debt validation. Unless the debt collector can validate that you are responsible for the debt, they must stop all further collection efforts.

The debt validation letter from collector needs to include: 1) Proof the debt exists; 2) Proof that you are responsible for the debt; and 3) Proof that the debt collector has legal right to collect on the debt.

Consumer Credit Score

Credit scores for married couples are treated separately. They do not have joint credit scores. Each has their own individual scores. If you are unmarried you only need to worry about your credit habits and profile. However, if you are married your spouse’s credit habits and profile have an impact on yours. For example, if you have a credit card in both of your names and it does not get paid on time, that can adversely affect both of your credit scores.

A credit score minimum requirements, in order to qualify to receive one, your credit report must have:

  • At least one account opened for six months or more;
  • At least one account reported to the credit bureau within the past six months
  • No indication of deceased on the credit report

Credit score changes, in general, do not change that much over time. Your credit score is calculated each time it is requested;. This can be a lender request or by you. Each time your credit score is calculated it takes into consideration the information that is on your credit report at that time. As the the information on your credit report changes, your credit score can also change.

There can be delays by your creditors in reporting information to the credit bureaus. Also, the type of changes in information will affect your credit score. For example, opening a new credit card account will be more significant a change than simply having paid your bills on time the previous month. Also, something dramatic like a bankruptcy judgement will have a significant impact in the calculation of your credit score.

Credit scores are different between the national credit bureaus. In the U.S., the three national credit bureaus compete to capture, update and store credit histories on most U.S. consumers. While most of the information collected by the three credit bureaus is similar, there are differences.

All of your credit information may not be reported to all three credit bureaus. The information on your credit report is supplied by lenders, collection agencies and court records. You should not assume that each credit bureau has the same information pertaining to your credit history.

A bankruptcy affects credit scores negatively. It will always be considered a very negative event by your credit score. The negative impact it will have on your score will depend on your entire credit profile. For example, someone with a high credit score could expect a huge drop. Alternatively, someone with many negative items already listed on their credit report might only see a modest drop in their score. Also, the more accounts included in the bankruptcy filing, the more of an impact on your credit score.

Does spending less improve credit scores? It depends. If the money saved goes into your bank account, this will not improve your credit scores. Your credit scores do not consider the amount of disposable cash you have at any given time.

However, if the money saved is used to consistently payoff your credit accounts, you will notice an improvement in your credit score. Your credit score factors in the balance on your revolving credit accounts such as your credit cards. As you pay the balances down, your debt versus credit (credit utilization ratio) should decline, which is positive for your credit scores.

Do inquires affect credit scores? Yes they do. Credit inquiries are requests by a “legitimate business” to check your credit. These inquires are reported to the credit bureaus which are then included in your credit reports. There are two types of credit inquiries that are classified as either “hard inquiries” or “soft inquiries.” Only hard inquiries have an affect on your credit scores.

Soft inquiries are all credit inquiries where your credit is NOT being reviewed by a prospective lender. These include inquiries when you are checking your own credit reports and credit checks made by businesses to offer you goods or services.

Hard inquiries are credit inquiries where a potential lender is reviewing your credit because you have applied for credit with them. For example, when you have applied for an auto loan, mortgage or credit card. Each of these types of credit checks count as a single credit inquiry. The exception is when you are “rate shopping” for the best deal on a loan. In this case all all inquiries within a 45-day period for a mortgage, an auto loan or a student loan are classified as a single credit inquiry.

Most likely your credit report has errors.

The Federal Trade Commission reported in a study conducted in 2012 that 26% of the credit reports they analyzed had errors. Of those with errors, 5% who disputed these errors increased their credit scores at least 25 points. That is a significant change in a credit score.

You should not assume that your credit reports are completely accurate.

No. Your credit report is independent of your spouse. The same is true of your credit scores. However…

A lender will likely take into consideration both of your credit reports when deciding on a home mortgage, for example. If your credit report is bad and your spouse’s good you may find that the loan, if approved, has a higher interest rate than if both were good.

It certainly can. Many employers will do a credit check of a potential employee to determine the stability of the job candidate. For job positions that entail financial responsibility, it is most likely you would experience a credit report check.

Debt Relief Services

Debt relief refers to resolving your debt without taking out a new loan. Our financial partner debt relief program is designed to help you save as much money as possible, as quickly as possible, based on the money you have available. It puts you back in the driver’s seat to get you the maximum savings on your debt.

Our financial debt relief partner offers an in-house debt relief program where fees are earned based on results of the program. The way this program works is that money will accumulate on a monthly basis in a special purpose account. Alternatively, you may have a lump sum amount that will accelerate the program. Based on the amount of money accumulated, our financial debt relief partner will negotiate the best possible reductions for your debt. Each account is negotiated and resolved until all of them are settled.

Our debt relief financial partner offers services related to tax problems such as tax liens, wage garnishments, delinquent payroll tax issues, and other tax related issues. In some cases just by getting proper tax returns filed, a significant adjustment in the amount of taxes owed is realized.

Our debt relief financial partner is a member in good standing with the AFCC, the largest and oldest association for debt relief companies. In order to be a member of AFCC, a debt relief company has to comply with a stringent set of requirements and disclosures and maintain these standards in order to keep up with renewals.

As an alternative to bankruptcy, a debt relief strategy is the best and fastest way to get out of debt. However, there are conditions that must be taken into account for the program to work.

The most important factor that determines the success of a debt relief program is the individual’s ability to fulfill their payment obligations on a monthly basis for the duration of the program.

A number of factors influence the cost of entering a debt relief program such as the creditors you owe, your credit balances, your ability to contribute monthly dedicated account payments into the program, the amount that can be negotiated from your balance, how quickly it is negotiated, and the fees charges.

Our debt relief financial partner fees, on average, are 20% of the total debt amount enrolled and are calculated as part of your monthly repayment. There are no upfront fees to be enrolled in our debt relief financial partners’s relief program.

The goal of the debt relief program is to help save you as much money as possible, as fast as possible.

Our focus is to help you save as much money as possible, as soon as possible. Your focus should be on your job or business and family. It’s hard enough having to manage everything going on around you and still have to worry about your debt. Our debt relief financial partner has professional, trained staff to provide you with the best way forward.

While you ensure that you make your payments monthly, which may account for 2% of the effort, our debt relief financial partner is working tirelessly to ensure that the other 98% of the process is in place and managed to help you save money and be debt free as quickly and painlessly as possible.

Loans such as federal student loans, certain credit union accounts, and government loans are not eligible to be included in a debt relief program. Any loan that is secured to a physical item, such as auto or mortgage cannot be included.

Private student loans, that are not government backed, may be included in a debt relief program.

Our debt relief financial partner is licensed and/or bonded in numerous states. Our debt relief financial partner is in full compliance with federal and state laws, as well as meeting any licensing and bonding requirements as needed by each state where it provides services.

Once you are enrolled in a debt relief program, your responsibilities will include keeping up a great line of communication and making payments on a monthly basis into a special purpose account.

Our debt relief financial provider will handle the rest of the process and make sure that you save you as much money as possible, as fast as possible for as long as you are in the program.

Qualified candidates are those who have a legitimate financial hardship, which has caused them to fall behind on their payments to creditors, or will cause them to fall behind in the near future. Our debt relief financial partner only represents consumers who are truly in need of its services and stand to significantly improve their financial situation.

Due to your legitimate financial hardship, you are able to participate in this savings program in order to help pay your debts in the future. We are not here to advise you not to pay your debts now, however if you are able to make payments to your creditors, then you probably don’t actually have a legitimate financial hardship.

According to the US government: ” A taxpayer is insolvent when his or her total liabilities exceed his or her total assets. The forgiven debt may be excluded as income under the ‘insolvency’ exclusion. Normally, a taxpayer is not required to include forgiven debts in income to the extent that the taxpayer is insolvent.”

Financial Definitions

Unsecured debt refers to loans which are not tied to physical property. Examples of unsecured debt include credit cards, medical debt, department store cards, signature loans, unsecured lines of credit, payday loans, personal loans, revolving charge accounts, collections debt, repossessions and certain business debts.

Secured debts are tied to a physical property. For example, your home loan is secured against the home. If you do not make payments towards the home loan, the lender will foreclose on your home to ultimately take it. As another example, your auto loan is secured by the vehicle. The same applies to all types of loans that are secured by real property. This is why you need to keep paying your secured loans.

Debt Settlement (also referred to as debt negotiation) means that your debt is negotiated down to a reduced amount and paid off in a lump sum. In some rare cases, multiple payments are utilized to pay off the debt, settling the account in full. Settlement is one of the most effective choices available to consumers.

Debt settlement is an alternative to bankruptcy. Bankruptcy is an option that is generally treated as a last resort. It will remain on your credit report for 10 years and you can be denied employment, state licenses, insurance, as well as tenancy of an apartment. Most importantly, you can be denied virtually any type of credit with a bankruptcy on your report. In addition, since the bankruptcy laws have changed recently, it is even more difficult to qualify for Chapter 7, the method of liquidating assets to eliminate your debt. You will not be allowed to discharge alimony, child support, taxes, student loans, judgments, or any loan on the bankruptcy petition. Under Chapter 13 bankruptcy, your debt payments are simply restructured meaning you will still have to pay a percentage of your debts while you suffer the consequences of bankruptcy.

Financing Credit Card

Convenience – Credit cards are a widely accepted form of payment and relatively safe versus cash or checks.

Leverage – If you are not satisfied with a product purchase using a credit card, you normally have the option of canceling and refusing payment.

Interest free loan – Most credit cards have about a 25 day period where no interest is paid on the balance.

Emergency Spending – Credit cards provide a ready source of credit for unexpected expenses.

Expense Tracking – Your credit card purchase are monthly summarized for your review and budgeting.

A secured credit card means that a security deposit has been set up to guarantee payments using the credit card. The amount of your security deposit is the credit limit for the secured credit card. This type of card is used by those that need to establish a credit history of consistent, on-time account credit payments.

A grace period is the amount of time after a due date of a bill before late fees are applied.

A late bill payment needs to be 30 days old before it will appear on your credit report. However, even if your late payment does not appear on your credit report, you will likely experience late fees and interest charges.

Late payments (30 days or more after due date), collections and foreclosures will remain on your credit report for seven years. Bankruptcy judgements will remain on your credit report for ten years.

APR stands for Annual Percentage Rate, a term normally used with consumer loans. An APR includes the costs associated with obtaining the loan: interest rate, points, origination fee that you will be paying annually. The APR is used a means of comparison with like loan products.

This means that the issuer of the credit card has verified with a credit bureau that you meet its credit criteria and has pre-approved you as a quality candidate for its product.

However you will still need to apply in order to actually receive a new credit card. You may or may not be accepted once you have formally applied.

This simply means that the credit card issuer will make a quick decision about your application. Generally only those with good to excellent credit will receive rapid approval.

In the US, you need to be 18 years old to get a credit card using your credit history. You however can be listed as an authorized user by your parents.

There is a saying: “Everything in life is negotiable.” That also applies to your credit card interest rate.

If you have been consistently making on-time payments on your credit card for a period of time, it is worth a call to your credit card issuer to see if they can reduce the interest rate. It is a competitive market and it might be worth your card issuer to reduce the APR to not lose your business. If not, you might want to take advantage of an offer from another card issuer, since it is a competitive market.

Also you can consider opening a balance transfer credit card, with a lower interest rate, to move your existing credit card balance to the new card. You need to make sure that the balance transfer card, after the customary promotional period, offer you a competitive APR.

Credit cards offer much more protection against theft and fraud for online purchases. In case of a buyer dispute, the funds have already left your bank account. That is not the case if you use a credit card.

Keep your debit card for local purchases, when it is more convenient than carrying lots of cash. Use your credit card for online electronic payments.

Financing Student Loan

Most likely not. If you have a Federal student loan, you can’t transfer it. You will need to begin the process of a new student loan application.

If you have a private student loan, you will need to consult your lender as each has their own terms and conditions.

Whenever you are applying for credit, such as a student loan, the lender will do a “hard” credit check to determine your credit worthiness. This hard credit check will reduce your credit score slightly.

However, if you demonstrate consistency of on-time payment of your student loan, this is positive for your payment history component of your credit score and should improve it.

Note that with a student loan, you have assumed additional debt. This will affect your debt-to-income ratio. Lenders review this percentage to determine whether your available income allows you to pay off the debts that you have.

Yes, but your lender and loan terms will be limited. Most private student loan lenders require that you have successfully completed a 4 year degree as part of a loan refinancing. This is primarily a matter of risk avoidance. If you have graduated, you have greater financial potential to repay a loan. If not, the terms of any refinance loan will be less attractive.

Most students have not established a credit history, so this is not unusual. In this case your private student loan lender will likely require a cosigner on the loan to serve as a guarantee of repayment. Often the cosigner is a parent or relative.

Once you have established your own credit history, there are ways so that you can have your cosigner removed.

Yes. If you have the credit history and income to meet the student loan lender loan approval guidelines, there is no need for a cosigner on the loan. However, even if you do qualify, your student loan lender may advise you to consider a cosigner to add to the loan application to improve the loan terms (e.g., interest rate) and reduce the overall interest cost of the loan.

Student loan refinancing is when you take out a new student loan to pay off an old (one) student loan.

Student loan consolidation is when you take out a new student loan to pay off the combined debt of more than one student loan.

The purpose of either is to either: a) extend the term length of the new student loan to reduce your monthly student payment; b) lower the interest rate of the new student loan to reduce your interest costs; c) if the new student loan interest rate is lower you can apply more of your monthly payment to the loan principal, reducing the time needed to pay off your student debt.

Identity Theft Protection

Identity theft is the deliberate misuse of another person’s identifying information. Today, the classic example is when a thief steals a person’s social security number and uses it to open new accounts for financial gain. Identity theft’s loose definition has more broadly come to encompass other forms of fraud that typically take place online such as credit card fraud, medical benefit fraud, impersonating someone to take out payday loans in their name, and more.

An identity theft protection company offers three primary services:

  1. Monitoring: The company will monitor your accounts for suspicious activity, the web and black market websites for your personal information, and your credit. They will also keep an eye out for any new accounts opened in your name, be they bank accounts, TV subscriptions, utilities, or loans. Whenever they spot something suspicious, the customer is notified so they can take the necessary steps to protect themselves.
  2. Restoration: If your identity has been compromised in any way, the company will have expert staff on hand to guide you through the process of restoration. This could mean canceling and replacing cards, removing fraudulent charges, and freezing your credit, among other things.
  3. Insurance: In the event that you suffer monetary damages as a result of identity theft, the service includes insurance to compensate each customer.

A data breach is the most common way that a person’s personal information becomes available to identity thieves. Hackers can breach the servers of banks, credit card companies, retailers, and anyone else who keeps an insecure database of customer records. Those records are sold on the black market, where thieves use the information to conduct identity theft. Data breaches often leak thousands of individual’s information at a time.

Instead of using someone’s personal information for financial gain, medical identity theft is using someone’s identity to obtain medical care or drugs. This happens as a result of a stolen insurance card and other personal info. Besides the financial harm, fraudulent information can be added to a person’s medical records.

Children’s social security numbers are valuable because they are essentially clean slates. They have no information already associated with them. Because a child isn’t likely to need a good credit rating for many years to come, child identity theft can go on for years without anyone noticing. Often a family member or friend is responsible, but strangers are also threats.

Fraud alerts notify companies that require a credit check that the person is at risk, and they take extra care to avoid identity theft. A fraud alert can be placed on your credit report at each of the national credit rating agencies so that if anyone attempts to open a new account in your name and requires a credit check, you will first be alerted.

A security freeze is a more extreme alternative to fraud alerts that completely lock access to a person’s credit file. Creditors cannot check the file and thus no new accounts can be opened. Security freezes should not be enacted lightly, as your current accounts (telephone, utilities, landlords) might need access to them.

Most studies and reports suggest that between 8 million and 12 million cases of identity theft occur each year in the United States.

The most common form of identity theft is government benefits fraud (34%). The second most popular identity theft crime is credit card fraud (17%) followed by phone or utilities fraud (14%) and bank fraud (8%). Employment-related fraud (6%) and loan fraud (4%) are also common.

The most common source of private information is still stolen or misplaced purses and wallets. Private data can be stolen by observing someone write or type personal information in public, such as account numbers or PINs at ATMs. Private information is also obtained from discarded documents in trash or recycling bins, and unsecured mailboxes. Businesses and their employees also are a source of personal information loss along with Internet or database penetration.

Consumers should carefully monitor bills and bank statements for suspicious activity. If you suddenly stop receiving statements, contact the particular source immediately. You should regularly review your credit reports to discover unauthorized activity on your behalf.

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