Frequently Asked Questions
Business Guidance - Registration
Business Guidance - Forms
Consumer Information
Who Must File?
Any business that makes, purchases or solicits consumer
credit transactions or directly collects payments from, or enforces
rights against, customers arising from such transactions, wherever made,
is subject to the registration filing statutes set forth at 
sec. 426.201, Wis. Stats. (PDF: external
link). You must file a registration and submit a $25 fee within 30
days of commencing business in Wisconsin. Future filing is required annually
only if your outstanding balance of all consumer credit transactions as
of December 31 is over $250,000. Businesses solely honoring credit cards
issued by a third party not related to the business are not required to
file. Annual registrations are due each February 28 for the previous
calendar year.
How Do I get a Registration Forms?
Forms are available on the forms page. After
you have filed once we will mail you a registration
form every January, if applicable.
Penalties for Noncompliance?
Failure to comply with the registration requirements under
sec.
426.201, Wis. Stats. (PDF: external
link) or failure to pay a fee required under
sec.
426.202, Wis. Stats. (PDF: external
link) will subject a person to a forfeiture of not more than $50
for each day of noncompliance.
Definition of a Consumer Credit Transaction?
Generally, a consumer credit transaction is any loan, lease or sale under
$25,000 primarily made for a personal, family or household purpose on
which a finance charge is or may be assessed, or is payable in more than
four installments. For a complete definition and exclusions from the definition,
see Chapter
421, Wis. Stats.
Some examples include:
- consumer and student loans
- single-pay notes, where interest is assessed;
- any accounts receivable where there is a balance at the end of the
month;
- second mortgages if the institution holding the second mortgage does
not hold the first mortgage;
- checking account overdraft protection programs.
Examples of transactions that are not
consumer credit transactions under the Wisconsin Consumer Act:
- first mortgages.
- the extension of credit to businesses, including transactions primarily
for an agricultural purpose.
- transactions, including those to consumers, in which the amount financed
exceeds $25,000.
Business Guidance - Forms
Can I ask the DFI to Review my Forms?
All consumer
credit transactions made in this state are subject to the Wisconsin
Consumer Act ("WCA"). Acts, practices, procedures and forms
used in conjunction with these transactions must comply with the provisions
of the Wisconsin Consumer Act, Chapters
421-427 and 429 of the Wisconsin Statutes and Wisconsin’s
Marital Property Law.
Unless otherwise instructed by a licensing or registration authority,
those who engage in consumer credit transactions in Wisconsin are not
required to submit acts, practices, procedures or forms to DFI for review.
Those who choose to have the agency review their acts, practices, procedures
or forms must follow the instructions, found at
sec.
426.104(4)(ab), Wis. Stats. (PDF: external
link) and sec.
DFI-WCA 1.82, Wis. Adm. Code (PDF:
external link)
Amending Forms?
Every resubmission of a previously reviewed form must denote all changes
from the prior form by underlining or highlighting the changes on the
submitted forms.
How Do I Submit Forms?
You may submit a form by mail or by e-mail. When using e-mail send the
attached form saved as a Microsoft Word document or Adobe Acrobat file
to info@dfi.state.wi.us. To
request an interpretation regarding an act, practice or procedure, you
may submit it in an e-mail to info@dfi.state.wi.us
If the request is not sent electronically, three copies
of the form must be submitted to the following address:
Department of Financial Institutions
Office of Consumer Affairs
345 West Washington Avenue 3rd Floor
PO Box 8041
Madison WI 53707-8041
If the form is submitted electronically, it is not necessary to include
three copies.
What are the Fees for Forms Review?
If the creditor intending to use the act, practice, procedure or form
is not registered under the Wisconsin Consumer Act,
a $100 per hour fee may be assessed prior to reviewing the act, practice,
procedure or form. We will estimate the time it will take to review
the forms. If the actual time it takes is less than the estimate, the
overpayment will be refunded. If it takes longer than estimated, you will
not be charged an additional fee.
Consumer Information
What Happens When I Apply for Credit?
When you apply for a credit card, personal loan or any other type of
credit, the lender must first decide if you are a good credit risk. Creditors
do this by checking your background to see how you’ve paid debts
in the past. They check not only your credit history, but also how you’ve
paid back non-credit debts, such as rent and medical bills. Many different
types of merchants report to credit bureaus and rate the account to reflect
your repayment practices. Obviously, a poor repayment history will not
fare well with a lender who is considering your application for an extension
of credit.
Most lenders use a scoring system to determine whether an applicant is
a good credit risk. Applicants receive points for items such as occupation,
length of employment and annual income. Applicants also receive points
for the number of previous or current creditors who have highly rated
their credit payment history. The higher the score, the better credit
risk the applicant is considered.
If you are deep in debt and are applying for more credit, the creditor
may consider you to be over-extended and can deny your application. Your
income-to-debt ratio would be the basis for their rejection because they
believe you may not be able to handle additional payments based on your
income and existing obligations.
If you have applied with several creditors within a short time, each
may have accessed your credit report and their inquiries are recorded
in your file. Some creditors automatically reject an application if the
credit report shows an excessive number of inquiries. They have found
that good credit risks usually do not have many credit inquiries. A record
of inquiries will remain on your credit report for as long as two years,
and may impair your ability to obtain credit for that period of time.
If you have committed yourself to relatively few creditors and have maintained
a high credit rating, lenders may look to how long your credit commitments
with those creditors will continue. If you are near the end of your current
commitments, the lender may consider extending credit to you because your
income-to-debt ratio will even itself out at the maturity of your current
commitments.
What are my Cancellation Rights?
Wisconsin law allows consumers to cancel certain transactions within
three days, but only if the contract is signed away from the seller’s
normal place of business. For example, if a salesperson came to your home
and sold you a vacuum cleaner, you would have three business days to cancel.
However, if you purchased a vacuum cleaner on credit at an appliance store,
the three day right to cancel would not apply.
This provision applies to transactions valued in excess of $25.00 where
the transaction was initiated by face-to-face solicitation away from the
merchant’s regular place of business, or where the transaction is
directed to the particular customer via mail or telephone solicitation.
The right to cancel law covers transactions at fairs and trade shows as
well.
§423.203 of the Wisconsin Consumer Act requires that the merchant
give the customer two copies of a written notice setting forth the customer’s
rights. The notice looks like this:
CUSTOMER’S RIGHT TO CANCEL
You may cancel this agreement by mailing a written notice to (insert
name and mailing address of seller) before midnight of the third business
day after you signed this agreement. If you wish, you may use this page
as that notice by writing "I hereby cancel" and adding your
name and address. A duplicate of this page is provided by the seller for
your records.
Cancellation under this law must be in writing. The customer may send
a letter, telegram or other writing indicating the desire to cancel. Usually,
the customer can use one of the two copies of the notice of right to cancel
by writing on it "I hereby cancel this contract" and mailing
it to the seller. The notice must be mailed to the seller by midnight
of the third business day following the transaction.
Within ten (10) days the seller must refund all payments made by the
customer and cancel any contract signed by the customer. The customer
is not liable for any finance or other charges and the transaction is
void. Within twenty (20) days the seller must return any property traded-in
by the customer. If the seller has delivered any property to the customer,
the customer may keep it until the seller has returned all down payments
and/or property to the customer. At that time the customer must make the
property available to the seller. If the property is not picked-up within
20 days after the customer has made it available, the customer is entitled
to keep the property without any obligation to pay for it.
What are my Rights Regarding Collection Practices?
Being contacted by someone who wants to collect a debt can be upsetting.
This brochure explains some of your rights and responsibilities under
the law and answers some frequently asked questions about Debt
Collection
What is Credit?
Buy now, pay later! Nothing down, 24 monthly payments! Low, low 9.9 percent
APR!
We are constantly urged to accept credit card offers or purchase items
on credit. But what is credit? Credit allows customers to purchase something
immediately and pay for it later. The money is borrowed from creditors
and the customer can pay the creditor over time, rather than paying at
the time of purchase.
There are two basic types of consumer credit transactions: open-end and
closed-end.
An open-end credit account is one under which you can make repeated purchases
or obtain money. You can either pay the balance in full or in installments.
For example, if you purchased a new air conditioner with a credit card,
that purchase is part of an open-end credit plan. You could use the same
card at a later date to purchase something different and not have to enter
into a new agreement with the creditor. You also would not have to make
a preset number of payments to payoff the balance.
Other open-end credit examples include: gas cards, credit cards like
MasterCard and Visa, checking account overdraft protection programs, and
revolving charge accounts. There is no limit on the interest rate that
businesses can charge for open-end credit.
Closed-end credit is credit extended for a specific amount and a set
time period. For example, if you purchased the same air conditioner as
above under a closed-end agreement, you would have to make a certain payment
for a set number of weeks or months.
Other examples of closed-end credit include: auto loans, mortgages, and
personal or home improvement loans. In Wisconsin, closed-end credit agreements
also have no rate limits.
Who are the Three Main Credit Bureaus?
There are three main credit bureaus servicing the United States: Trans
Union, Equifax and Experian. Each bureau covers a primary region of the
country and Trans Union is the bureau servicing the Midwest. This means
many of the credit report requests made on you will be done through Trans
Union. However some companies use one or more of the other bureaus. So
it’s very important to contact each bureau if you find an error to
ensure your report is accurate and up to date. To contact a credit bureau:
Trans Union Corp
Consumer Disclosure Center
PO Box 1000
Chester PA 19022
Toll-free: 1-800-916-8800
Direct: 610-690-4909
www.transunion.com
Trans Union Fraud Assistance Center
PO Box 6790
Fullerton CA 92834
Toll-free: 1-800-680-7289
Direct: 714-870-5565
Fax: 714-447-6034
Experian
PO Box 2002
Allen TX 75013
Toll-free: 1-800-682-7654
www.experian.com
Experian Fraud Department
PO Box 1017
Allen TX 75002
Toll-free: 1-800-301-7195
Fax: 214-390-3527
Equifax
PO Box 740241
Atlanta GA 30374-0241
Toll-free: 1-800-685-1111
www.equifax.com
Equifax Fraud Assistance Center
PO Box 740256
Atlanta GA 30374
Toll-free 1-800-525-6285
Direct: 404-612-2518
Fax: 707-375-2821
How do I Choose a Credt Card?
There are several factors to weigh when considering a credit card offer.
Issues such as interest rate, annual fee and grace periods are important
factors, and each should be considered based on how you plan to use the
card.
Interest rate—If you plan to keep a high balance, shop for the card
with the lowest rate. As a tradeoff you may have to pay a higher annual
fee. Keep in mind that credit card issuers may change their interest rate
at any time. They only must notify you in writing of their intentions
to do so.
Always check if a low rate is part of an introductory offer. If so, issuers
may raise the rates considerably after the introductory period.
Some cards use a variable rate system. With these cards your interest
rate can change from month to month with no notice.
Annual fee—If you pay your balance every month, look for a plan
with a low or no annual fee. In this case, the interest rate is not a
factor because your account won’t accrue interest.
Grace period—While many credit cards give you 25 days to pay any
new balance without incurring interest, some do not. This means you will
be charged interest from the moment of purchase.
There are many other factors involved in choosing a credit card. Some
cards offer annual cash back programs, free insurance on rental vehicles,
or some other incentive for you to use their card. Examine the offer carefully
and choose the program tailored most to your needs.
How do I Read a Credit Card Solicitation?
Credit Card Solicitations (PDF: 31
KB, 6 pages).
How do I find General Tips Regarding Credit Card Use?
- Record the names, account numbers and addresses of card companies
and keep that information in a safe place.
- Never give out your card number or Social Security number to any solicitor.
- To destroy a card, cut it vertically through the account number and
advise your financial institution in writing that the card is no longer
wanted.
- Sign cards, and destroy expired cards.
- Treat cards as if they were cash. Do not carry unnecessary cards.
- Never leave cards, or card receipts (which often have the card number
on them) in cars.
- At home, keep cards out of sight.
- Make sure after each purchase the card is returned, and make sure
it is the right card.
- Never lend a card to a friend.
- Keep a copy of drafts and check them against monthly statements.
- If requested, provide a merchant with identification.
- Contact your financial institution immediately if you notice fraudulent
activity on bills.
- Always notify your financial institution immediately if a card is
lost or stolen. Also, call the police and request a case number, which
should then be provided to the financial institution.
- Possibly the greatest sources of credit cards, checks and other negotiable
items to fraud artists are mailboxes. Consider a locking device for
your mailbox.
Is there a list of Credit Counseling Services, also known as Adjustment
Service Companies?
List of Credit
Counseling Services.
What are my Rights if I am Denied Credit?
The Equal Credit Opportunity Act (ECOA) ensures that all consumers will
be given an equal chance to receive credit. The ECOA states that it is
illegal to discriminate against applicants on the basis of:
- Sex
- Marital status
- Race
- National origin
- Religion
- Age
- Because they receive public assistance income
This doesn’t mean that all consumers who apply for credit will get
it. Creditors may still use factors such as income, expense, debts and
credit history to evaluate applicants, but they cannot discourage anyone
from applying for credit.
Under the ECOA, you have the right:
- To know whether your credit application has been accepted or denied
within 30 days of filing it.
- To know the reasons for a rejected application. The creditor must
either give you the specific reasons for the rejection or tell you of
your right to learn the reason if you ask them within 60 days. Acceptable
reasons are: "your income is too low" or "you haven’t
been employed long enough." Unacceptable reasons are: "you
didn’t meet our minimum standards" or "you didn’t
receive enough points on our credit scoring system." Indefinite
or vague reasons are illegal.
- To receive a specific explanation of why you were offered less favorable
terms than you applied for, such as higher finance charges or less money
than you requested. However, this does not apply if you accept the less
favorable terms by signing a contract.
- To have credit in your birth name, your first name and your spouse’s
last name, or your first name and a combined or hyphenated last name.
Make sure, however, that the name on your credit report is consistent
with the name under which you apply for credit.
- To keep your own accounts after you change your name, marital status,
reach a certain age, or retire unless the creditor has evidence that
you are unwilling or unable to repay.
- To get credit without a co-signer if you personally meet credit worthiness
standards and to have a co-signer other than your spouse, if one is
necessary.
- To receive an explanation as to why your account was closed or why
the terms of your account were changed. Wisconsin law requires a creditor
to notify the customer of adverse changes to a consumer account in writing
not less than 90 days before the terms of the account will change.
What is Credit Insurance?
Credit Insurance
How do I Address Credit Problems?
Sometimes, because of sickness, job loss or other reasons, people become
overwhelmed by bills. This is not the time to ignore the problem and hope
it goes away. First, contact creditors in writing and advise them of your
situation. While they are not obligated to give you extra time to pay
your bills, they may be willing to consider alternative payment plans.
Then assess your options:
Credit counseling service—These organizations are beneficial if
you need help getting your finances in order, setting up a budget, or
arranging to pay accounts. They are often available at low cost. Contact
DFI to see if the organization is properly licensed in Wisconsin.
Bankruptcy—This should only be considered after consulting with
an attorney, as this will appear on your credit report for 10 years. There
are two basic types of bankruptcy: Chapter 13 and Chapter 7. Chapter 13
allows a debtor to pay off creditors over 3-5 years. In this case debtors
won’t lose any property or possessions. Chapter 7 involves the liquidation
of all your assets, except those exempt by law, to pay your debts.
Although bankruptcy will clear most of your debts, it may not eliminate
spousal and child support payments, some student loans, taxes or fines.
Credit Counseling Services
A list of credit counselors (also known as adjustment service companies)
can be found at www.wdfi.org/fi/lfs/licensee_lists/Default.asp?Browse=ASC.
Re-establishing Credit
Re-establishing a good credit rating is not easy, but with hard work and
perseverance it can be done. The best way to start is to establish a checking
and savings account with your local financial institution. Often a smaller
community bank, savings and loan or credit union will be more able to
help you because their lending policies may be more flexible. Make sure
to regularly deposit money into both accounts and never overdraw on either.
Build a good relationship and a solid account history with them. You can
then sit down with them and discuss your situation. Be honest regarding
your past, but also highlight the effort you have put forth on your accounts
with them. They may be willing to grant you a loan. You have then taken
the first step to regaining good credit.
Although this method takes time, it is the best way for people to rebuild
damaged credit. There is no quick way to fix credit, so be careful about
responding to organizations who claim to be able to fix your credit overnight,
or ask you to pay a fee for assisting you in obtaining credit. It doesn’t
work that way.
How do I Watch for Credit Repair Scams?
In this type of scam, a company requests an up-front fee for which the
company promises to "repair" the customer's credit report. However,
there is little, if anything, such a business can do to "repair"
a customer's poor credit track record. And by law, anyone may request
a copy of their own credit report for a nominal fee which is usually far
less than what these firms charge. Further, if someone has actually been
denied credit, they are entitled to a free copy of their personal credit
report. Credit Repair Ads
Be wary of advertisements that say "Erase Bad Credit! 100% Guaranteed!"
Or "remove bankruptcy and liens from your credit file." There
are no quick or easy cures for a poor credit history based upon accurate
information. See credit
report and credit
problems for more information.
What is a Credit Report?
Credit
Report
Can I view a Sample Credit Report?
Sample Report. (PDF: 12 KB / 3 pages).
How do I Dispute Information on my Credit Report?
Sample
Letter to Dispute Entry of a Credit Report Account
How do I get a Copy of my Credit Report?
Sample
Letter to Request a Credit Report
What is a Debit Card (Check Card and ATM Card)?
Debit Cards
How do I Dispute a Debit?
Disputing a Debit
If a collection agency contacts you regarding a debt (or a portion of
a debt) that you don’t believe you owe, there are specific things
you must do to document the dispute.
First, write the collection agency within 30 days of receiving the first
notice, informing them that you dispute the debt and why. Make sure your
letter is dated, properly addressed and shows the account number shown
on the notice. It is also vital that you keep a copy of all correspondence
for your records.
Upon receiving your letter, the collection agency must halt collection
activity until a copy of a debt verification is sent to you. A verification
may include a signed agreement, a copy of a judgment against you regarding
the debt or an itemized statement of services rendered under your name
(or the name of a dependent or spouse). It can also be as simple as a
copy of the last bill the creditor sent you.
The collection agency cannot report the disputed debt to a credit bureau
without also reporting that it is being disputed. However, if the collection
agency reports the debt to a credit bureau before you dispute it, they
are not obligated to update the credit bureau report.
If the debt cannot be verified by the creditor, the collection agency
must cease collection activity on the account. If the collection agency
continues to contact you regarding the debt, you should notify our office.
If verification is obtained from the creditor, the collection agency
must mail a copy of the verification to you. It may then continue its
efforts to collect the debt.
A legitimate debt should never be disputed merely to postpone repayment.
In doing so you risk losing any leniency the creditor or collection agency
may have granted you in paying back your debt.
Collection Question
I owe a company money. Cash is tight, but as long as I give them anything,
even a dollar a month, they can’t do anything to me, right?
Wrong. If you default on a debt the creditor or collection agency has
the right to demand full payment on the balance of the debt. If you refuse
or cannot afford to pay, legal action can be taken against you.
How will a Divorce Affect my Credit?
If you have gone through—or are considering—a divorce, take
a close look at the issues involving your credit. Pay attention to the
status of your credit accounts. If you maintained joint accounts during
your marriage, it is important to continue to pay the regular required
payments. As long as there is an outstanding balance on your joint account,
both you and your spouse are responsible for payment. Generally, any debt
incurred by your spouse is also your responsibility, regardless of whose
name is on the account.
If you are contemplating separation or divorce, you may wish to contact
your creditors in writing to ask that they close your joint accounts (or
accounts where your spouse is an authorized user). The creditor cannot
close a joint account because of a change in marital status, but they
may close a joint account at either spouse’s written request. The
creditor does not have to change a joint account to an individual account,
and may ask you to reapply for a credit account as an individual and then,
on the basis of your application, extend or deny you credit.
You may wish to contact an attorney regarding these issues to ensure
everything is done properly.
Jill and Bob were recently divorced. The court decree stated Bob would
pay the balances on their joint credit card accounts. For whatever reason,
Bob did not pay on the accounts and the creditors began contacting Jill
for payment. Jill told the creditors that the court had ordered her ex-spouse
pay the debts, and she insisted they contact Bob.
The creditors told Jill that the agreement they entered into with
the couple obligated both Jill and Bob to repay. They also told Jill that
they were not a party to the court decree agreement, and therefore do
not have to attempt to collect only from Bob and that she was still legally
obligated to repay the debt.
The creditors’ statement is accurate.
Because a valid contract binds the parties who sign, it does not matter
if one of the parties chooses not to repay or a divorce decree stipulates
that one party must pay. The contract is still binding regardless of a
divorce decree. Either party can be contacted for repayment, and both
parties’ credit history can be affected by the debt. Either or both
parties may be sued for repayment of the debt, and either or both parties’
wages may be garnished after a judgment is obtained.
If one spouse ignores a court order to pay a certain debt or debts, it
is the responsibility of the other spouse to inform the court that the
court order is being ignored. The court may take further action against
the party for noncompliance of the court order.
Common Questions
Can my credit history before marriage be reported on my spouse’s
credit history?
No. Only obligations that arose during you and your spouse’s marriage
can be reported on both credit histories.
Can a debt that the court ordered my ex-spouse to pay be reported
on my credit history?
Yes. As explained above, the creditor can hold you responsible for repayment
of a debt incurred while you were legally married or jointly signed a
contract, regardless of any court order. The presence of a poor payment
history on the part of either spouse while married can impair either spouse’s
ability to obtain individual credit, even after a divorce.
What is the Equal Credit Opportunity Act?
The Equal
Credit Opportunity Act (ECOA) ensures that all consumers will be given
an equal chance to receive credit.
What is the Fair Credit Reporting Act?
The Fair Credit Reporting Act (FCRA) governs the activities of credit
bureaus and creditors. Among other things, the FCRA requires:
- Creditors to furnish accurate and complete information regarding your
credit history.
- Credit bureaus to investigate if you dispute an entry on your credit
report. If your claim is valid, your report must be corrected.
- That only people with a legitimate business purpose can obtain a copy
of your credit report.
If you suspect a credit bureau is not complying with any of these laws,
complain directly to the credit bureau. They may correct the problem.
If not, contact the Federal
Trade Commission. While they can not always resolve individual complaints,
they do use consumers’ complaints and inquiries to decide which companies
to investigate for violations.
What Help is Available if I am a Victim of Identity Theft?
Identity Theft: What Help is Available. ((PDF:
65 KB / 1 page)
What Steps can I take to Prevent Identity Theft?
Steps to prevent Identity Theft. ((PDF:
64 KB / 2 pages)
What Should I know about Leasing a Motor Vehicle?
Motor Vehicle
Leases: What You Need to Know
What is an Advanced Fee Scam?
Loan scam rackets can bring in millions nationwide in a very short time.
Unsuspecting people send in a fee in return for a promised loan. Because
interested individuals are often in debt trouble, the loss of the fee
through this fraud is especially devastating.
Typically, advertisers place a three to four line in-column classified
or late night broadcast ad offering personal or debt consolidation loans.
Amounts of potential loans are often included. Rarely is a company name
or street address location given, but there is either a toll-free or a
900 toll number provided.
When a citizen does call, a minimal amount of information is asked for.
Then, a so-called "approval call-back" is made to the consumer.
Virtually everyone is "approved". Telephone operators are trained
to say they are not the actual lender. They claim instead to have located
a lender who will work with the borrower. The citizen is then asked to
send a fee, often by overnight mail, or by courier to avoid federal mail
fraud prosecution. They are also asked to send other information such
as a copy of their driver's license, copy of their last pay stub, copy
of their social security card, etc.
If pressed, such firms often say they are licensed (even if they are
not). They may have a legitimate sounding answer to almost any question.
What are Payday Loans?
Payday Loans
How do I Reduce the Amount of Junk Mail I Receive?
Merchants, such as credit card companies, commonly purchase pre-screened
lists of consumers from credit bureaus. These lists are used by merchants
for marketing purposes. This practice of purchasing lists is permitted
only if the list is used by the merchant to extend a firm offer of credit
or insurance. The pre-screened lists sold by credit bureaus can only contain
very limited information, such as the name and address of the consumer,
and other general information.
Consumers have the right to keep their names off of these pre-screened
lists. To exercise this so-called "opt-out" right, call 888-567-8688,
which is jointly operated by the three major credit bureaus,Trans Union
Corp, Equifax, and Experian (formerly TRW).
To remove your address information from national mailing lists used by
other types of merchants, or your name and number from telephone solicitation
lists, write to:
Mail Preference Service
PO Box 9008
Farmingdale NY 11735-9008
Telephone Preference Service
PO Box 9014
Farmingdale NY 11735-9014
If you are receiving unwanted telephone solicitations for credit or insurance,
you can also notify the telemarketer that you want your name, number and
address information removed from their marketing lists. The Federal Telemarketing
Rule requires telemarketers to keep record of such requests and to inform
the company(ies) they represent of the customers who want their names
removed from the lists.
What is a Rent-to-Own Agreement?
Rent-to-Own
What is the Rule of 78's?
The Rule
of 78's
What is a Secured Credit Card?
Secured credit cards are popular with people who have trouble getting
credit. Simply speaking, with this type of credit the financial institution
requires you to deposit and maintain a minimum amount of money in an account.
Your "credit limit" may equal the amount on deposit. Interest
charges and late fees are made on your purchases.
See also: CardTrack
How do Skip Payments Offers Work?
Some creditors will occasionally allow customers to skip a monthly payment.
This is especially common during the holiday season. While these offers
might seem attractive, be aware of the cost of skipping payments.
The practice is most common among credit card issuers, but other creditors,
including mortgage and loan companies, make similar offers.
Some creditors assess an additional fee when customers decide to skip
a payment, others do not. When an additional fee is assessed, it is commonly
called a deferral fee.
Skipping a payment increases the cost of credit, even when a deferral
fee is not assessed. That is because interest continues to accrue on the
unpaid balance during the time period the payment is skipped. Since there
is no payment to reduce the balance, more interest will accrue.
If a creditor agrees to allow a customer to skip a payment, the creditor
may not charge the customer a late fee for the payment that was skipped
and may not report that payment as delinquent to credit bureaus.
How do I Avoid Being a Victim of Telemarketing Fraud?
Ten Tips
to Protect You From Becoming a Victim of Telemarketing Fraud.
What Happens if I Write a Worthless Check?
Worthless
Checks
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