Sunday, November 04, 2007

Extortion, American Style.

Here's an article you should definitely read. I won't excerpt it here, I'll just tell you that the Robber Barons intend to make sure you suffer for daring to cross them by declaring bankruptcy - they just sell your discharged debt (that it is now illegal for them to try and collect) to some collection agency and "forget" to tell the credit bureau that the debt has been legally discharged. When you then try and apply for a mortgage or something, even years later, the discharged debt still shows up on your credit report as active instead of legally discharged - and your either have to sue to get it "corrected" or shut up and pay it to get your mortgage. Capital One is apparently the worst offender, but others do the same thing. I'm telling you, get rid of your credit cards. The only way to kill the beast is to starve it to death.

Top News November 1, 2007, 7:01AM EST
Prisoners of Debt
A fresh start with bankruptcy? Big lenders keep squeezing money out of consumers whose debts were canceled by the courts
by Robert Berner and Brian Grow

No comments: