Out of control

Out of control

What are you talking about? Who are they? Where did they get my information? How can they do that? This is all out of control!

We still hear this all too often how many people’s information miraculously appears in the hands of collection companies without their knowledge.

The worst offender is the medical collection companies or the physicians and medical centers which just transfer your information from one party to another without first properly notifying you.

Under the Federal Trade Commission’s rules for sharing information about clients; and also under the Gramm Leach Bliley Act, that is about the collecting and sharing of information. The medical industry seems to be under the impression that they are only subject to HIPAA privacy and security provisions for safeguarding medical information. https://www.hhs.gov/hipaa/index.html

So, in their minds they think its ok to give out your social security number and date of birth to these collection companies.

They are required to follow a specific procedure and often don’t which you can find here, (https://www.consumer.ftc.gov/). Many times these companies are not reporting the information correctly even in the event that you do owe a debt. Sometimes these debts are simply sold off to other companies, creating a new debt that is very inaccurate and may double up on a consumer’s credit report giving a double negative impact. These, often incorrect, double impacts can lower a consumer’s report so low that they are now not able to qualify for financing or only qualify for a much higher interest rate.

Utility companies often double report with different amount. This is also a common practice which can have the same effect as described above. It is very important to always be monitoring your credit. Good practices include reading all your junk mail coming in to your home as it may not be junk but rather an important notice.

In a world of emails, it is easy to push off things into a spam folder, and just to be sure I don’t miss anything important, I have always requested statements to be mailed to my residence. Think about how many time you never went back to yesterday’s email which you have already opened.

Watch the information being sent to you. Do not put it off until tomorrow – defend yourself in the beginning. Waiting could cost you thousands of dollars as a result of a higher interest rate or missed opportunity because you were not ready to buy.

View your credit report in advance, ask questions, know your facts and we will see you at a happy closing table.