“Personal Finance: Finding debtors on Facebook - Washington Post” plus 1 more |
| Personal Finance: Finding debtors on Facebook - Washington Post Posted: 02 Dec 2010 07:53 AM PST When it come to debt collectors trying to track down debtors, one might say all is fair in the world of Facebook. At least that's how things went for one Florida woman who is suing a debt collection company for sending her messages on Facebook about a $362 car loan debt. She's also upset the company contacted family members in an effort to get them to have her call the agency. As the Associated Press reported, the collection agency, Mark One, used Melanie Beacham's Facebook profile to reach out to her. Beacham was not too pleased about this. Her lawsuit claims that Mark One contacted her six to 10 times a day by phone, sent her a text message, contacted her neighbor and sent a courier to deliver a letter to her workplace. "It's an invasion of privacy on steroids," said Billy Howard, Beacham's attorney. Senators Al Franken (D-Minn.) and George LeMieux (R-Fla.) have proposed legislation to stop online harassment by debt collectors. Some of its provisions include prohibiting debt collectors from seeking arrest warrants to collect on debts and increasing penalties on debt collectors who break the law to discourage them from employing bad practices. "Unscrupulous debt collectors are using every tool at their disposal to make a buck, sometimes targeting the wrong person, going after debts that have already been collected, or harassing family members," Franken said in a release about the legislation. The legislation doesn't specifically prevent creditors from finding people on Facebook. So what's my take? If the debt collection agency used Facebook to harass the Florida woman, the company should be punished. However, if the company simply used its smarts to track down a debtor that truly owed the money, I can't fault them for that. There is no question that there are some unsavory, sleazy, nasty collection agencies out there. I would not help them collect a penny. But there are also people running from their debts or ignoring them. That's not right either. And if you put your business on Facebook, chronicling every trifling detail of your life, then hey, you open yourself up to being tracked down. That's what I think. What about you? This week's Color of Money Question: Should debt collection companies be able to use social media sites such as Facebook to track down debtors? Send your responses to colorofmoney@washpost.com and put "Finding Debtors on Facebook" in the subject line. The Little Faces of Foreclosure It shouldn't surprise anyone that children are being adversely affected by foreclosures. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
| Posted: 02 Dec 2010 04:18 AM PST Press Release Source: Equifax On Thursday December 2, 2010, 7:15 am EST ATLANTA, Dec. 2, 2010 /PRNewswire/ -- Strengthening his commitment to helping consumers reduce their debt and finish rich, David Bach, renowned personal finance expert and international best-selling author, announced today that he is teaming up with Equifax (NYSE:EFX - News), one of the leading nationwide credit reporting agencies, to show consumers how to get out of debt faster. (Photo: http://photos.prnewswire.com/prnh/20101202/CL10684 ) (Logo: http://photos.prnewswire.com/prnh/20060224/CLF037LOGO ) Equifax and Bach, who releases his twelfth book, Debt Free for Life: The Finish Rich Plan for Financial Freedom (Crown Business, 12/28/10) later this year, are challenging one million Americans to pay down $1 billion of debt using the credit reporting agency's innovative online debt reduction tool, Debt Wise™ (www.debtwise.com). 54 million American households have accumulated more than $800 billion in debt owed to credit card companies alone – approximately $15,000 per family – according to the Federal Reserve**. "The best investment consumers can make is paying off their debt," says Bach. "Debt Wise™ can help them do that with an automated version of the plan I've been teaching for over a decade." Equifax's Debt Wise™, introduced in 2009, is the first-ever online debt reduction tool powered by a credit report. For less than 50 cents per day, Debt Wise™ combines the power of the Equifax Credit Report with the ingenuity of debt stacking to help consumers take control of their debt with features like:
"The combined strength of Equifax's debt reduction solution and David Bach's practical, actionable personal finance advice empowers consumers to take control of their debt and their financial future," says Trey Loughran, President of Equifax's direct-to-consumer business unit, Equifax Personal Information Solutions. "We're excited to partner with David to help consumers pay down debt – ultimately improving their ability to build wealth and finish rich." For more information about David Bach, visit www.finishrich.com. To learn more about Debt Wise™ and sign up for a free 30-day trial, visit www.debtwise.com. About David Bach and FinishRich Media (www.finishrich.com) The founder and Chairman of FinishRich Media, a company dedicated to revolutionizing the way people learn about money is an internationally recognized financial expert, bestselling author and the creator of the Finish Rich book and seminars series from which millions have benefited. Bach has written ten consecutive national best-selling books, including two number one New York Times business best-sellers, Start Late, Finish Rich and The Automatic Millionaire. In all, his FinishRich books have been published in more than 15 languages and there are more than 7 million copies of his books in print. A renowned motivational and financial speaker, Bach regularly speaks at the world's leading financial service firms, Fortune 500 companies, universities, and national conferences. Prior to founding FinishRich Media, he was a senior vice president at Morgan Stanley and a partner at The Bach Group, which during his tenure (1993 to 2001) managed more than half a billion dollars for individual investors. Bach, is a regular contributor to national media and appears weekly on NBC's TODAY Show Money 911 segments. About Equifax (www.equifax.com) Equifax is a global leader in information solutions, leveraging one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers. Customers have trusted Equifax for more than 100 years to deliver innovative solutions with the highest integrity and reliability. Businesses - large and small - rely on them for consumer and business credit intelligence, portfolio management, fraud detection, decision technology, marketing tools, and much more. Equifax empowers individual consumers to manage their personal credit information, protect their identity, and maximize their financial well-being. Headquartered in Atlanta, Georgia, Equifax Inc. operates in the U.S. and 14 other countries throughout North America, Latin America, Europe and Asia. Equifax is a member of Standard & Poor's (S&P) 500(R) Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX. *Insurance underwritten by member companies of American International Group, Inc. The description herein is a summary only. It does not include all terms, conditions and exclusions of the policies described. Please refer to the actual policies for complete details of coverage and exclusions. Debt Wise™ does not provide debt management advice, credit counseling, financial planning or counseling, and will not act as an intermediary between subscribers and their lenders/creditors. Subscribers must continue to pay their lenders/creditors directly in accordance with their terms. Debt Wise™ will not improve or repair subscribers' credit history or score, or debt-to-income ratio. Debt Wise™ is not available in NV, UT, or DC. See www.debtwise.com for important additional information. **Statistical reference based on consumer credit data from the Federal Reserve Board's G.19 release which can be found at http://www.federalreserve.gov/releases/g19/Current/. Follow Yahoo! Finance on ; become a fan on Facebook. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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