Check out our YouTube Channel by clicking here!
We’ll post videos on the latest in Bankruptcy information, how to use our Resource Center, review upcoming conferences and share happenings involving staff and clients.
In October, the U.S. Court of Appeals, Tenth Circuit upheld the district court when it concluded that social security income should not be included in the calculation of projected disposable income for people filing for Chapter 13 bankruptcy.
It was noted that “projected disposable income” is defined as “current monthly income” minus the amount needed for the debtor’s support in section 1325(b).
This gives people who are receiving social security the option to file for bankruptcy if they need to, without having to include the social security in their projected disposable income.
The second argument was over whether this exclusion would be in ‘bad faith’ or ‘good faith.’
The court stated, “When a Chapter 13 debtor calculates his repayment plan payments exactly as the Bankruptcy Code and Social Security Act allow him to, and thereby excludes SSI, that exclusion cannot constitute a lack of good faith.”
Several other circuits have the same issue pending and this decision may play an influential role.
Written by: Mary Ann Pekara of Total Bankruptcy
Bankruptcy records are open to the public. We access those records using PACER (Public Access Court Electronic Records). PACER is an electronic access service that allows users to obtain case and docket information from Federal Appellate, District and Bankruptcy courts. Each court maintains its own database and though each court service is comparable to the other; the format and content of the information can often differ.
After we access th
e raw data from PACER, we run the files through custom built programs that standardize and segment the information. This translates files from a visual reference into a raw database.
We enhance the data by cleansing address information using the USPS Coding Accuracy Support System (CASS) Software. This software is used to ensure the accuracy of delivery point barcodes, zip codes and carrier route information. We then run the CASS certified data through the National Change of Address file giving our data the most current delivery information available.
The final step in the process to create a marketing worthy database entails distributing the records within our custom built database system. Our system allows us to segment and categorize each section of information within each record allowing for query, analysis or fragmenting data.
The data is available in a variety of vertical markets and is under no circumstances used to determine creditworthiness. When used for credit solicitation marketing, our BK Data may only be used for Invitation To Apply (ITA) purposes only.
One Out of Five Consumers Likely to Receive Meaningfully Different Score Than Creditor
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) released a study comparing credit scores sold to creditors and those sold to consumers. The study found that about one out of five consumers would likely receive a meaningfully different score than would a lender.
“This study highlights the complexities consumers face in the credit scoring market,” said CFPB Director Richard Cordray. “When consumers buy a credit score, they should be aware that a lender may be using a very different score in making a credit decision.”
The complete Analysis of Differences between Consumer and Creditor-Purchased Credit Scores is available at http://files.consumerfinance.gov/f/201209_Analysis_Differences_Consumer_Credit.pdf
Read more here
BEBdata is proud to offer a quick, easy and cost effective online BK Data Hygiene tool!
Our BK Data Suppression allows you to identify and eliminate unwanted records, making your campaigns more cost efficient and effective. Upload up to 150,000 records at a time and flag unwanted names within minutes. Call us for more information today!
THANK YOU!
Did you know that as of December 2011, Facebook had more than 845 million active users?
BEBdata will use our new FB Page to share the latest industry trends and marketing tools as well as company events and stories about our staff. We want to interact with our clients as we partner to grow your business.
Won’t you visit and Like us on Facebook today? Click here
Excerpts from an article run for WSJ.com
Good news for those with less-than-stellar credit scores below 660: Banks are finally opening the lending spigots to you, too. But banks don’t seem to be returning to the heyday unbridled lending to consumers who couldn’t afford the debt they were taking on. It’s not as easy get. Lenders are making smarter decisions with more strict criteria in opening credit to these consumers than in the past.
It will cost you more, too. Good credit always begets good interest rates. Bad or mediocre credit scores will up your interest rates as much as 5 to 10 percentage points, according to some researchers. It seems they are pricing those accounts much higher out of the gate. That’s also tied to the 3-year-old credit card legislation that prohibits card issuers from raising rates for the first year in which the account was open and then doing it only on new purchases.