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Read MoreYou must dispute it directly with the credit bureau (Equifax, Experian, or TransUnion) that is reporting the error and with the company that provided the information (the lender or collector). Submit your dispute in writing and include any supporting documentation.
Yes. If the debt is within the statute of limitations for your state, a collector can file a lawsuit to obtain a court judgment against you. If they win, they may be able to garnish your wages or levy your bank account.
Key red flags include: using retirement savings or credit cards to make minimum payments on other debts, having no money left for savings after debt payments, receiving collection calls, or lying to family members about your financial situation.
We judge the probability of an event by how easily examples come to mind. If we've always made our payments, the risk of job loss or medical crisis feels remote. This bias makes us discount low-probability but high-impact events that could trigger a debt spiral.
Forbearance is a temporary agreement with a lender to pause or reduce payments for a specific period. While interest may continue to accrue, it provides immediate relief to cash flow during a crisis.
