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Minneapolis Minnesota Consumer Protection Law Blog

Looking toward the future: Rebuilding your credit score

When it comes to finances, you've likely had many ups and downs in life, with some months (even years) better than others. Most Minnesota residents would probably report similar experiences. It doesn't take much to throw your financial train off its tracks. If you or a loved one suffered adverse health in recent years, you might still be struggling to pay your medical bills.

The problem is often that once a big chunk of debt sets in, overall debt begins to increase because while you're trying to pay back the initial debt, you run out of money to try to keep up with regular, recurring expenses. If you're credit score took a nosedive during a financial crisis, you might be wondering how to restore it so that you can move toward a stronger financial future.

Critical steps to take after identity theft

You may think it cannot happen to you. Maybe you feel you do not have enough money for anyone to be interested in stealing your identity. However, when you discover that someone has used your personal information to obtain credit or access your financial accounts, it can be a devastating feeling of violation.

With increases in the popularity of online shopping, digital banking and electronic transactions comes the danger of identity theft that can damage your credit and leave you floundering to put your life back in order. Extreme cases result in bankruptcy and ruination. The faster you take the appropriate steps after discovering someone has stolen your identity, the better your chances of avoiding financial devastation.

The law that protects you from unlawful debt collection

In Minnesota and throughout the nation, it's common for people to acquire loans in order to make large ticket item purchases. For instance, while it's possible you are one of the few people who pay cash in full when buying vehicles or homes, it's far more likely that you have taken or plan to take out loans to do so. In fact, you might use credit to pay for any number of expensive services or products, such as medical bills or business expenses.

Although you are obligated to pay back any debt you accrue, you also have rights that protect you against unlawful means of debt collection. If your financial train is currently a bit off its tracks, and you're dealing with non-stop phone calls from people who claim to be trying to collect a debt, you may want to familiarize yourself with the Fair Debt Collection Practices Act. It's also a good idea to know where to seek support if your situation escalates and you need some assistance.


The Law Offices of Gonko & Vavreck
401 North Third Street
Suite 600
Minneapolis, MN 55401

Phone: 612-503-9248
Fax: 612-659-9220
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