See The 3 Vital Laws That Can Be Advantageous For Credit Repair

By Jolene Mckee

If you did not realize the Fair Credit Reporting Act was enacted in'70 to safeguard consumers against inaccuracies and inconsistencies on reported credit, it was. This law allows consumers to dispute incorrect and untruthful listings on their credit report such as charge-offs, late payments, repossession and more. It also allows consumers to receive their own credit report totally free of charge each year.

This is an notable law when it comes to credit repair and most people who are familiar with credit know about this law. However there are two more laws connecting to credit that have an effect on you as a consumer and a sound knowledge of all three of these laws is essential to your credit repair efforts.

While the FCRA or the Fair Credit Reporting Act is the base which makes all credit repair possible, the FCBA or the Fair Credit Billing Act and the FDCPA or the Fair Debt Collection Practices Act are also important to a trustworthy credit repair plan.

The Fair Credit Billing Act or as it is otherwise known by the acronym FCBA requires creditors to invoice properly and completely. It prohibits not permitted charges, or charges that have the mistaken date or incorrect amount, any charges that are for goods or services that were not expected by you or not delivered as settled upon. A company must post payments and other credits and they must send billing notices to your current address if any changes of address were received 20 days prior to the billing cycle. The FCBA also allows a consumer to request written proof of purchase or requests for explanation from the company.

The Fair Debt Collections Practices Act was enacted to protect ordinary consumers from unreasonable and unfair collection agency tactics. Many collection agencies engaged in despicable practices in the past in order to collect a debt.

The FDCPA specifies reasonable collection practices. For illustration, a collection agency cannot speak to any third party who does not owe the debt. They cannot issue fake bullying of reporting it on your credit or referring your account to an lawyer in order to frighten you to pay. They are only allowed to call within rational hours, which are as a rule between 8:00 am and 9:00 pm unless they have your precise authorization to call at another times. They are not allowed to call you at not convenient or abnormal times or places if you let them know what is unacceptable.

This law, the FDCPA is very broad and it has a long list of boundaries and acceptable actions for collection agencies. Just be aware that you must particularly and just to be safe, you should possibly do it in writing tell them when and where it is unacceptable for them to call you. If you have any questions about the law you can do an Internet search and read it in its entirety.

Did you know as a credit consumer these three laws are vital. You can use any or all of them as an help when you are finishing credit repair so it is prudent to be conscious of them. - 31382

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