When it comes to credit repair, a consumer will usually take into account the FCRA or the Fair Credit Reporting Act. This act is the base for all credit repair since it gives consumers the right to dispute imprecise or deceptive listings on their reported credit. It also allows a consumer to collect one free credit report every year from each of the three main credit bureaus.
This is an critical 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 influence you as a consumer and a helpful knowledge of all three of these laws is important to your credit repair efforts.
While the FCRA or the Fair Credit Reporting Act is the basis which makes all credit repair viable, the FCBA or the Fair Credit Billing Act and the FDCPA or the Fair Debt Collection Practices Act are also critical to a sound credit repair plan.
The Fair Credit Billing Act otherwise well-known by the acronym FCBA requires creditors to bill accurately and entirely. It prohibits illegal charges, charges that have the mistaken date or sum, charges for goods or services that you did not acknowledge or were not delivered as agreed upon, failure to post payments or other credits and failure to send bills to your current address, provided any changes of address were received 20 days preceding to the billing cycle. It also allows you as the consumer to ask for a written verification of purchase and requests for clarification.
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.
For instance, a collection agency can no longer get in touch with any third party who does not owe the debt. They cannot issue bogus threats of referring your case to an attorney or to reporting it on your credit in order to intimidate you to pay. They can only phone you within reasonable hours usually between 8:00 am and 9:00 pm unless they have your okay for them to call at other hours. They may not call you at inconvenient or unusual times or places if you let them know that what is unacceptable.
The FDCPA has a long list of boundaries and acceptable behavior for collection agencies to follow. You can explicitly appeal that they do not call you at intolerable places or times and to be safe you should in all probability do it in writing. If you have questions about the Fair Debt Collections Practices Act you can conduct an Internet search and read the law in its entirety.
These three laws are essential to you as a credit consumer. You can use any of them as a favorable measure when you need to accomplish credit repair so it is wise to be conscious of them and know where to find supplementary information if necessary.
This is an critical 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 influence you as a consumer and a helpful knowledge of all three of these laws is important to your credit repair efforts.
While the FCRA or the Fair Credit Reporting Act is the basis which makes all credit repair viable, the FCBA or the Fair Credit Billing Act and the FDCPA or the Fair Debt Collection Practices Act are also critical to a sound credit repair plan.
The Fair Credit Billing Act otherwise well-known by the acronym FCBA requires creditors to bill accurately and entirely. It prohibits illegal charges, charges that have the mistaken date or sum, charges for goods or services that you did not acknowledge or were not delivered as agreed upon, failure to post payments or other credits and failure to send bills to your current address, provided any changes of address were received 20 days preceding to the billing cycle. It also allows you as the consumer to ask for a written verification of purchase and requests for clarification.
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.
For instance, a collection agency can no longer get in touch with any third party who does not owe the debt. They cannot issue bogus threats of referring your case to an attorney or to reporting it on your credit in order to intimidate you to pay. They can only phone you within reasonable hours usually between 8:00 am and 9:00 pm unless they have your okay for them to call at other hours. They may not call you at inconvenient or unusual times or places if you let them know that what is unacceptable.
The FDCPA has a long list of boundaries and acceptable behavior for collection agencies to follow. You can explicitly appeal that they do not call you at intolerable places or times and to be safe you should in all probability do it in writing. If you have questions about the Fair Debt Collections Practices Act you can conduct an Internet search and read the law in its entirety.
These three laws are essential to you as a credit consumer. You can use any of them as a favorable measure when you need to accomplish credit repair so it is wise to be conscious of them and know where to find supplementary information if necessary.
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