Consumer Credit Protection
The players in the Credit Industry hold information that has master power over your financial future. These companies manage hundreds of millions of files. Technology continues to advance, but the credit bureaus, creditors and collection agencies still make huge mistakes, and in many instances, they stubbornly cling onto their records, not budging from the position that they are right, and you are wrong. However, in many instances, they are very wrongs, and the good is that when the refuse to rectify their mistakes, there are laws and agencies that help consumers get a fair deal. You can use the following resources to make sure that you are getting a fair deal.
AGENCIES & LISTS THAT CAN HELP
National Collection Agencies By Name
CREDIT LAWS
In many cases, citing the rules can help you to get the credit bureaus to make the necessary changes to your reports. It lets them know that you are well aware of your consumer rights and that you will not allow them to give you the runaround. Here are links to the most important Consumer Credit Laws that protect you:
Consumer Credit Protection Act. Under Title 15 of the U.S. Code, in Chapter 41 you will find The Consumer Credit Protection Act of 1968. Considered to be landmark legistlation, this Act is the most powerful tool consumers have to protect their credit reports and scores.
Fair Credit Reporting Act promotes the accuracy, fairness and privacy of information in the files of consumer reporting agencies, including credit bureaus, Equifax, Experian and TransUnion.
Fair and Accurate Credit Transactions Act of 2003. On December 4, 2003, President Bush signed into law this Act as amendment to the Fair Credit Reporting Act, to ensure that all citizens are treated fairly when they apply for a mortgage or other form of credit.
The Fair Debt Collection Practices Act (FDCPA). This Act ensures that Debt Collectors treat consumers fairly. This Act provides the greatest amount of protection, but it is frequently abused, and is very difficult to challenge without knowledge of the requirements under this law.
Credit Repair Organizations Act was signed into law in 1996 to protect consumers from unfair or deceptive advertising and business practices by credit repair organizations.
Gramm-Leach-Bliley Act also known as The Financial Modernization Act of 1999, includes provisions to protect consumers’ personal financial information held by financial institutions.
Identity Theft and Deterrence Act was passed in 1998 to combat identity theft. The Act outlines federal laws governing the theft and use of personal identifying information, and outlines potential penalties for violations of the act.
The Health Insurance Portability And Accountability Act of 1996 (HIPPA) was signed into law in 1996 by President Clinton. The Act creates national standards to protect individuals’ medical records and other personal health information.
Truth In Lending Act of 1968, was designed to protect consumers in credit transactions, by requiring clear disclosure of key terms of the lending arrangement and all costs
Federal Bankruptcy Code enacted in 1978 as the uniform federal law that governs all bankruptcy cases.
Equal Credit Opportunity Act ensures that all consumers are treated fairly when it comes to their chances to obtain credit.
Restrictions on Garnishments. This is the Section of the U.S. Code that governs the practice of wage garnishment.
Fair Credit Billing Act provides for prompt correction of billing mistakes, the withholding olf payments for defective goods, and requires creditors to credit payments promptly. It also sets forth your rights and responsibilities when you lose your credit card or are the victim of credit card fraud.
