| |
| |
|
Kellys Credit Information |
|
|
|
Your Consumer Rights
If you have ever fallen behind on your debts you already know that dealing with your creditors can be a hassle. Sometimes it can be downright humiliating. It doesn't have to be that way. With millions of people experiencing financial problems it is absolutely necessary for everyone to know and understand their rights as a consumer. Federal law requires that you receive fair and equal treatment from businesses issuing credit. This law applies when they evaluate your applications for credit, insurance, employment, and even leases. The one area where I receive the most complaints are from individuals that are being harassed by debt collectors. These complaints range from debt collectors contacting their work and family members to being called names. All of these are a direct violation of the Fair Debt Collection Practices Act (FDCPA). This article spells out exactly what your rights are as a consumer. I have copied some areas of this article directly from the Federal Trade Commission's web site to ensure that the information is explained exactly as the law applies. These areas are identified. The FDCPA lists the following guidelines that must be followed by all debt collectors: (Copied from the Federal Trade Commission web site) ---------------------------------------------------------------- ~~Debt collectors may contact you only between 8 a.m. and 9 p.m. ~~Debt collectors may not contact you at work if they know your employer disapproves. ~~Debt collectors may not harass, oppress, or abuse you. ~~Debt collectors may not lie when collecting debts, such as falsely implying that you have committed a crime. ~~Debt collectors must identify themselves to you on the phone. ~~Debt collectors must stop contacting you if you ask them to in writing. It also prohibits debt collectors from engaging in unfair, deceptive, or abusive practices while collecting these debts. ---------------------------------------------------------------- It is very important to keep a record of any contact you make with your creditors especially when there is a dispute or misunderstanding regarding your account. You should list the name and address of the company, date and time of the call, the name of the person you spoke with and the content of the call. I have developed a form that can be used for this purpose. You can find it at http://www.homemoneyhelp.com/ccrs.html Another important aspect of your consumer rights is Credit Reporting. Derogatory information in your Credit Report can have serious consequences. It is ultimately your responsibility to ensure that the information in your credit report is accurate and up to date. There are numerous companies that offer "Free Credit Reports", however, you are obligated to sign up for their "Debt Monitoring Service" which usually costs about $80. You will receive a free credit report and if you cancel your monitoring service within 30 days it will cost you nothing. Your best bet is to order your credit report directly from a Credit Reporting Agency. It will only cost you about $9. Below is a list of the three main companies: Equifax PO Box 740241 Atlanta, GA 03074-0241 (800) 685-1111 Experian PO Box 2104 Allen, TX 75013-2104 (888) EXPERIAN (888-397-3742) Trans Union PO Box 1000 Chester, PA 19022 (800) 916-8800 I would advise you to visit the below link to find out exactly how to obtain your credit report: http://www.pueblo.gsa.gov/cic_text/money/fair-credit/fair-crd.htm Having knowledge of your rights under the Fair Credit Reporting Act (FCRA)can save you a lot of time and trouble when you apply for credit. The following explains these rights. (Copied from the Federal Trade Commission web site) ---------------------------------------------------------------- Your Credit Report Your credit payment history is recorded in a file or report. These files or reports are maintained and sold by "consumer reporting agencies" (CRAs). One type of CRA is commonly known as a credit bureau. You have a credit record on file at a credit bureau if you have ever applied for a credit or charge account, a personal loan, insurance, or a job. Your credit record contains information about your income, debts, and credit payment history. It also indicates whether you have been sued, arrested, or have filed for bankruptcy. The Fair Credit Reporting Act (FCRA) is designed to help ensure that CRAs furnish correct and complete information to businesses to use when evaluating your application. Your rights under the Fair Credit Reporting Act: ~~You have the right to receive a copy of your credit report. The copy of your report must contain all of the information in your file at the time of your request. ~~You have the right to know the name of anyone who received your credit report in the last ~~year for most purposes or in the last two years for employment purposes. ~~Any company that denies your application must supply the name and address of the CRA they contacted, provided the denial was based on information given by the CRA. ~~You have the right to a free copy of your credit report when your application is denied because of information supplied by the CRA. Your request must be made within 60 days of receiving your denial notice. ~~If you contest the completeness or accuracy of information in your report, you should file a dispute with the CRA and with the company that furnished the information to the CRA. Both the CRA and the furnisher of information are legally obligated to reinvestigate your dispute. ~~You have a right to add a summary explanation to your credit report if your dispute is not resolved to your satisfaction. ---------------------------------------------------------------- If you believe that your rights have been violated under one of these laws you can file a complaint with the Federal Trade Commission online at: https://rn.ftc.gov/pls/dod/wsolcq$.startup?Z_ORG_CODE=PU01 While these laws won't eliminate your obligation to pay your just debts they can prevent debt collectors and others from taking advantage of you. Terry Rigg is the author of Living Within Your Means - The Easy Way http://www.homemoneyhelp.com/ebookadpage.html and editor of The FREE Budget Stretcher Newsletter and Budget Stretcher web site http://www.homemoneyhelp.com. He has 25 years of experience counseling individuals and families concerning their personal finances.
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Online Credit Report and Online Credit Reports Online credit reports are easily accessible to those interested in viewing them. If you have wondered about what kind of credit score you have, you can go on the Internet and look at your online credit report. Credit Report Secrets: Do You Know What They Reveal? If you've ever applied for a credit card or loan, you've probably had your credit report reviewed by the lender. Your credit report has a huge impact on your financial future, so it's well worth your time to be sure that you understand what your credit report says about you. The Credit Card Surprise That You Need to Look Out For Companies that issue credit cards want to make a profit. No one disagrees with that. Its Your Credit - Take Care of It! Thanks to the Fair and Accurate Credit Act, American consumers can receive a free annual credit report from each of the three major credit bureaus-Experian, TransUnion and Equifax. You can order your free credit report by visiting www. Bad Credit? No Credit? Yeah, Its a Problem. Many companies use the slogan "Bad Credit? No Credit? No Problem!" The truth is that it is in fact a problem and there is no easy way to correct it. It takes a lot of time and effort to obtain credit when you do not have any and even longer to fix bad credit. How To Save Money On Credit Cards Some credit cards offer a cash advance option. But how good a deal is this?Not very. 10 Step Credit Repair Guide The process of clearing credit can be laborious and frustrating, but your efforts will be paid for in better financing. Your rights are protected by laws, but you need to take reasonable actions toward your goal of clearing credit discrepancies. Credit Scoring: What You Dont Know Can Hurt You You've probably heard the term credit scoring. You may have some idea that your credit score can have an effect on your life. Credit Traps Snag Consumers Nearly 20 years ago I worked for a small consumer advocacy organization in Washington, DC. Each week we received sacks full of mail from consumers across the country requesting our list of credit cards with low interest rates and no annual fees. What is a Bad Credit History? A bad credit history can sometimes seem like a curse.. Credit Verus Debt Secured and unsecured debt - what's the difference?It's easy to just think that debt is just debt, but in reality, there are different types of loans, and it's important to know what which type you have.You will need to understand the differences in order to be a good money manager, or, if the worse happens and you find yourself turning to credit or debt counseling, you'll need to understand how different types of debt can be handled. 10 Ways of Reducing the Risk of Identity Theft 1- Check your credit report regularly2- Secure personal information in your home, especially if you have roommates, employ outside help, or are having work done in your home.3- minimize the amount of information someone can steal, do not carry extra credit cards, your Social Security card, birth certificate or passport in your wallet or purse, except when needed. Winning The Credit Game! Everywhere we go, the word credit can be found, shining huge dollar signs in front of our very eyes. Everyday we receive solicitation and promotions offering us credit. How Do I Establish A Good Line of Credit? A line of credit, roughly defined, is the amount of credit that can be given to a borrower from a lender. Usually a contract or note of promissory is exchanged between the two parties, in which both parties agree to the line of credit amount, as well as the annual interest due to the lender at the end of the term. New Law Provides Free Annual Credit Report As of Thursday, December 1, 2004, one-third of Americans will be able to access their credit reports from all three main agencies for free. Passed in late 2003, the Fair & Accurate Credit Transactions Act creates a central source consumers can use to obtain a free annual credit report. Different Types of Credit Cards and Features - Part 1 Just as there are too many credit card companies to count, there seems to be just as many different credit cards, all claiming to offer you the best possible deal. Since no two people are alike, not all programs and incentives will work the same for everyone. A Summary of the Fair Credit Reporting Act This summary of the Fair Credit Reporting Act will explain what you can legally do if you want to repair your own credit report. No matter what you hear, you can dispute credit information on your credit report if you understand the legal rights you have under this law. 3 Free Credit Reports For You If you were to tell someone that they can have a certain item for free, more than likely their response would be, "what's the catch?" In the case of credit reports there is no catch, you can now get a free copy of this report through the three credit reporting agencies: Equifax, TransUnions, and Experian. Let's take a look at the law and how you can benefit from it. Small Business Credit Cards So what do you look for when applying for a credit card for your small business? One thing is for sure, wasting money isn't an option because it can make or break your business. Things to look for are low interest rates and good customer service. How A Prepaid Debit Card Can Help You Rebuild Your Credit Consumers today are up to their eyeballs in debt. And many people don't realize it until their good credit has been devastated.
|
| home | site map |
| © 2006 |
