Consumer Rights and Debt Collectors
As a consumer you have rights! Debt collection agencies must work within certain parameters. If you have ever missed a few payments and fallen behind you’ve probably experienced the horrors of dealing with creditors. Sometimes creditors make you feel about 1 inch tall. However, it does not need to be that way.
Ignorance is no excuse. Millions of individuals and families today are facing difficult financial times. Knowing your rights as a consumer is necessary in today’s rocky economic landscape.
When a business issues you credit that business is required under Federal law to provide you equal and fair treatment. Businesses must use this law as a guideline when evaluating your credit application, employment, insurance or with a lease.
The area where there seems to be the most abuse is where debt collectors harass consumers for unpaid credit balances. The abuse runs the gamut of calling of names to debt collectors contacting individuals at their place of employment.
These actions are in direct violation of the Fair Debt Collection Practices Act (FDCPA).
You are encouraged to read the entire article and educate yourself.
Debt collectors while collecting any debts are prohibited from engaging in deceptive, unfair or abusive practices.
To protect yourself make sure you keep a record when contacting your creditors for any dispute or misunderstanding invloving your account. Make note of the date and time of the call, the person you spoke with and the purpose of the call.
Credit Reporting
Another area to pay attention to with your consumer rights is the area of credit reporting. Incorrect information listed on your credit report can cost you serious money when seeking loans or financing consumer goods. It is your responsibility to make sure your credit report is up to date and contains accurate information. There are several companies advertising on TV. The hook is your FREE credit report and then you are enticed to sign up for their credit monitoring service. The easiest way to find out what is in your credit report is to do it yourself by requesting your credit report directly from the Credit Reporting Bureaus. The cost is minimal – around $10. Here are the Big 3 credit reporting agencies:
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
Visit the following government link to learn exactly how to go about obtaining your credit report.
Equipped with the knowledge of your rights spelled out in the Fair Credit Reporting Act (FCRA) can save yourself both time and trouble when you apply for credit.
Related Articles
- Credit Card Terms – The Game of Selling Credit - A good salesperson is very persuasive, they present favorable points one after another to influence a purchase. This is true in relation to credit, credit cards and consumer purchases on credit. The credit terms and payment terms are presented attractively. To them it is a credit game they love to win. In fact, some consumer
- Gas Prices And Lower Credit Scores - Is it possible your credit score could be affected from rising fuel cost? The American Banking Association did a survey back in 2005 after the big hurricane season and found delinquencies on credit cards was rising. There’s a lot of talk we’ll soon be seeing gas in the $4.00 per gallon range in some parts of
- Good Credit Bad Credit Speaks For You - The use of credit in today’s “must have it now” society continues to grow at a rapid pace. Just the other day I was speaking with an friend trying to get their financial house in order. They have started putting everything on their credit card and paying the card off in full every month. Their reason
Comments
Feel free to leave a comment...
and oh, if you want a pic to show with your comment, go get a gravatar!