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.