The Fair Credit Reporting Act was enacted in 1970 to safeguard consumers against inaccuracies and inconsistencies on reported credit. This law allows consumers to dispute imprecise and misleading listings on their credit report such as charge offs , late payments, bankruptcy and more. It also allows consumers to receive their own credit report absolutely free of charge each year.
This is an significant 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 relating to credit that affect you as a consumer and a sound knowledge of all three of these laws is important to your credit repair efforts.
The FCRA or Fair Credit Reporting Act is the base for all credit repairs as it gives the consumer the right to dispute undeserved credit. However, the FCBA or the Fair Credit Billing Act and the FDCPA or the Fair Debt Collection Practices Act is also fundamental to a good repair plan.
The Fair Credit Billing Act otherwise known by the acronym FCBA requires creditors to bill correctly and fully. It prohibits illegal charges, charges that have the wrong date or sum, charges for commodities or services that you did not acknowledge or were not delivered as settled upon, failure to post payments or other credits and failure to send bills to your existing address, provided any changes of address were received 20 days prior to the billing cycle. It also allows you as the consumer to ask for a written evidence of purchase and requests for explanation.
The FDCPA or the Fair Debt Collections Practices Act was enacted to defend everyday folks from unjust and unwarranted collection agencies and tactics. This law restricts debt collectors from engaging in some of the unacceptable ways that they were known for in the past.
For example, a collection agency can no longer contact any third party who does not owe the debt. They cannot issue fake threats of referring your case to an legal representative or to reporting it on your credit in order to intimidate you to pay. They can only phone you within sensible hours normally between 8:00 am and 9:00 pm unless they have your consent for them to telephone at other hours. They may not call you at undesirable or unusual times or places if you let them know that what is intolerable.
The FDCPA is very widespread and it goes on about what is controlled and what is acceptable behavior from the collection agencies. Just be aware that they can call you within the hours and restrictions unless you specially and preferably in writing request that they stop. If you have questions about the full magnitude of this law you can do an Internet search and read it in its entirety.
All three of these laws are notable to you as a credit consumer. Each of them can be valuable if you need to complete any repairs on your credit so it is wise to be alert of them and search out the details if it becomes essential.
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