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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)
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~~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.
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)
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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.
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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.
THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. THIS IS IN NO
WAY GIVING ANY LEGAL ADVICE OR REPRESENTATION. THE INFORMATION
CONTAINED HEREIN WAS COMPILED FROM VARIOUS ARTICLES. FOR ANY LEGAL
ADVICE OR REPRESENTATION SEEK YOUR OWN LEGAL COUNSEL.
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