|
|
| www.1001TopWords.com |
|
|
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: EquifaxPO Box 740241Atlanta, GA 03074-0241(800) 685-1111 ExperianPO Box 2104Allen, TX 75013-2104(888) EXPERIAN (888-397-3742) Trans UnionPO Box 1000Chester, 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.htmHaving 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 ReportYour 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.
|
|
|
|
RELATED ARTICLES
Making Sense of Credit Card Fees In addition to the APR (annual percentage rate) and the finance charges, most credit cards have a number of 'fees' associated with their use. Some fees are unavoidable with a particular card (like an annual fee or a program participation fee), while others are triggered by certain circumstances. The most common fees are listed below. To get a better idea of what your credit card may cost to use over the course of a year, check your card's terms and conditions and your user agreement to see which fees may apply to you. Good Credit Is a Necessity for Everyday Living Most of us want a good credit report to obtain vehicle financing, credit cards for emergencies and luxuries, and to finance a home mortgage. However, beyond these consumer loans, a great credit report makes your life easier. 7 Compelling Reasons Why A Prepaid Debit Card May Be Just The Financial Tool You Need Prepaid debit cards are great financial tools and may be just the financial tool you need. Here a seven compelling reasons why: Make Sure Your Credit Report Is Correct to Improve Your Interest Rates And Lower Insurance Premiums Did you know that you could make sure to get the best rates on your auto and homeowners insurance simply by having a good credit score. Improving Your Credit Report Even if you think you have a wonderful credit report, be wary of the error factor. Just as you receive mail with your name and address misspelled, your credit report can have errors as well. Whether it's human error, out of date information or even mistaken identity, errors occur more easily than we'd all like to think. Beat Credit Card Companies at Their Own Game! Have you ever wondered how much money a credit card company makes? Have you ever wondered how much of that comes from late fees? Everyone has and if you haven't you should because most likely you own a credit card, which means that these late fees has or could directly affect you. Bad Credit Credit Cards Chances are you've gotten your share of offers like this in the mailBad Credit Credit Card, Bad Credit Visa Cards and Credit Cards for People With Bad Credit. Re-establish your credit with a bad credit credit card, credit cards for people with bad credit or pre-approved Visa cards regardless of your bad credit history, some with low introductory rates and other perks. Many of these solicitations urge you to accept "before the offer expires." Before you accept, shop around to get the best deal. A credit card is a form of borrowing that often involves charges. Credit terms and conditions affect your overall cost. So it's wise to compare terms and fees before you agree to open a credit or charge card account. The Hazards Of Your First Credit Card You probably don't need me to tell you credit cards are easy to get a hold of; at least, that is so in the US and UK. How many weeks pass without a glossy brochure promoting a credit card popping through your letter box? And that's just your mail; the tv advertising budgets for credit card promotion are enormous, with some famous faces often adorning your screen, smiling beautifully as they tempt you. How does anyone resist that promotional onslaught, coupled with the peer pressure, and the "have now, pay later" culture in which we live? Well, the fact is, few people do resist. If you are credit worthy and have no credit card, you are something of a rarity. Credit Help for Real Estate Financing: Credit Scores When you buy real estate, lenders run all of the "big three" credit bureau reports. Each credit reporting agency lists your credit history as supplied to them by the individual lenders and includes governmental records. Each report assigns a credit score number to you. The credit scores reflect your theoretical risk of default to the lending institutions. 10 Ways To Protect Your Financial Identity Being Used For Someone Else?s Shopping Spree Someone impersonating you could be spending your hard-earned money. Useful Tips on Borrowing Money Here are some useful tips on borrowing money. Borrowing money is one of the most common sources of funding for a small business, but obtaining a loan isn't always easy. Before you approach your banker for a loan, it is a good idea to understand as much as you can about the factors the bank will evaluate when they consider making you a loan. Let's start by exploring some of the key points your banker will review: To Repair Credit Is No longer Satisfactory - Learn How To Earn A Millionaires Credit In 30 Days... To repair your bad credit does not necessarily mean that you now have a good credit, absolutely not. Boosting Your Credit Score To Get The Best Credit Card Deal Making Your Credit Rating Work For You Building Good Business Credit After Bad Credit Can you establish good business credit if you have bad personal credit? The answer is yes...but with a few caveats. Cash Advance ? How Does It Work? If you want a cash advance or a payday/paycheck loan, you usually get a personal check. Some companies use your bank account or credit card in addition to or instead of a check. This means that you have to write a check that is to be cashed or you have to agree to have an amount withdrawn from your bank account at a certain date in future (usually 14 days). After filling-in the agreement or contract you get a sum of money that is less than what you have agreed to pay. The sum is smaller because the difference is the "fee" for the loan service. Why would the company loan you money like this? Because loaning out money in this way and getting these "fees" really brings them a huge profit at your expense. Credit Enhancements: Seven Tips For Enhancing Business Credit Transactions What are the avenues available to businesses with weak credit profiles or to companies pursuing credit transactions that are perceived as too risky by credit providers? Many companies apply for credit at banks, finance companies or equipment leasing firms and are routinely rejected due to the high degree of perceived credit risks. When approaching a credit provider, it is helpful to understand what can be done to reduce the risk of a credit transaction in the eyes of the provider. Never accept a credit rejection without considering credit enhancements. Here are a few tips on credit enhancement to help guide you in approaching the credit process: The Ghost of Expected Surprises Here, Cratchet, what do you think you're doing? Fair Isaac Corporation Credit or FICO Score As I am not from the US, I had no idea what FICO meant before researching it. FICO stands for Fair Isaac Corporation, a company based in California. FICO, put simply, is a person's credit score. A credit score can be used by a potential lender in making a judgement on whether to grant you credit or not, for example when you apply for a new credit card or home mortgage. Therefore, if you are in the US, the FICO score is very important to you.What Does a FICO Score Do? 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. Compare Credit Card Offers and Reward Yourself Here's a simple system on how to pay zero interest and get tons of free stuff. Almost everyone uses credit cards. But only a few thousand people out there take advantage of what the credit card industry is really offering.
|
| © Athifea Distribution LLC - 2013 |