The basis of most credit repair is the Fair Credit Reporting Act or the FCRA. This law was enacted back in’70 to defend consumers from inaccuracies and inconsistencies on credit reports. This law enables consumers to dispute misleading or mistaken listings on their credit report. It also permits a consumer to receive one free credit report each year from each of the three main credit bureaus.
This is an notable 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 helpful knowledge of all three of these laws is central to your credit repair efforts.
While the FCRA or the Fair Credit Reporting Act is the base which makes all credit repair viable, the FCBA or the Fair Credit Billing Act and the FDCPA or the Fair Debt Collection Practices Act are also essential to a solid credit repair plan.
The Fair Credit Billing Act otherwise acknowledged by the acronym FCBA requires creditors to bill correctly and entirely. It prohibits illegal charges, charges that have the wrong date or sum, charges for merchandise or services that you did not accept 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 preceding to the billing cycle. It also allows you as the consumer to ask for a written confirmation of purchase and requests for explanation.
The FDCPA or the Fair Debt Collections Practices Act was enacted to safeguard average individuals from inequitable and unfair collection agencies and tactics. This law restricts debt collectors from engaging in some of the appalling behavior that they were known for in the past.
The FDCPA specifies reasonable collection practices. For case in point, a collection agency cannot call any third party who does not owe the debt. They cannot issue false threats of reporting it on your credit or referring your account to an lawyer in order to coerce you to pay. They are only allowed to call within realistic hours, which are usually between 8:00 am and 9:00 pm unless they have your explicit consent to call at another times. They are not allowed to call you at bothersome or unusual times or places if you let them know what is undesirable.
This law, the FDCPA is very broad and it has a long list of boundaries and suitable behavior for collection agencies. Just be aware that you must purposely and just to be safe, you should almost certainly do it in writing tell them when and where it is objectionable for them to call you. If you have any questions about the law you can do an Internet search and read it in its entirety.
All 3 of these laws are crucial to you as a credit consumer. Each of them can be advantageous if you need to complete any repairs on your credit so it is wise to be alert of them and search out the information if it becomes essential.
Whether you like it or not repairing your credit can become needed at some point. If you need further information about credit fix repair visit http://724Credit.com and don’t forget to sign up for a free credit repair course.
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