Credit Help Contents
FCRA Debt Collection Practices Basics
Go here for the full FFDCPA: http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm
Section 805 – Communication In Connection With Debt Collection
Collectors may only call after 8:00 a.m. and no later than 9:00 p.m.
Creditor must only contact power of attorney or representative, not you.
Collectors may not contact the consumer’s place of employment.
Collectors may not communicate with any person other than the consumer himself. (unless authorized by the consumer to do so.) This includes family members.
Section 806 – Harassment or Abuse
Collectors may not use threat of violence or other criminal means.
Collectors may not use profanity.
Collectors may not continuously call, annoy, abuse or harass consumer.
Section 807 – False or Misleading Representations
Collectors may not use any false or misleading representations.
Collectors may not threat to take any action that cannot legally be taken.
Collectors may not give or threaten to give out false credit information.
Collectors may not distribute any falsely written communication simulating any document authorized, issued or approved by any court, official or agency of the United States or any states.
Collectors may not use any name other than the true name of the collectors business, company or organization.
Section 808 – Unfair Practices
Collectors may not use unfair or unconscionable means to collect or attempt to collect any debt.
Collectors cannot accept a check or other payment from the consumer that ids postdated by more than five days.
Collectors may not solicit any postdated check for the purpose of threatening or instituting criminal prosecution.
Collectors may not charge consumer any charge or price for communication.
Collectors may not take or threaten to take non-judicial action to effect dispossession or disablement of property.
Collectors may not use any language or symbol other than the collector’s address and name on any mail sent to the consumer.
If you believe your rights have been violated, you can file a complaint with the FTC now… Click Here! 7
Strategy to clean up your credit
In this day and age, everyone needs credit, whether to buy a car or a house, obtain a loan or a credit card, even to get a job. Credit Reporting Agencies, or CRA’s, are making a fortune selling your personal information to the many organizations interested in your credit history. Credit bureaus try to maintain accurate files about the consumer. However, due to the sheer magnitude of the information being entered into their databases, they frequently make mistakes that end up costing you tens of thousands of dollars. In the recent past Trans-union, one of the largest CRA’s, admitted in Court that nearly 50% of their files contained errors. Fortunately, the law is on the side of the consumer and, with the help of the government, you can have a perfect credit.
The Federal Fair Credit Reporting Act was enacted to help you! The law says that you can dispute any information contained in your credit report that you feel is not absolutely 100% accurate. You can demand from a CRA the deletion of records from your credit report related to late payments, charge-offs, repossessions, foreclosures, even bankruptcy. Believe it, THE LAW IS ON YOUR SIDE! These methods of credit repair are legal, honest, and the Federal Trade Commission governs them. You can have the CRA’s remove anything you dispute successfully.
There are hundreds of Credit Reporting Agencies (CRA’s) worldwide. However, the majority of prospective lenders use only three major agencies. The three major CRA’s are EXPERIAN, EQUIFAX and TRANS-UNION. The Credit Reporting Agencies record and maintain personal information about you such as your social security number, birthday, address, employment, and financial history. It is fair to say that most CRA agencies strive to maintain accurate and up to date information yet, due to the sheer magnitude of the number of files contained in their data bases, (some CRA’s handle upward of 75,000,000 files) human errors occur and mistakes are made.
When your files are incorrect or outdated, you do have rights under the FEDERAL FAIR CREDIT REPORTING ACT (FCRA).15 USC, SECTION 168L through 168T. This act was put into place to protect consumers from being judged unfairly because of inaccurate or outdated information. Learn more at www.FTC.gov.
You are entitled to dispute and question the accuracy of any information within your files, as often and at any time you feel necessary. The CRA has up to 30 days to investigate and respond to your dispute. If the CRA cannot provide confirmation of the incorrect information within 30 days, they must comply with the FCRA and remove it immediately from their files. If your creditor does confirm the information is indeed correct, it will remain on your credit history until it is scheduled to be taken off (up to a maximum of 7 years in most states). However, you do have the right to add a note of explanation about the negative information, as a “Consumer Statement” which will appear next to the negative information in your credit report.
When a CRA does not comply with the regulations of the FCRA, you can contact the Subcommittees on Banking, Credit and Insurance, and the Federal Trade Commission, which may bring legal action against the CRA. The CRA may also be liable for damages and attorney’s fees. Unfortunately, until you obtain, examine and update your own file, errors and false information can cost you thousands of dollars on interest, insurance premiums, rentals, and can also cause you to be denied credit for home loans, auto loans, bank accounts and sometimes even jobs. The publisher of Credit Helper has made it extremely easy for our users to repair, maintain and build the ideal credit report. We have intentionally “cut down” the lengthiness of traditional “Credit Repair” packages, to make ours simple to understand, read and use.