Overview of the Fair Debt Collection Practices Act (FDCPA)
The FDCPA are laws against debt collectors which protect consumers from abusive, unfair, or deceptive practices debt collectors may use in collecting debts.
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Dispute inaccurate information directly with the source
The creditor that furnishes negative information to a credit report is obligated to investigate consumer disputes under the Direct Dispute Rule. Go directly to the source (the creditor) to dispute inaccurate credit report items.
How the Fair Credit Reporting Act (FCRA) helps consumers
Consumer reporting agencies collect, maintain and sell information on millions of consumers. Consumer reporting agencies include the three major credit bureaus Experian, Transunion and Equifax but they also include specialty agencies like ChexSystems that maintain and sell information about consumers’ banking history. The FCRA covers all consumer reporting agencies that gather, retain, compile, issue, and…
Will Chapter 13 bankruptcy restart statute of limitations for private student loan
An automatic stay goes into effect where creditors cannot sue you when you file Chapter 13 bankruptcy but the bankruptcy tolls the statute of limitations.
How to Dispute a Credit Card Billing Statement
The Truth in Lending Act gives consumers the right to challenge errors on their credit card statements. If you discover a problem with your credit card statement there are several actions you can take to dispute a credit card bill. The most common credit card disputes arise from unauthorized use of your card, incorrect amount…
Before filing bankruptcy know what debts can be wiped out
Filing a Chapter 7 Bankruptcy may not wipe out all your debts. Certain debts, unless you can prove extreme hardship, cannot be discharged.
Major credit bureaus agree to overhaul dispute process
On Mar. 9, 2015 the three major credit reporting agencies — Experian, Equifax and TransUnion agreed to revise the dispute process and reporting methods for unpaid medical bills as part of a comprehensive overhaul in the industry. After more than a year of talks between the credit reporting agencies and NY Attorney General Eric Schneiderman,…
The Fair Credit Billing Act (FCBA) helps fix billing errors
The Fair Credit Billing Act (FCBA) provides for the prompt correction of errors and protects consumers’ credit ratings while they are settling disputes
New Mortgage Standards in 2013 unveiled by Consumer Protection Bureau
The Consumer Financial Protection Bureau released comprehensive new rules on January 10, 2013, aimed at fixing the home lending market. The sweeping new standards stem from the 2010 Dodd-Frank Act and are designed to prevent a repeat of the 2008 financial and housing crisis. A major portion of the new rules are directed at borrowers…
Lenders must disclose credit scores when consumers are approved for credit
Risk base pricing is used by lenders and banks to determine what credit terms a consumers will receive based upon the consumer’s credit history.
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