Credit repair laws 101, if you are going through hard times, it's important that you know that certain credit laws are in place to ensure your rights are protected throughout the entire process.
When you are repairing your credit, you end up working with companies that have far more money than you do, which gives them a lot of power.
However, to ensure that these companies can't have complete power in this process, there are laws in place, put there by the government.
Just a few of these laws include the Fair Credit Reporting Act, the Fair Credit Billing Act, the Fair Debt Collection Practices Act, and the Credit Repair Organizations Act. It's important that you know these laws if you want to get results with credit repair so here is a closer look at these laws and the information you need to know.
One of the credit repair laws put into place is the Fair Credit Reporting Act. This law is all about the things that can and can't be put on a credit report. Any information that is outdated, incomplete, inaccurate, and even unverifiable is not allowed to be put on your credit report, according to this law.
This law also gives you the right to dispute any errors that you find. You can raise a dispute with the credit bureau or even with the credit company. You also are given the right to purchase a report from any of the reporting agencies and you also are able to get a credit report each year for free.
The Fair Credit Billing Act is another of the credit laws put into place to enable consumers to correct errors in bills from credit companies.
Some of the errors that can occur include unposted credits, unposted payments, changes to the card that are unauthorized, or charges for items that were never received.
You are given 60 days from the time the errors occurs to start your dispute and the company has to investigate that dispute. While there is a dispute, you don't have to pay for the charge and you are not allowed to be penalized for now paying.
It's also important that you understand the Fair Debt Collection Practices Act, another of the credit laws out there.
This law determines what debt collectors are allowed to do and what they are not allowed to do when collecting debts. One example is that they aren't to call after 9pm or before 8am. If you have told them that your boss doesn't like the calls, they are no longer allowed to call your workplace.
While they are able to get information on your location from relatives, neighbors, and friends, they are not permitted to tell others about your debt.
There have been unscrupulous agencies out there for credit repair, and to protect you from these agencies, the Credit Repair Organizations Act was created.
While there are still some scams out there, many of them are being caught and then charged because of these laws. These credit repair laws forbid these companies from lying about any services and they are not allowed to charge you before services are offered.
They are also not allowed to ask you to do things to repair credit that are illegal. You can even sue these companies if they violate any of your rights.
If you are trying to repair your credit, it is important that you know your rights and the credit repair laws. Don't allow anyone to take advantage of you. If you ever do have any complaints, get a hold of the Better Business Bureau, the Attorney General in your State, or the Federal Trade Commission.
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Disclosure: I am an independent Credit Repair Cloud™ Affiliate, not an employee. I receive referral payments from Credit Repair Cloud. The opinions expressed here are my own and are not official statements of Credit Repair Cloud.