Unearth The 3 Significant Laws That Can Be Useful For Credit Repair

When it comes to credit repair, a consumer will usually bear in mind the FCRA or the Fair Credit Reporting Act. This act is the base for all credit repair since it gives consumers the right to dispute erroneous or misleading listings on their reported credit. It also allows a consumer to receive one free credit report every 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 involving to credit that involve you as a consumer and a good knowledge of all three of these laws is crucial to your credit repair efforts.

Also, the Fair Credit Reporting Act is the underpinning of all credit repair but the FCBA or the Fair Credit Billing Act and the FDCPA or the Fair Debt Collection Practices Act are also both critically important for an helpful credit repair plan.

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The Fair Credit Billing Act otherwise recognized by the acronym FCBA requires creditors to bill accurately and completely. It prohibits illegal charges, charges that have the mistaken date or amount, charges for merchandise or services that you did not accept or were not delivered as contracted 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 previous to the billing cycle. It also allows you as the consumer to ask for a written proof of purchase and requests for clarification.

The Fair Debt Collections Practices Act was enacted to protect ordinary consumers from unreasonable and unfair collection agency tactics. Many collection agencies engaged in despicable practices in the past in order to collect a debt.

FDCPA outlines reasonable collection practices. Some examples include not being able to phone a third party who does not owe the debt. A collection agency cannot issue phony threats in order to coerce you into paying. They can only call at reasonable hours, normally between 8:00 am and 9:00 pm unless they have your precise authorization and they are not allowed to call you at places or times that you have let them know is objectionable.

This law, the FDCPA is very broad and it has a long list of limits and customary conduct for collection agencies. Just be aware that you must specially and just to be safe, you should almost certainly do it in writing tell them when and where it is undesirable 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.

Did you know as a credit consumer these three laws are important. You can use any or all of them as an benefit when you are finishing credit repair so it is shrewd to be aware of them.

Whether you like it or not repairing your credit can become needed at some point. If you need further information about credit repair information visit http://724Credit.com and don’t forget to sign up for a free credit repair course.