Initially it was found that U.S people had a lot of problems to manage their credit related problems. It happened because of the Americans were not allowed to keep a track of their credit records and were abused and harassed extensively if they were unable to pay the bills on time. Credit reports were found to be shocking and the consumers had to follow certain credit repair tips to improve their credit scores. In order to bring an end to these problems, Fare Credit Reporting Act was made effective so as to help you know your credit rights. In addition to this act, few other consumer protection acts have been implemented so as to protect your rights when you’re working with the creditors and the collection agencies.
3 Laws that will help you clean your credit rating
Read on to gain knowledge about the laws that can help you know the consumer rights when you’re using a credit card.
1. Fair Debt Collection Practices Act: This act has been implemented in order to protect you from facing abusive behavior of the credit collectors. Under this act, the credit collectors are not allowed to call you at unusual hours, they cannot use vulgar languages to harass you on phone, cannot lie about their identity or become violent while collecting the debt amount from you.
2. Fair Credit Billing Act: When you’re using a credit card, you must make sure that you keep a track of your credit record. This will help you detect the negative listings on your credit report which is responsible in lowering your credit score. Thus, if you find any such negative listings, under that act you have all the rights to dispute questionable negative credit directly with your creditors. When they will remove those negative listings form your report, your credit score will rise up.
3. Fair Credit Reporting Act: Under this act you have all the rights to ask the three credit bureaus to provide you the credit reports. With the help of these reports, you’ll be able get a clear picture of your financial situation. If you find any inaccurate credit listings on your credit report, you can talk to members of the credit bureaus about it.
Lastly, if you have fallen in debt and have taken help of a debt settlement program to repay your debts, you’ll find that your credit score has got diminished. Now, you have to find out certain ways to repair your credit score. Try to search for licensed credit correction companies who will help you rebuild your credit score. These credit repair organizations are regulated by the Credit repair organization Act which will prevent you from becoming a victim of a credit repair scam.
Categories: credit repair Tags: credit repair, credit repair laws, credit repair organization, credit report, credit reporting act, credit score, fair credit billing act, fair credit reporting act, fair debt collection practices, get acquainted with the credit repair laws to prevent your rights
One of the basics of getting the most competitive credit card account deal in the market is to ensure you have the best credit record possible. Few of us are lucky enough to be earning a six-figure salary, and many consumers are likely to have other financial undertakings that a potential lender will want to take into account. None of this, however, should preclude you from getting a top bracket credit rating. Getting a credit score of 700 may be beyond some consumers, but lifting your credit rating to a point at which lenders will furnish you with some of their best deals is not an insurmountable task.
In the course of the work I often face various questions concerning credit history and credit points on how to fix bad credit or how to repair bad credit. You can talk about the different aspects of what it takes all day or we can just start with a real life example.
They know that those who find themselves drowning in debt are in such desperation as to believe anything that is told them, hoping that these fraudulent companies are really able to help them, so they can regain peace of mind. They will often be so disheartened by the system,
This is the normal procedure and the FTC outlines this procedure on the part of their site that addresses credit repair. If you search “FTC credit repair” on Google, you will easily find the web site we are talking about. That is worth reading when you get done with this article, but here is the basic outline of what they tell you to do.