Credit Repair Services and Information
Credit Laws, Acts & Rules
A reputable credit and debt solutions provider will
always comply with all legal requirements as set out in those Credit Laws and
Acts governing credit repair companies. Search your credit repair company at the
Better Business Bureau to verify that you're working with legal credit services.
Laws and rules governing credit, consumers and creditors
There are many different laws and rules that
exist to protect the consumer in all matters pertaining to credit, credit repair
companies and those who offer credit. It is important for any consumer to understand
credit law and the Acts that are designed to protect them. The Federal
Trade Commission (FTC) is charged with enforcing many of these laws and for providing
consumers with information about them. The FTC can be contacted by mail,
telephone or email.
Federal Trade Commission's Consumer Response Center
Toll Free - 1-877-FTC-HELP (382-4357)
Regular mail:
Federal
Trade Commission
CRC-240
Washington, D.C. 20580
website:
www.ftc.gov
Credit Law - Rules and Acts
The Consumer Leasing Act requires leasing companies to inform a consumer about the facts and details regarding
the cost and terms of their contracts.
The Credit Repair Organizations Act was designed to ensure that those seeking credit repair services from credit repair
organizations are provided with the information necessary to make an informed
decision regarding the purchase of credit repair services and that consumers
are protected from deceptive or unfair advertising and business practices.
The Equal Credit Opportunity Act prohibits the denial of credit because of sex, marital status, race, religion, national
origin, age or because a person receives public assistance.
The Fair Credit Billing Act sets out guidelines and procedures for resolving billing errors that may appear
on credit card accounts.
The Fair Credit Reporting Act (FCRA) gives any individual the right to know what information is being distributed
about them by any credit reporting agency.
The Fair Debt Collection Practices Act (FDCPA) sets out guidelines and procedures for collections companies that prevents
debt collectors from using unfair or deceptive practices to collect overdue
bills.
The Home Ownership and Equity Protection Act (HOEPA) is designed to protect consumers by restricting certain terms of high cost
home loans (where the interest rate or fees are above a specified level).
The Identity Theft and Assumption Deterrence Act makes identity theft a Federal crime punishable with penalties up to 15 years imprisonment
and a maximum fine of $250,000, and clearly defines the individual whose
identity was stolen as a 'victim'.
Notices of Rights and Duties under the FCRA (July 1, 1997) were created to promote accuracy, fairness and the privacy of information
in the credit files created by all credit reporting agencies.
The Truth in Lending Act demands that any lender give a consumer written disclosures of the costs of credit
and the terms of repayment prior to entering into a credit transaction.
Credit
law exists to protect consumers. The Fair Credit Reporting Act and
the Credit Repair Organizations Act are credit laws that directly influence credit
repair and credit repair services.
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