Knowing Your Rights Is Your Responsibility

            If you are beginning to feel debt mounding around you, it is time you consult the Truth in Lending Act and learn your rights.  It is a federal law designed to protect consumers in credit transactions, it lays down regulations requiring clear disclosure of key terms of the lending arrangement and all costs. 

            The Fair Credit Billing Act is a United States federal law that is an amendment to the Truth in Lending Act.  It's purpose is to protect consumers from unfair billing practices and to provide a mechanism for addressing billing errors in “open end” credit accounts, such as credit card or charge card accounts.  If you have ever received a credit card statement that had an error, for instance a wrong amount charged or you never received something you were billed for, you can fight the charge.  The Fair Credit Billing Act gives you that right to fight rather than pay.  Just remember, to be protected under this law, you must dispute any errors you find in your credit bill as soon as possible in writing.  Usually the deadline for notifying your credit card company of a billing error is 60 days after the date the bill was mailed to you. 

            There are also several other acts that you as a consumer should know about.  They outline your inalienable rights about credit reporting and debt collection.  It is your responsibility to know your rights and make sure they are not being infringed upon.

            The Fair Credit Reporting Act is a federal law that promotes the accuracy, fairness and privacy of information in the files of consumer reporting agencies.  There are many types of consumer reporting agencies, including credit bureaus and specialty agencies.  The act grants you several rights that you should be aware of.  First off, you must be told if information in your file has been used against you.  You have the right to know what is in your file.  You also have the right to ask for a credit score.  Additionally, you have the right to dispute incomplete or inaccurate information.  Consumer reporting agencies must correct or delete inaccurate, incomplete or unverifiable information.  Consumer reporting agencies may not report outdated negative information.  Access to your file is limited.  You must give your consent for reports to be provided to employers. You may limit “prescreened” offers of credit and insurance you get based on information in your credit report.  You may seek damages from violators.  Also, identify theft victims and active duty military personnel have additional rights.  Remember that states may enforce the FCRA, and many states have their own consumer reporting laws.   In some cases, you may have more rights under state law. 

            The Fair Debt Collection Practices Act is a federal law enacted to protect against abusive collection of consumer debts.  It is designed to that consumers are granted an avenue for disputing and obtaining validation of debt information in order to ensure it's accuracy.  The Act spells out specific guidelines of how debt collectors can conduct business, defines the rights of involved consumers, and also defines penalties for violations of the Act.

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