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you are looking at debt consolidation then you are most likely already involved
with Credit Reporting Agencies and Debt Collectors. The sections outline
some of your basic Rights:
Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) is designed to help make sure that
Credit Reporting Agencies give correct and complete information to businesses
to use when evaluating your application.
Your rights under FCRA include the following:
- You have the right to receive a copy of your credit report. The copy
must contain all of the information in your file at the time of your
request.
- You have the right to know the name of anyone who received your credit
report in the last year for most purposes or in the last two years for
employment purposes.
- Any company that denies your application must supply the name and
address of the Credit Reporting Agency (CRA) they contacted, provided
the denial was based on information given by the CRA.
- You have the right to a free copy of your credit report when your
application is denied because of information supplied by the CRA. Your
request must be made within 60 days of receiving your denial notice.
- If you contest the completeness or accuracy of information in your
report, you should file a dispute with the CRA and with the company
that furnished the information to the CRA. Both the CRA and the furnisher
of information are legally obligated to reinvestigate your dispute.
Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act (FDCPA) applies to personal, family,
and household debts. This includes money owed for the purchase of a car,
for medical care, or for charge accounts. The FDCPA prohibits debt collectors
from engaging in unfair, deceptive, or abusive practices while collecting
these debts.
Your rights under the Fair Debt Collection Practices Act:
- Debt collectors may contact you only between 8 a.m. and 9 p.m.
- Debt collectors may not contact you at work if they know your employer
disapproves.
- Debt collectors may not harass, oppress, or abuse you.
- Debt collectors may not lie when collecting debts, such as falsely
implying that you have committed a crime.
- Debt collectors must identify themselves to you on the phone.
- Debt collectors must stop contacting you if you ask them to in writing.
If your situation has progressed beyond what you can handle on your own,
then a Credit Counseling Service for debt consolidation should be your
next step.
Source: FTC 1997
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