What Are Credit Repair Laws?

In 1970, the Fair Credit Reporting Act was enacted and its main aim was to safeguard consumers against any inaccuracies and inconsistencies residing on the reported credit. The law here ensures that consumers are able to dispute untruthful and inaccurate listings. It is also enabled to allow the consumers to receive free of charge complete reports each year.

Concerning credit repair, this law is very important and most of the consumers know it. More over, there are other two different laws that affiliate with it. These are basically made for the consumer and bear the same importance like any other for the purpose of your credit repair efforts.

The Fair Debt Collection Practices Act or FDCPA is important and a good plan and lies under the same category with the Fair Credit Billing Act or FCBA while the Fair Credit Reporting Act is referred to as the basis for the credit repair laws since it grants the consumer the right to dispute issues relating to unfair credit.

The purpose for the FCBA is for creditors to undergo a complete and correct billing. Some of the issues that are prohibited here include; charges with the wrong date or amount, poor delivery of goods or charges on goods that you didn't accept, failure to meet the requirements of sending money to your current address to take care of the bills referred to as post payments all which should be received 20 days before the billing cycle. The consumer is covered and has the right to ask and be issued with a written proof for the clarification of purchases made.

The FDCPA was enacted to save consumers from deplorable conduct that was common in the past. It was aimed at unfair and unreasonable collection that was made by agencies as part of their tactics.

The collection agency was put under restrict measures of collections from consumers such that they do not have the power to involve a third party like a lawyer in order to intimidate you towards payment. The Act entails that you should only call the consumer on convenient hours that is 8:00 am and 9:00pm.

Final Tip: if you want to improve your credit scores and get a cleaned credit report, it is by researching and comparing the best credit repair services in the market, that you will determine the one that meets your specific financial situation, plus the free trial offers and cheaper prices offered thereafter. Nonetheless, it is advisable going with a trusted and reputable credit repair company, you will save time and money by getting better results in a shorter span of time.

Source: ezine