Federal/State Credit Laws
Federal Laws Concerning Credit
The Fair Credit Reporting Act (FCRA)
Guarantees your rights regarding your credit file. If you are turned down for credit due to a credit report, you can learn the information in it from the credit bureau at no cost. Otherwise, disclosure of the information in your file by a credit bureau involves a fee. While correct information cannot be changed, you have the right to dispute incorrect information in a credit report.
The Equal Credit Opportunity Act
Requires that credit grantors extend credit fairly and without considering race, color, religion, national origin, sex, marital status, or age (with certain exceptions). If you are turned down for credit you are entitled to the specific reasons for the creditor's action.
The Fair Credit Billing Act
Says that if you receive a billing that you feel is incorrect and you notify the creditor within 60 days, the creditor must either correct the bill or send you an explanation within 90 days.
The Truth in Lending Act
Requires credit grantors to tell you what using credit really costs (like interest rates, minimum monthly payment, etc.).
The Fair Debt Collection Practices Act
Prohibits harassment by debt collectors and requires that they verify for you the amount owed.
Your Liability for Fraudulent Credit Card/Debit Card/Cash Machine Card Charges Is limited under certain circumstances, but continues until you notify the card issuer of your cards' loss/theft.
Cease and Desist Letter
Arthur Ball
323 Elm St.
Hayfield, NY 12117
February 14, 1994
Attn: Mr. D. B. Smith
North American Collections Specialists
1313 Main Street, Suite 500
Hayfield, NY 12116
RE: MasterCard account #5419 1254 5778 9101
Dear Mr. Smith:
Greetings!
You are hereby notified under provisions of Public Laws 95-109 and 99361, also known as the Fair Debt Collection Practices Act, that your services are no longer desired.
1) You and your organization must CEASE & DESIST all attempts to collect the above debt. Failure to comply with this law will result in my immediately filing a complaint with the Federal Trade Commission and this state's Attorney General's office. I will pursue all criminal and civil claims against you and your company.
2) Let this letter also serve as your warning that I may utilize telephone recording devices in order to document any telephone conversations that we may have m the future.
Solving Credit ProblemsIf you are having problems getting credit or paying your monthly bills, you may be tempted to turn to businesses that advertise .....
3) Furthermore, if any negative information is placed on my credit bureau reports by your agency after receipt of this notice, this will cause me to file suit against you and your organization, both personally and corporately, to seek any and all legal remedies available to me by law.
Since it is my policy neither to recognize nor deal with collection agencies, I intend to settle this account with the original creditor.
Sincerely,
Arthur Ball
AB:lr
Credit Card InsightsThe cards we are going to discus here are the MasterCard and Visa only. Banks and Savings & Loans issue .....
Bill of Rights
Trans Union Rights:
1. The right to know what is in your credit file and to receive a copy of that report with proper identification.
2. The right to receive credit file disclosures during normal business hours and on reasonable notice (1) in person. If you appear in person and furnish the proper identification, (2) by telephone. If you first make written request with proper identification and pay for any toll charges, or (3) by any other reasonable means available to the credit reporting agency and authorized by you. For in person disclosure you may be accompanied by one other person of your choosing, although you may be required to furnish written permission for your credit file to be discussed in the other person's presence.
3. The right to receive a free credit report within 30 days (per the Fair Credit Reporting Act) of ......
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