Credit laws are crazy things.
If you are not familiar with them it can feel as if you are trying to navigate a land-mine.
Do not stress!
Once you know the credit laws that protect consumers like you and me, it will make the whole credit repair process so much easier than you ever thought it could be.
You'll want to first check out Jeremy Maher's free credit presentation here:
Here is your speedy guide of the credit laws. Understand that this is not a full listing of all the details, but it will help you to get started.
· FCRA or Fair Credit Reporting Act: This law allows you to dispute listings which you feel are inaccurate and get a response in a timely manner. (Great way to get the negative garbage off your report!
It will also help you to get information regarding who the original provider, or creditor is so that you can go straight to the source should you need to. You will also find that this is a credit law that can give you more rights when it comes to things like inquiries which might have been done without your permission. (YOU can get these deleted for FREE)
· FDCPA or Fair Debt Collection Practices Act: Essentially, this is the law that says that collection agencies or creditors are not allowed to harass you.
Nor are they allowed to make threats to scare you and your family. It also covers the statute of limitations in your state, which can range from three to 10 years. This is the amount of time a creditor has to sue you. THAT IS RIGHT! – Creditors can not sure you after a certain amount of time.
· ECOA or the Equal Credit Opportunity Act: This law says that everyone regardless of race, creed, color or sex can be eligible for credit. Creditors cannot discriminate based on whether you're married and your spouse has bad credit. Nor can you be denied credit because you are 62 or older or have loans or interest rates change when your life status changes.
· FACTA or Fair and Accurate Credit Transactions Act: This is an add-on to the FCRA. Essentially, this ensures that you are able to dispute items on your credit report which you feel are incorrect and you have the right to a prompt response to your inquiry. This also allows you to be able to check your credit report as much as you want for a reasonable fee. This is a credit law that you will find you refer to frequently if you are working to clean up your credit report.
When it comes to all the different Credit Laws that protect consumers like you and me, it can always help you to know what you are dealing with and how it can help your financial situation.
When you know your rights you will find that you have an easier time with everything to do with your credit, from disputing incorrect information to dealing with creditors. Even though it might feel like a struggle right now, you really need to get to know the credit laws and find out how you can use them to your advantage!
I hope this helps you understand how important these laws are to you and the average hard working American.
To learn the insider techniques that can raise your credit score, get instant access to this free credit repair video:
Please take the time to watch the video for yourself and your family.
Good luck and keep your head up! Life is short and we all deserve an enriched lifestyle!