You Have Credit Rights!

Did you know that there are 4 very specific laws that provide guidelines and procedures for lenders and that expand your protections?

Safeguarding your credit and financial life is extremely important and, unfortunately, there are many negligent institutions that cross the limit. I’ve personally had a horrible experience with a car dealership in South Florida where they violated my rights under the Fair Credit Reporting Act. Thankfully, since I was familiar with the law and my rights, I got it handled very quickly with the general manager and threatened a lawsuit.

All in all, it’s crucial to be familiar with these laws and to know exactly what your rights are!

The Fair Credit Reporting Act is designed to help ensure that credit bureaus furnish correct and complete information to businesses when evaluating your application.

Here are your rights under this law:

  • Receive a copy of your credit report
  • Know the employers that have received your credit report
  • Know which credit bureau was contacted after you’ve submitted a credit application
  • The right to a free annual copy of your credit report
  • The right to dispute information on your credit report

Equal Credit Opportunity Act prohibits discrimination on the basis of sex, race, marital status, religion, national origin, age, or receipt of public assistance.

Here are your rights under this law:

  • You cannot be denied credit based on discriminatory judgement
  • If you are denied credit, you have the right to know why

The Fair Credit Billing Act protects consumers from unfair billing practices. This law sets procedures for the lender and consumer to follow in the event that there are mistakes or other issues from the lender.

Here are your rights under this law:

  • You have 60 days to dispute a charge and you must mail your dispute to the lender
  • Once the lender has completed their investigation, you have the right to challenge their findings

The Fair Debt Collection Act prohibits debt collectors from unfair, deceptive, or abusive practices in the attempt to collect debts.

Here are your rights under this law:

  • Debt collectors may only call you between 8am and 9pm
  • Debt collectors may not contact you at work, if they know your employer does not permit it
  • Debt collectors may not harass, oppress, or abuse you
  • Debt collectors may not lie or falsely imply that you have committed a crime
  • Debt collectors must identify themselves
  • You have the right to request debt collectors to refrain from contacting you if you send it to them in writing

Depending on the state you live in, you may have additional rights and protections. Contact your state’s consumer protection agency.

You deserve to know what your options are and how to address violations against your rights. Therefore, you can report any wrong doings at the Consumer Federal Trade Commission. 

To Obtain Free Credit Reports

www.annualcreditreport.com

Number: 1-877-322-8228

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

To Contact Credit Bureaus

Equifax
1-866-640-2273

Equifax Credit Information Services, Inc.
P.O. Box 740241
Atlanta, GA 30374

Equifax Fraud Division
P.O. Box 740256
Atlanta, GA 30374
1-800-525-6285

To place a fraud alert on your credit report, call 1-888-766-0008.

Experian

Experian National Consumers Assistance Center
1-888-397-3742

TransUnion 

TransUnion Consumer Solutions
2 Baldwin Place
P.O. Box 1000
Chester, PA 19022

Obtain a free TransUnion credit report:
1-800-888-4213

Dispute information in your TransUnion credit report:
1-800-916-8800

TransUnion Fraud Victim Assistance Dept.
P.O. Box 2000
Chester, PA 19022-2000
1-800-680-7289

Additional Information on Credit

Federal Trade Commission
www.consumer.ftc.gov/

Federal Trade Commission Consumer Response Center
600 Pennsylvania Avenue, NW
Washington, DC 20580
1-877-FTC-HELP (382-4357)

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4 thoughts on “You Have Credit Rights!

  1. Thank you for sharing this valuable information. My father has dealt with debt collectors once, several years ago. He received dozens of calls from collection agency just within a month. It was very annoying. He then asked for help from Lemberg law to sue the agency and bring the case to the court. He finally won and also received few hundreds bucks from the agency. It took much efforts and time, but worth in the end.

    Like

    1. Tony, it is extremely annoying to receive those calls! I have personally received these types of calls for an unpaid medical bill back in my college days. At the time I was unaware of my credit rights, but had I known these laws existed I would have handled those calls much differently. I encourage you to subscribe to the blog and follow us on Facebook!

      Like

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