The Fair Debt Collection Practices Act (FDCPA) applies to personal, family, and household debts. This includes money you owe for the buying of a car, for medical care, or for charge accounts. The FDCPA forbids debt collectors from engaging in unfair, misleading, or abusive practices when collecting these debts. Under the Fair Debt Collection Practices Act:
• Debt collectors may make contact with you only between 8 a.m. and 9 p.m.
• Debt collectors may not contact you at your workplace if they know that your employer disapproves.
• Debt collectors may not harass, oppress, or abuse you.
• Debt collectors may not lie when collecting debts, for example falsely implying that you have committed a crime.
• Debt collectors should identify themselves to you on the telephone.
• Debt collectors must cease contacting you if you ask them to do so in writing.
Solving Your Credit Problems
Your credit report can influence your purchasing power, as well as your chance to get a job, rent or buy an apartment or a house, and buy insurance. When negative information in your report is correct, just the passage of time can ensure its removal. A consumer reporting company can report most correct negative info for seven years and bankruptcy information for 10 years. Info regarding an unpaid judgment against you can be reported for seven years or till the statute of limitations runs out, whichever is longer.
If you are having problems paying your bills, contact your creditors immediately. Try to work out a modified payment plan with them that reduces your payments to a more achievable level. Do not wait till your account has been surrended to a debt collector.
Here are some more ideas for solving credit problems:
• If you want to dispute a credit report, bill or credit denial, write to the proper company and send your letter “return receipt requested.”
• When you dispute a billing error, contain your name, account number, the dollar amount in question, and the reason you think the bill is incorrect.
• If in doubt, request written verification of a debt.
• Keep all your original documents, particularly receipts, sales slips, and billing statements. You will require them if you dispute a credit bill or report. Send copies only. It might require a lot more than one letter to fix a problem.
• Be hesitant of businesses that provide instant solutions to credit problems: There are not any.
• Be persistent. Resolving credit problems can take time and patience.
• There is absolutely nothing that a credit repair company can charge you for that you cannot do for yourself for little or no cost.
If you are not disciplined enough to make a workable budget and follow it, come up with a repayment plan with your creditors, or keep track of mounting bills, consider calling a credit counseling organization. Many credit counseling organizations are nonprofit and work with you to solve your financial problems. However not all are trustworthy. For example, simply because an organization claims it’s “nonprofit,” there is no assurance that its services are free, inexpensive, or even legitimate. Actually, some credit counseling organizations ask for high fees, or conceal their fees by pressuring consumers to make “voluntary” contributions that only cause much more debt.
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