FCRA Summary of Rights
What is the Fair Credit Reporting Act? The Fair Credit Reporting Act (FCRA) is a federal law that regulates how consumer reporting agencies use your information. Enacted in 1970 and substantially amended in the late 1990s and again in 2003, the FCRA, among other things, restricts who has access to your sensitive credit information and how that information can be used. Summary of Rights The FCRA is a complex piece of legislation and contains numerous provisions not discussed on this page. Below are several important features of how the FCRA is designed to help consumers (for the complete text, visit the Federal Trade Commission). The FCRA protects you by requiring consumer reporting agencies:
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Fair Debt Collection Practices Act
As the name implies, this law protects consumers (not business) from debt collectors’ nasty behavior. It also provides a way for you to get your hands on the information you need in order to dispute a charge. The definition of who is and who is not a “debt collector” changes over time. At first, this law only applied to companies that buy debt at a discount and then try to collect it. But over time the definition has broadened. Now attorneys involved in debt collection fall under this law and that means you have more protection against more collectors. What conduct isn’t allowed The law stops debt collectors from engaging in “abusive and deceptive” behavior when they try to collect debt. That includes:
Not only does the law prohibit the debt collector from doing certain things, the act also requires that the collector act professionally. Specifically, here is what the law requires of them:
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Enforcement
The Consumer Financial Protection Bureau and FTC enforces this law but you can also file a lawsuit privately. If you win your suit you might receive damages, fees and costs. The good news is, you don’t have to prove your damages. If you win your case, the debt collector will have to pay you up to $1000 plus reasonable attorney fees. Just be careful. If the court finds that you filed case furiously and you lose, you may have to pay the debt collectors legal fees.
The Consumer Financial Protection Bureau and FTC enforces this law but you can also file a lawsuit privately. If you win your suit you might receive damages, fees and costs. The good news is, you don’t have to prove your damages. If you win your case, the debt collector will have to pay you up to $1000 plus reasonable attorney fees. Just be careful. If the court finds that you filed case furiously and you lose, you may have to pay the debt collectors legal fees.