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The Fair Credit Reporting Act promotes the accuracy and privacy of information in consumer credit reports. It also controls the use of credit reports and requires consumer reporting agencies to maintain correct and complete files.
The FCBA generally applies only to “open end” credit accounts – credit cards and revolving charge accounts, like department store accounts. It does not apply to loans or credit sales that are paid according to a fixed schedule until the entire amount is paid back, like an automobile loan. The EFTA applies to electronic fund transfers, like those involving automatic teller machines (ATM’s), point-of-sale debit transactions, and other electronic banking transactions. For details, see Fair Credit Billing and A Consumer’s Guide to E-Payments at ftc.gov/credit.
Applies to personal, family, and household debts. This includes money you owe for the purchase of a car, for medical care, or for charge accounts. The FDCPA prohibits debt collectors from engaging in unfair, deceptive, or abusive practices while collecting these debts. Under the Fair Debt Collection Practices Act:
These practices are forbidden under the FDCPA:
We strongly recommend not talk to debt collectors on the phone, if you talk to them keep in mind that they tape record all collection calls. When ever you speak with a debt collector the only thing that needs to be said is, “provide me with validation of debt, if no validation is sent or received, cease and desist all communication”. If you have to communicate with debt collectors, we recommend doing it only in writing and never hand sign your letters. In the past we have seen signatures migrating from a validation letter sent by the consumer to a promise to pay presented in court by the debt collector. They used a scanner and a computer to copy the original signature, print a fake promissory note and try to enforce it in court. Our client’s attorney was able to prove what they did and file criminal charges against them, but only because our client sent us a copy of that first validation letter for our records and the two signatures was absolutely identical.
Some collectors will use any illegal or tricky strategy in order to get your money. You need to have everything in writing so there is no chance for “misunderstandings.”
Know your rights at all times. If you have any further questions, you can give us a call RCK Credit Consulting 815-904-6321 or you can email us at firstname.lastname@example.org