Obligations of Creditors and Credit Reporting Agencies Under The FCRA
In 1970, Congress adopted the Fair Credit Reporting Act (FCRA) to protect consumers and regulate how credit information is used and disseminated. The FCRA was passed to address the growth of the credit reporting industry – which compiled “consumer credit reports” and “investigative consumer reports” on individuals.
Understanding the FCRA and Your Rights
The Fair Credit Reporting Act (“FCRA”) was enacted by congress in 1970 with the goal of protecting consumers from inaccuracies, unfair reporting practices, and privacy breaches by credit reporting agencies. The FCRA helps to regulate the use of consumer reports by laying out rules covering dispute resolution, the dispersing of consumer information, how and when a party may request/use a consumer report, as well as various other consumer rights.
Understanding The FDCPA & Your Rights
The FDCPA, also known as the Fair Debt Collection Practices Act, was enacted in 1978 by Congress because of a finding of “abundant evidence of the use of abusive, deceptive, and unfair debt collection practices by many debt collectors” 15 U.S.C. § 1692. In broad terms the FDCPA was put into place in order to protect debtors from being harassed by debt collectors.
The Link Between Mental Health And Financial Stability
It is no surprise that having debt can cause stress. However, those studying the effects of debt related financial pressure were surprised to see the dramatic impact on mental and physical health, including significant increased chances of suicide.
The Difference Between Debt Settlement And Debt Consolidation
Anyone facing large amounts of debt, is under a seemingly insurmountable level of pressure. Not only getting out of the debt seems daunting, but the options can be just as confusing and stress inducing as the debt itself. There are three terms most people are likely to hear when it comes to debt resolution…
How Debt Settlement Can Lead To Improved Credit
I cannot emphasize the importance of a good credit score enough, however when minimum payments are taking over your life, you are most likely one slip up away from damaging that score, and not in a position to enjoy the benefits of a high credit score.