Debt collectors have a bad reputation and it’s not just because of the nature of their business. In 2018, the Federal Trade Commission (FTC), received more than 84,000 complaints about debt collectors. Of these complaints, most were about collectors attempting to collect a debt not owed or collectors continually harassing consumers.
A collection account can majorly affect your credit score if not taken care of immediately. If you have had trouble with creditors either misreporting your credit information or harassing you for payments, you should be aware of two federal laws that entitle you to damages if they have violated your rights. These two laws are the Fair Credit Reporting Act (FCRA) and the Fair Debt Collection Practices Act (FDCPA). These laws protect consumers from creditors, third-party debt collectors or credit reporting agencies who either misrepresent consumers’ credit information or use unfair debt collection practices.
Knowledge of these laws can help you improve your credit and your quality of life.
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The FCRA protects you in situations where your credit information has been intentionally or unintentionally misrepresented to the point where you have been denied credit or have had higher interest rates on loans. Typically, these violations involve creditors using old information (e.g. reporting old debts as new) or furnishing and reporting inaccurate information (e.g. misstating your balance due).
The FDCPA, on the other hand, protects you from unfair collection practices. Violations typically involve a creditor or debt collector calling you outside of permitted hours, refuses to stop calling you or makes threats towards your person.
Regardless of which violation your creditor or debt collector is responsible for, you should know that you have options.
Holding Creditors Accountable for their Actions
There are processes in place if someone violates your rights under either the FCRA or FDCPA. That said, the type of remedy you use for these violations can depend on actual damages and the statute of limitations. If you believe your rights are being violated under the FCRA, you may be able to sue the creditor in court for damages. For the FDCPA you should be able to file a complaint with the appropriate government agency (e.g. the Federal Trade Commission or Consumer Financial Protection Bureau).
DebtCleanse Can Help
When you sign up with DebtCleanse, we’ll connect you with a consumer advocate attorney who will help you stand up for your rights and help you file any complaints. Take the first step today at no risk to you - At DebtCleanse we’re confident that our approach will help you overcome your debt which is why we offer a 30-day money-back guarantee.
So what are you waiting for? Call us at (800) 500-0908 or get started online now.