Credit, Debt and Collections Law

The Fair Debt Collection Practices Act (FDCPA)

Are debt collectors harassing you, are collectors calling your neighbors or threatening to contact your employer about your debt; are they threatening to take your property or sue you in court. If this is happening to you, a federal law is being broken: Fair Debt Collection Practices Act. The FDCPA is a federal law that is designed to regulate debt collection and the methods debt collectors use while collecting debt.

The Truth in Lending Act (TILA)

The Truth in Lending Act was enacted by Congress in 1968 as part of the Consumer Protection Act. Its purpose is to help regulate credit transactions. Unlike the FDCPA, TILA applies to the original creditor. Original creditors may include and are not limited to banks and credit card companies like American Express, Visa, and MasterCard.

The requirements that are imposed under TILA are contained in Regulation Z of the Truth in Lending Act. Some of these requirements include: providing consumers with initial credit card disclosures, providing periodic or monthly disclosure statements, providing statements that detail monthly credit card transactions, and disclosing finance charges and other fees that were charged on a consumers' credit card accounts.

The Fair Credit Reporting Act (FCRA)

The Fair Credit Reporting Act 15 U.S.C. § 1681 is a federal act that regulates the "collection, dissemination, and use of consumer credit information" The FCRA applies to businesses that disseminate or gather credit information. These businesses are typically referred to as consumer reporting agencies.

Under FCRA consumer reporting agencies must follow certain requirements including:

• provide consumers with their credit information upon request;
• take measures to ensure that the information being reported is accurate; and
• eliminate information including bankruptcy information, judgments, and tax liens that are older than seven years.

The Fair & Accurate Credit Transaction Act (FACTA)

The Fair & Accurate Credit Transaction Act (FACTA) was passed and signed into law in 2003 to amend the Fair Credit Reporting Act. Under FACTA consumers may request and receive a free credit report from each of the three credit bureaus: Equifax, Experian and Trans Union.

The credit bureaus provide a website (www.annualcreditreport.com) that consumers may use to receive their free annual credit reports.

FACTA also contains new provisions that help consumers limit identity theft and place alerts on their credit reports if a consumer believes that he or she is a victim of identity theft.

Need a Lawyer?

WORLD Law Direct's experienced attorneys are available 24 hours a day, 7 days a week...

• Credit Card Collection Attorneys
• Consolidation Lawyers
• Bankruptcy Lawyers

If you can't find an answer to your Credit, Debt and Collections Law question, consult a lawyer. Ask an attorney - Present your case now!