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Must Know Consumer Laws Protect Your Consumer Rights

Ten Must Know Federal Consumer Laws

The concept of “Fair Debt Collection” is about more than just the federal Fair Debt Collection Practices Act (FDCPA) and “little FDCPA’s” (the state co-parts to the federal law) — it is a concept that includes all laws regulating consumer laws for debt, credit and banking. This is because “debt collection” can only truly be “fair” so long as debt creation, credit granting and reporting, and debt payment are also all fair. Fortunately, there are significant state and federal debt and credit laws, regulations and statutes that protect consumers during all transactions with creditors, credit reporters and bill collectors. Knowing these laws, and your rights under these other important federal consumer protection laws, will give you leverage in any negotiation  because when any of your rights under any of these laws is violated, the tables get turned and  that business may just owe you money – money that you can take as cash, or use to reduce your balances. How? Well, that’s what you must know.

  1. The Truth In Lending Act (TILA)

    – Protects consumers by requiring meaningful disclosure of credit terms.

  2. The Fair Debt Collection Practices Act (FDCPA)

    – Outlines what information debt collectors can gather on you and contains specific rules on how debt collectors can communicate with you. It is designed to protect you from illegal debt collection tactics.

  3. The Fair Credit Reporting Act (FCRA)

    – Promotes the accuracy and privacy of information kept and distributed by the nation’s consumer reporting companies by defining how information must be recorded, verified and safeguarded.

  4. The Fair Credit Billing Act (FCBA)

    – Protects consumers from unfair billing practices and to provide a mechanism for addressing billing errors in “open end” credit accounts, such as credit card or charge card accounts.

  5. The Equal Credit Opportunity Act (ECOA)

    – Prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because you get public assistance.

  6. The Electronic Fund Transfer Act (EFTA)

    – Protects consumers when engaging in electronic fund transfers, including direct deposits, point of sale (POS), debit cards withdrawals, ATM cards, and credit cards sales.

  7. The Telephone Consumer Protection Act (TCPA)

    – The TCPA restricts telephone solicitations (i.e., telemarketing) and the use of automated telephone equipment. The TCPA limits the use of automatic dialing systems, artificial or prerecorded voice messages, SMS text messages, and fax machines.

  8. The Consumer Leasing Act (CLA)

    – Regulates personal property leases that exceed 4 months in duration and that are made to consumers for personal, family, or household purposes including automobiles. The statute requires that certain lease costs and terms be disclosed, imposes limitations on the size of penalties for delinquency or default and on the size of residual liabilities, and requires certain disclosures in lease advertising.

  9. The Credit Repair Organizations Act (CROA)

    – Prohibits untrue or misleading representations and requires certain affirmative disclosures in the offering or sale of “credit repair” services. The Act bars “credit repair” companies from demanding advance payment, requires that “credit repair” contracts be in writing, and gives consumers certain contract cancellation rights.

  10. The Real Estate Settlement Procedures Act (RESPA)

    – Intended to give consumers timely disclosures of the costs to be paid in mortgage settlement transactions, and to prohibit certain practices such as kickbacks and referral fees.

Statutes and Consumer Laws Everyone Must Know to Protect Your Consumer Rights

customer_serviceThere are ten federal debt, credit and banking consumer protection laws every consumer just must know, period. They are the Truth In Lending Act, the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, the Fair Credit Billing Act, the Equal Credit Opportunity Act, the Electronic Fund Transfer Act, the Telephone Consumer Protection Act, the Consumer Leasing Act, the Credit Repair Organizations Act and the Real Estate Settlement Procedures Act. Knowing these laws, or having no cost court representation under these statutes, can help protect you from being taken advantage of by businesses large and small in your everyday consumer debt, credit and banking transactions.

For example, did you know the Electronic Fund Transfer Act must be complied with when taking your payments electronically and that you could be entitled to up to $1,000 if this law isn’t followed, or that there is a Telephone Consumer Protection Act regulating computerized “robo calls”  and providing for payment to you of $500 to $1,500 for each call that violates the law? How about the laws for granting credit (Equal Credit Opportunity Act or “ECOA”), disclosing credit terms (Truth In Lending Act or “TILA”) and reporting credit (Fair Credit Reporting Act or “FCRA”) — do you know your rights, and when they are being violated?

Laws can be complicated, but knowledge of these legal requirements, and more importantly, the ability to spot a creditor or collector’s illegal act, can make the difference between paying full balances (or more) on your debt and settling any account (late or current) for less than you owe. So make the decision to to study these laws in your “spare time”, or just hire a Debt Help Lawyer and let them go through the mountains of contracts, disclosures, statements and bills to uncover these violations that can reduce your balances or put cash in your pocket.

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  1. i have been trying to leave a free case review and it will not submit…

    i got a call yesterday and the vm said they are investigating me for criminal charges i better call now…

    so i called and listened and wrote down what she said and her games she was playing and I also went to live chat for the company she said asked them to issue warrants for my arrest…

    please contaxct me… at my email addres for full details

    • Usually, when people make threats such as these the collection company is not a real, viable entity and are collecting on scare tactics alone. But, there are collectors and companies that push this envelope, so keep a call log, send it to us and we will review it and hunt down the callers and make them pay you! Get started today by calling us at 888-595-9111, we will open a file for you and protect you! No cost to you.

  2. made a verabl/telephonic agreement with a debt collection agency(Windal-Professionals),
    to make three payments of $250.00 in three months which would clear my dept of education loan.
    But i could not make the payments on their terms,and went back when i could about that time I received a letter depicting a balance that did not reflect my previous payment of $250.. They said the payment did not count because i did not meet the deadline.My concern is the the payment was for a dept of education debt.shouldn’t that payment be creditted as a deduction of total owed ?

  3. Have a payment arengment wit a debt collector, I was late on my payment but still made it next thing I know they take all the money I had in my account is there any thing I can do

  4. I recieved a call from a Patrick Burton with “mediation services” (812-220-5720). He stated in the voice mail that they are investigating me for criminal charges and that I better call them back or else an arrest warrant would be issued for me. I called him back and left a message.

    Yesterday, my daughter called me crying. A Garret Morrison had called her and left her a voice mail saying she was being sued.. She called back and he asked if she knew me and if she could contact me. She asked why and started yelling at her demanding to know who she was and how she knew me. He then asked her if we (my daughter and I) we “screwing the same man” and called her a “whore”. He told her that we were propbably” screwing around togther” and then he hung up on her. The number he called from is the came number that Patrick Burton with mediation services (812-220-5720) called me from.

    I called them again today and spoke with Mr. Burton, Mr. Morrison and a Ms. Bolt who claimed to be the supervisor. I told them that what they were doing was against the law and that I was going to take action. When I told him this he hung up on me, so I called back. Mr. Burton answered and transfered me to Mr. Morrison. They both denied that they had called my daughter or called her names. Mr. Morrison called me “stupid” and told me that I was a “dummy” and hung up on me again. I called back and asked to speak with a supervisor. When I spoke with Ms. Bolt I asked for the company’s full name and address, she told me that I was a felon and that she did not disclose company information to felons in order to protect her employees and then hung up on me.

    My cell phone records will show the calls they made to both me and my daughter. She is on my cell phone plan. I would like assistance in stopping them from harassing me and my family members. I would also like to know what the legal name of the company is and the address. I would appreciate any help you can provide me.These horrible people should not be allowed to lie and harass people like this!

    Please contact me. I have provided my email.

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