Credit Law

What the Big 3 Credit Bureaus don't want you to know...


It's important to know that not just one credit law but many laws have been enacted to protect you regarding how your personal information is used by the credit bureaus, collection agencies, creditors and others. Why?

Because whether you know it or not, there's an ongoing "tug-of-war" for ownership of your personal data. The question is who really owns your personal information, you or the businesses profiting by collecting, reporting and marketing it?

Not only do credit bureaus, creditors, and collection agencies profit from the use of your personal information, but marketers, information brokers, employers, and many others use your personal data for their own business interests.

Given the extensive use of your personal data by others, laws have been enacted to protect you and govern the use of your personal credit information.

Basically, these laws attempt to balance the rights of others to use your personal data versus your own privacy rights. So they seek to define guidelines and limits on how your personal data may be used and what you can do to make sure it's accurate and complete.

Although there are several State and Federal credit protection laws enacted, the primary credit laws affecting you are:

  1. The Fair Credit Reporting Act which governs how the credit bureaus can report your personal information. It basically requires that any information they report be accurate, complete and within certain time limits.

  2. The Fair Debt Collection Practices Act governs what collection companies and other creditors can do when collecting debts. This is the credit law that prevents companies from threatening you and calling you late at night or on your job.

  3. The Fair Credit Billing Act requires credit card companies to give you information regarding your account, like previous statements, interest rates, and information to prove that you were properly charged.

  4. The Real Estate Settlement Procedures Act requires your mortgage company to provide you with information to show they properly handled your mortgage. This can be useful when disputing a foreclosure or short sale.

  5. The Credit Repair Organizations Act governs what credit repair organization can do. It spells out your rights and requires credit repair organizations to deal with you ethically.

Get credit information and decide for yourself who to trust
to help legally improve your credit.

Credit Improvement Tip#2

"Why It's Not in the Credit Bureau's Best Interest to Help You Fix Your Credit"

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