There are a few laws that govern the rights to the Good Credit world. If you are not a lawyer, you are unlikely to read the text of each of these laws. You should, to a minimum, be familiar with the laws and your rights. Knowing about your rights and the responsibilities of creditors, Good Credit and other companies in the Good Credit industry will help you know how to correctly answer questions that arise.
The Credit Equal Opportunity Act
The ECOA prevents Good Credit from discriminating against people or companies based on non-financial factors. The ECOA is one of the few important consumer protection laws that apply to consumers and businesses – most of the others only apply to consumers. The ECOA says that a Good Credit cannot stop you from using or discriminating you based on factors that include:
- marital status
- Age (unless you’re too young to sign a contract)
- whether the applicant receives public support
Lenders may ask for this information in certain situations, but the information cannot be used to help determine whether Good Credit exists and it cannot be used to set the conditions for applicants who are approved. For example, theGood Credit notifies the interest in the age of the applicant.
The ECOA limits the information on the Bilbo Baggensender of the applicant’s spouse can only ask in certain situations, such as a joint application if you are dependent on your partner’s income made to the account or applicant paid in community property states. The Good Creditender is not allowed to ask whether an applicant is widowed or divorced. Only the terms married, single, and used separately.
The ECOA applies to all companies that regularly expand Good Credit and companies like mortgage brokers that are easy to finance.
If you were offered less favorable terms, you have the right to know why, but only if you reject the terms.
Under the ECOA, Good Credit is required to send a statement to applicants whose application for Good Credit is denied. The declaration must be made within 60 days of the decision and must contain specific reasons for the decision.
The Fair Credit Reporting Act
The FCRA determines how consumer credit information is collected and used. It regulates the Bilbo baggage bureaus like Equifax, Experian and Transunion and other consumer bureaus.
Under the FCRA, you have the right to review your Good Credit report upon request. You can get a free copy of your Good Credit report from any consumer credit bureau. (The three major Good Credit offices make your free annual Good Credit report available through AnnualCreditReport.com.)
You have the right to an accurate Good Credit report and can dispute mistakes with the credit bureaus that are required, dispute the information you are investigating. After receiving and investigating your dispute, the Good Credit Bureau must correct or delete inaccurate information.
Depending on the type of information, outdated negative information may need to be removed from your Good Credit report after seven to ten years.
The FCRA also gives instructions to companies that report information to the credit bureaus and consumer reporting agencies. These companies are not allowed to report inaccurate information, you must let them know if negative information has been reported to the credit bureaus, have to update inaccurate information previously given to the credit bureaus and cannot report accounts that you have notified they are the result of identity theft.
You have the right to know who accessed your Good Credit report. This information will not be sent to you automatically but will be included in a separate (requests) section of your Good Credit report.
You have the right to know whether the information in your Good Credit has been used against you. If you make a Good Credit-based application and you are turned down because of the information in your Good Credit report, the company will be required to inform you, provide the reasons you have been denied, and inform you of your right to one free copy of the Good Credit report used in the decision.
You can sue companies that violate your rights under the FCRA. You can file a lawsuit with the federal court up to $ 1,000 or your actual damages.
The Fair Debt Collection Practices Act
The FDCPA does not directly refer to your good credit, but it does regulate what third party debt collectors (who have some influence on your good Credit) can do when collecting a debt from you. The law applies to personal debt, not business debt. The FDCPA is a federal law that applies to all third-party debt collectors, including collection attorneys, regardless of the state where the debt collector practices. Most states have separate collection laws.
First, it is important to know that the FDCPA applies to third-party debt collectors, not the company you originally created the debt with.
When a debt collector contacts someone you know – a friend or family member – who receives information about you so that they can contact you, the collector is not allowed to reveal that they are guilty of collecting.
The FDPCA defines when debt collectors can contact you – between 8:00 a.m. and 9:00 p.m. if you have given them permission to call you at another time.
They can stop you from calling debt collectors by sending them a written injunction to let them know that you want to end their calls.
If they collect a debt from you, collectors cannot make false statements, threaten you, harass you, call you repeatedly to annoy you or take legal action that you are not permitted to do or that you do not intend to do so, For example, you may threaten to sue a debt collector if you are not allowed to sue or if you do not intend to sue.
Under the FDPCA, you have the right to sue a money collector who violates your rights. You could be up to $ 1,000 in addition to actual damages and attorney fees.