You have the right to be treated with respect when debt collectors proceed against you. The United States Congress found that many debt collectors were engaging in abusive and detrimental behavior against consumers. Congress passed laws to protect you and your family against harassment, oppression or abuse at the hands of debt collectors.
Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act (FDCPA) creates a number of very important guidelines to protect the consumer against debt collectors. Many people don’t understand all of the financial laws, so they can be taken advantage of by overly aggressive debt collectors. Debt collection laws prohibit the most frequent forms of oppression: annoying calls, work harassment and deception.
The purpose of these laws is to create uniform standards to “eliminate abusive debt collection practices.” There are very strict guidelines on how a debt collector can proceed with consumers, like you.
Clear Identification By Collectors
No one wants someone calling them who remains silent at the other end or doesn’t properly identify themselves. That would be creepy. Debt collectors must identify who they are and who they work for. They must provide the name and address of your original creditor within five days of the first communication through written correspondence.
Debt collectors must clearly state why they are calling. They can only call between 8 a.m. and 9 p.m. of your local standard time. They cannot harass you with repeated calls.
The Internal Revenue Code of 1986, Title V of the Gramm-Leach-Bliley Act reformed financial law. It set up strict rules to safeguard consumer rights. It required financial institutions to send you privacy notices. It demanded compliance with all written correspondence for debt collection. It protects you from the reckless behavior of debt collectors.
Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) gives you rights concerning your credit rating. Previously, credit scores were a “behind-the-scenes” rating shared by bankers. With FCRA, you have the right to a free annual credit report.
You have the right to an accurate credit report. There are procedures for correcting errors on your credit report. Negative entries, like bankruptcies, tax liens, and judgments, can only be retained for a certain period of time. The FCRA protects your civil liberties with respect to your credit rating.
Your Personal Information is Protected
Your personal non-public financial information cannot be shared with just anyone. Some of your banking notices might explain who the banks share the information with. It gives you the opportunity to “opt-in” or “opt-out” of their sharing systems.
Debt collection law protects you against unfair practices. Debt collectors cannot tell other people that you owe debt. They cannot embarrass you by publicly displaying your name as a “Bad Debtor.”
You cannot be harassed, oppressed, abused or threatened with arrest or criminal prosecution. A debt collector cannot misrepresent who he is, how much the debt is or what your legal debt status is. No deceptive or false representation is permitted. False information cannot be sent to the credit bureaus.
Communication is Controlled
Debt collection laws govern abusive debt collection practices. Debt collectors cannot try to communicate with you at your place of employment. No obscene or profane language is allowed.
You have rights against debt collectors. Once you know your rights, you can stand up against any abuse. You can request that debt collectors stop communicating with you. You can dispute debt and demand verification of your debt.
Stop harassment by standing up for your rights. If the debt collectors continue to abuse you, you can recover damages in a court of law.
You Have Many Consumer Rights
You have many consumer rights under these debt collection laws, but you still must resolve your debt problem. Eventually, creditors might bring you to court. This will be an expensive process for all parties involved. It works out the best for both you and your creditor if you consolidate your debt. This will create real debt relief while enabling the creditor to continue to receive payments.
Don’t wait too long. Debt negotiation is the best way to get real debt relief. Time won’t fix your debt woes. Contact a debt consultant today and learn more about your consumer rights against debt collection. Repair your debt problem immediately with the experts who can guide you through the debt negotiation process.