Consumer Laws
The Fair Debt Collection Practices Act and the Fair Credit Reporting Act have been established to protect you – but you need to be aware of these and other current laws and consumer rights to more effectively deal with creditors as well as dispute your credit report.
That's why so many credit experts recommend that consumers work with legal experts from an experienced law firm to repair their credit reports.
The Fair Credit Reporting Act
You are entitled to a free copy of your credit report if you’ve been denied credit, insurance or employment and request the report within 60 days of notice, or if you can prove:
(a) You are unemployed and plan to look for a job within 60 days
(b) You are on welfare
(c) Your report is inaccurate because of fraud
You can dispute mistakes or outdated items for free. Ask the credit reporting agency for a dispute form or submit your dispute in writing, along with any supporting documentation. Never send original documents.
If your application for credit, insurance, or employment is denied because of inaccurate or incomplete credit information, the company to which you applied must give you the name and address of the reporting credit bureau.
There is no charge to dispute mistakes or outdated information on your credit record. Ask the credit bureau for a dispute form and submit it with any supporting documentation.
Job applicants can have corrected reports sent to anyone who received a report for employment purposes during the past two years. If the reinvestigation does not resolve your dispute, have the credit bureau include your version of the dispute in your file and in future reports. Remember, there is no charge for a reinvestigation.
Equal Credit Opportunity
Credit is used by millions of consumers for a variety of reasons. The Equal Credit Opportunity Act (ECOA) ensures that all consumers are given an equal chance to obtain credit. This means that all consumers who apply for credit will get equal consideration. The applicants' creditworthiness will be determined according to factors such as income, expenses, debt, and credit history.
The law protects you when you deal with any lender who regularly extends credit, including banks, small loan and finance companies, credit unions, department and retail stores, and credit card companies. Anyone involved in granting credit, such as real estate brokers who arrange financing, is covered by the law. Businesses applying for credit also are protected by the law.
For More Information
Ovation Law and the FTC are excellent resources and provide a wealth of helpful information for consumers to avoid unscrupulous creditors and credit repair scams. The FTC works to protect consumers by preventing fraudulent, deceptive and unfair business practices in the marketplace.
To file a complaint, visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters identity theft, telemarketing, Internet, and other fraud-related complaints into a secure, online database that is available to hundreds of criminal law enforcement agencies worldwide.
Contact Us
Repairing your credit report is one of the most important financial decisions you can make. Ovation Law is a trusted law firm that makes the process convenient, personal, and effective. If you have any other questions or need credit report repair services, please contact us anytime:
Phone: 1 (866) 639 - 3426
Email: info@OvationLaw.com