The Fair Credit Reporting Act (FCRA)
The Fair Credit Reporting Act (FCRA) is a federal law that helps ensures the collection, dissemination and use of the data contained in a credit report is accurate and confidential. It details how long negative information stays on a credit report and that any information reported must be complete and accurate. It states disputed information falls on the responsibility of the furnisher (creditor). Creditors must also inform the consumer’s about the negative information about to be placed on their credit report within 30 days. If a consumer makes a claim, creditors have 30 days to respond. For full text of the act Click Here
The Fair Credit Billing Act (FCBA)
This act was designed as an amendment to the Truth in Lending Act, protecting consumers from errors or unfair practices committed by merchants on credit card purchases. This includes, but is not limited to, billing errors, charges for unsatisfactory services, charges for product never received etc.. Consumers must submit the dispute in writing to the creditor within 60 days of receiving their creditor statement.For full text of the act Click Here.
Fair and Accurate Credit Transactions Act (FACTA)
Amendedin 2004 to provide additional protection against identity theft, The Fair and Accurate Credit Transactions Act (FACT Act) gave consumers the right to pull a free credit report annually while ensuring lenders base loans on the full credit history rather than stereotypes. Flags and alerts can now be placed on the credit report should the consumer fear they are the victims of identity theft or are military personnel overseas. This act also stated only the last five digits of a credit card can be printed on receipts. For full text of the act Click Here
The Fair Debt Collection Practices Act (FDCPA)
Added in 1978 to help ensure collection practices are fair and not abusive toward the consumer. Guidelines were developed on proper and improper tactics when collecting debt such as the proper times of contact or the improper adding of collection fees. Parameters of this act also include the consumer’s right to notify collection agencies within 30 days of receiving a collection notice that the debt the agency is attempting to collect on is fraudulent. The collection agency must investigate and verify the debt is accurate before they move forward in the debt collection process. For full text of the act Click Here.
Chapter 7: The court would discharge most of the debts, however, it is possible, depending on the debtor’s state, that assets and property would be subject to liquidation. Bankruptcy is reported on your credit report for 7 to 10 years. Chapter 11: Generally for business entities, the debtor maintains control of the business unless the court appoints a trustee). Chapter 13: The court would structure a repayment plan by appointing a trustee to disburse the excess income provided by the debtor to satisfy their debts.
Consumer advocacy is essentially about supporting a responsible amount of government regulation in the world of business with the purpose of supporting and protecting consumer rights. In this arena of advocacy, our office fights for you, the consumer, against unfair business practices, fraud and privacy protection.
The National Association Of Consumer Bankruptcy Attorneys (NACBA)
The National Association of Consumer Bankruptcy Attorneys (NACBA), of which Ms. Miriama Roc is a member, is a national organization committed to protecting consumer debtor rights. The NACBA is committed to assisting and educating attorneys who specialize in consumer bankruptcy issues. For more information Click Here.