Fix Your Credit Acts And Laws

In The Credit Repair World,
The Laws Of The Land Are On Your Side

Intro

There are several laws and acts, on a federal level, that have been put into place over the last few years in order to protect the individual.

There are many more on a state level.

Although the list below does not contain all of these laws and acts, it is a list of the primary ones which make credit repair possible and legal.

The Fair Credit Reporting Act (FCRA)

This Act defines what the credit bureaus can and can't do.

• Ensures access to credit reports.
• Regulates who has "permissable purpose" to acquire a consumer's report.
• Limits how long information can be reported.
• Details how a CRA must handle disputes.
• And of course...the credit repair intervention commonly associated with this statute is of course the credit bureau dispute.

The Fair Credit Billing Act (FCBA)

This Act is a part of the more comprehensive Truth in Lending Act, which defines what the original creditors can and can't do.

The FCBA requires creditors to bill correctly and completely, and it's the FTC's job to make sure that the statute is universally applied.

The Federal Trade Commission (FTC), summarizes the statute's prohibitions as follows:

• unauthorized charges;
• charges that list the wrong date or amount;
• charges for goods and services you didn't accept or weren't delivered as agreed;
• math errors;
• failure to post payments and other credits, such as returns;
• failure to send bills to your current address -- provided the creditor receives your change of address, in writing, at least 20 days before the billing period ends;
• and charges for which you ask for an explanation or written proof of purchase along with a claimed error or request for clarification.

The Fair Debt Collection Practices Act (FDCPA)

This Act defines what debt collectors can and can't do.

• Specifies that CAs must always include several legal caveats in their dealings with debtors.
• Allows the debtor to formally request that the CA "cease and desist" from communicating with the debtor further.
• Specifically details a consumer's right to request further information regarding an alleged debt. Such procedures are termed debt validation.

Health Insurance Portability and Accountability Act (HIPAA)

This Act defines what health providers can and can't do. Title I of HIPAA protects health insurance coverage for workers and their families when they change or lose their jobs.

Title II of HIPAA, known as the Administrative Simplification (AS) provisions, requires the establishment of national standards for electronic health care transactions and national identifiers for providers, health insurance plans, and employers.

The Administration Simplification provisions also address the security and privacy of health data. The standards are meant to improve the efficiency and effectiveness of the nation's health care system by encouraging the widespread use of electronic data interchange in the US health care system.