When you can’t get something off a credit report the nice way, we do it the hard way with litigation. The Fair Debt Collection Practices Act is another statute you need to know. It’s a pretty straightforward law that regulates third-party collectors who collect a consumer debt. What’s consumer debt? It’s debt that does be incurred for family, personal, or household use. The statute does not govern creditors unless the creditors collecting the debt are using a different name. For example, some hospitals have in-house debt collection departments that collect a debt under a different name than a hospital. Even though these debt collectors are employees of the hospital, because they use a different name, they’re governed by the FDCPA. Lastly, you should know that under the FDCPA, I can get your client the greater of actual damages, or $1000, plus costs and attorneys fees.
Fair Credit Reporting Act
The Fair Credit Reporting Act is a fairly long and mildly complicated statute. It’s the bread and butter of the law that you need to know to run a credit repair company. This statute regulates users of credit reports, the credit bureaus, and furnishers of credit information. On this website, I identify the participants that are regulated by the Fair Credit Reporting Act, and how they’re regulated. You need to know this. It will be “in the final” as they say. My law firm litigates issues under the fair credit Reporting Act, so when you can’t get something taken off the credit report, we do it with a lawsuit. But we only get involved when there are errors and mistakes. Hence, if something is on the credit report legitimately unless it’s making the report appear inaccurate, we don’t get involved. We do credit repair on identity theft issues, and mismerge, just to name a few. Mismerge is when credit information of two people with a similar name gets mixed up. This almost always happens when juniors and seniors live in the same household.
Did you know that your credit score is like a report card? It helps establish your financial trustworthiness on paying things back. For example, if you borrow something from a friend but don’t return it for a long time they probably won’t lend it to you again. Similar to your GPA in school, your credit score is an average of your credit history. Instead of getting A’s B’s and C’s your credit score will be a number ranging from 300 to 850.850 is like having a 4.0 GPA you really have to work hard to get it.