Bankruptcy

Assert Your Rights As a Consumer

By admin

Unfortunately, a recent report from the FBI suggests that cyber crimes increased as much as 33 percent last year. This means that, as a consumer, you need to take steps to protect yourself and know what you can do if you?re victimized by online fraud.

Fair Credit Reporting Act

This law gives you the right to access your credit report for free and to challenge any incorrect information you see there. Staying abreast of the information on your credit report is one of the best ways to make sure you aren?t victimized by identity theft and other cyber crimes. Just follow these steps:

• Go to www.annualcreditreport.com and request a free credit report from Equifax, Experian and TransUnion once every year. (You may want to request one every four every four months, or all three at once.)
• Check the information against your own records. If you notice any inaccuracies on your report, contact the agency immediately.
• Be sure you file all complaints in writing and persist until the matter has been handled appropriately.

Incorrect information on your credit report can harm your overall credit rating ? when you apply for loans or credit cards, you may be offered higher interest rates than you would have been otherwise or even be denied a loan entirely.

Truth in Lending Act

This law is designed to protect consumers in credit transactions. Lenders are required to disclose specific information about loans (including interest rates, payment periods, late fees and more). When lenders don?t comply with the terms of this law, your rights have been violated and you may want to take action.

Fair Debt Collection Practices Act

Creditors must adhere to strict rules when trying to collect money from you: they?re limited to calling between certain hours of the day, prohibited from certain types of contact altogether and forbidden to deceive you in order to collect money.

How to Know If You?ve Been Victimized

Besides these two acts, the government has outlined housing acts, credit reporting acts and others to make sure you get a fair shake in the world of credit. But how can you be sure you?re taking the right steps?

Consulting with a bankruptcy lawyer familiar with the laws in your state can be an effective way to make sure your rights as a consumer are recognized and, if they aren?t, to take appropriate legal action.

Full post as published by The Bankruptcy Blog on April 08, 2009 (boomark / email).