What Is FDCPA and How Can It Help You?

By Credit Repair Team

Here is a question: Have you ever heard of the FDCPA?

Do you know what it is and how you can use it?
You will definitely want to!

If you have collection companies calling you frequently then you might have an idea, but do you know what this means? It is an acronym for Fair Debt Collection Practices Act and if you have ever been in debt, this might be your best friend and worst enemy all at one time. You need to know what this act is and how it can affect you if you have any kind of debt, no matter how small. Plus, if you have a credit report, and yes, whether you like it or not, you have one too - you need to know what this is.

What does it mean?

The FDCPA essentially lays out guidelines for fair debt collection practices. For instance, creditors must contact you by mail

 

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to let you know of a debt and their intention to collect. Not only that, but collection agencies are not allowed to harass you. If you feel that your identity has been stolen, you have the right to request that your creditors verify your debt and provide you proof that you are the originator of the debt and must not contact you during this time. This set of laws also dictates that collection companies cannot contact you after 8:00 pm your time and they cannot make ridiculous threats to you or your family. In other words, when the collection company calls, they have to be reasonable when you are working to make payment arrangements with them and they cannot harass you.

How does it help you?

The good news is that when it comes to accounts which are overdue or have gone to collections, you have many more rights. You will find that it is likely easier to repay your debts because you can settle them rather than pay all of the fees that are commonly attached with collections. You might also find that creditors are more likely to help you work out payment arrangements that you can afford and will give you a chance to make the payments you have promised. The FDCPA can help you to save face at work and through your friends because creditors are no longer allowed to contact you at your place of employment or talk to your friends or family. This means that you can keep your financial matters private and work them out without having your co-workers or family looking at you wondering what is really going on.

In the end, you will find that you can use the FDCPA in your favor in many different ways, whether it is to give you the time you need to deal with your collection agencies because you are laid off or you are worried that you are the victim of identity theft, so it is a good idea to learn about the Fair Debt Collection Practices Act when you are working on your credit.

These laws are crucial to allowing us the rights to dispute inaccuracies on our credit report.

Jeremy Maher is giving a free presentation about how we Americans can repair our credit ourselves, WITHOUT paying THOUSANDS of dollars to attorneys or credit repair companies.




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