Consumer Protection Laws

Numerous fellow "Dollar Stretchers" have written emails with questions and problems they were having concerning these subjects. This week Gary will be happy to know I won't write a book as I have in the past. Instead I am going to list several search sites I've found full of information that I hope may help .

Starting in 1968 and the early 1970's the Federal Government started legislation to protect the consumers. Unfortunately most consumers are still unaware today after over 20 years what these laws are and how they affect their lives. More importantly, they do not know where to obtain information about these laws or how the ACTS can be of benefit to them.

Some of the specific Consumer Protection Laws which have been enacted are:
1. The Equal Credit Opportunity Act.
2. The Fair Credit Reporting Act.
3. The Fair Debt Collections Practices Act.

There are others but these are the primary ones affecting most consumers. As you learn more about each act you may find others that interest you also.

Even though many of you may NOT be having a problem in any of these areas, I believe it is important to know where to go when questions arise. You may want to bookmark some of these areas for reference in the future.

Although I've said it before I would like to reiterate it again this week. MOST larger companies in the credit business operate on the basis they handle credit reporting and collections based on the "intent" of the law rather than the "letter" of the law. Even though some laws such as the Fair Debt Collections Practices Act primarily affects the way Collection Agencies operate and not the Credit Companies themselves, most companies pursue collections and have their policies based on the intent of this law.

For those individuals that have gotten a copy of their credit bureau report and are wondering what to do next you may want to check out the "Electronic Credit Repair Kit by Michale Kielsky. His information is FREE and very informative. If you haven't gotten a copy of your Credit Bureau File, information on how to obtain it is on his site. There are even letter samples you can use to write to credit bureaus if you are disputing information in your file.
mix6.com/credit. While researching I found this information. As of January 1996 consumers are entitled to a FREE complimentary personal report. This should ensure your ability to obtain this information from all sources reporting a file on you. I can't stress the importance of getting these reports enough. You may feel you have always paid your bills on time so it is unnecessary to request this information. You may say "I don't do much on credit". Regardless of your situation, you will not know what is being retained and/or reported about you unless you get the file and review it yourself. Many consumers have learned the hard way about derogatory information being reported. Some of them had used credit very little. Some of them knew they paid their bills on time. What most of them didn't realize is the vast number of reporting mistakes that are made, information on the wrong "Jones" file, even fraudulent sales can be reported without your knowledge if you don't review your own files for accuracy.

ci.nyc.ny.us/html/dca/html/credit.html---Do-it- yourself Guide to Fixing Your Credit Report.-Don't pay others to fix what you can do for yourself. Here you will find more information on how to fix or improve the information contained in your credit file. Also, you will find what can't be fixed and why.

I am always willing to try and answer specific questions concerning these topics. If you would like to send me an email or have information about how these laws have affected you, I would be interested in hearing from you. Some of you may have stories or night mares about things that have happened to you. If you would care to pass them along to other "Dollar Stretchers" we can use your information without using your name. Let me hear from you at jmann@creditech.com.

Check out our "Links" pages at creditech.com/links.html for other links to sites about "Financing, Credit , Budgeting, and just plain Fun" that may interest you.

You can learn more about budgeting, credit and credit issues by visiting Jack at: creditech.com

Do you have a time or money saving idea that wasn't included in this article? Please send it to tips @stretcher.com. We get the best ideas from our readers!

If you liked this article sign up for our free eNewsletter Surviving Tough Times Do it today and we'll give you our ebook featuring over 200 ways to save on groceries (a $19.95 value).

Follow The Dollar Stretcher on Twitter.

I Would like to:

• Read other articles on this topic
  
• See what else is in this issue
  
• Subscribe to "The Dollar Stretcher" free weekly email newsletter
  
• visit the Problem Solving Center
  
• visit the Reference Library
  
• browse the 'author' index
  
• search 'by date' index
  
• check out Past Issues of Newsletter
  
• go see 'What's New'
  
• "Can You Help This Reader?"
  
• drop by 'Tips, Quips & Quotes'
  
• send email to the Editor of "The Dollar Stretcher"