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|Date Added: March 02, 2013 04:36:20 PM|
|Category: Business & Economy|
Although not as rampant as in years past, unethical debt collection still occurs. By understanding your rights as a consumer, you can better defend yourself against unfair debt collection practices. Most people are aware of the general rights that exist such as not using threatening language and not being contacted after certain times. However there is much more that can be understood by consumers facing harassing creditors and overwhelming debt. Reputable credit counseling and debt management firms can also assist consumers in understanding their rights. Companies such as Federated Financial provide advisement and debt consolidation options while explaining the basic rights their clients are entitled to.
Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act was established to protect the basic rights of consumers as creditors seek to collect on past due debt. Under the Act, creditors must adhere to a strict code of ethics when attempting to receive funds which are owed to them. Federated Financial, a debt relief company provides information to their clients about debt management and debt collection ethics. They also provide resources which anyone can avail of directly from their website.
By browsing the available resources on Federated Financial’s website, consumers can learn information vital to their debt repayment efforts. They can find out what debts are covered under the Act, what practices debt collectors must adhere to, what methods debt collectors may use for contact, as well as how to stop creditors from contacting you about a debt you owe. As a company that has been in business since 1998, Federated Financial is committed to sharing as much information as possible for consumers wanting to repay their debt while ensuring their rights are protected.
Fair Credit Reporting
The information about your debt found in your credit report should be up to date and accurate. By checking your credit report, you can uncover any mistakes that could be costing you a higher credit score. If you find errors, you are legally allowed to dispute them under the Fair Credit Reporting Act.
For borrowers unsure of their rights, Federated Financial provides information online about how to legally dispute credit reporting errors. CRAs (Credit Reporting Agencies) must adhere to specific practices in terms of inaccurate information removal. Under FCRA rules, CRAs may not report negative information in excess of a specific time period. Additionally consumers are entitled to at least one free credit report each year. All of this information can be uncovered by extensive research or by utilizing the readily available resources on Federated Financial’s website.
As a well established debt relief company in business for more than a decade, Federated Financial can be an exceptional advocate for your consumer rights. They can help you to stop creditor calls by utilizing their debt consolidation program.