Once you become familiar with the specific sections of the United States Code you will discover fixing your credit is very simple. The information we provide is what the creditors, credit bureaus, collection agencies, and the credit repair companies does not want you to know.
Fair Credit Reporting Act (FCRA) – is a Federal Law that monitors the collection, dissemination, and use of consumer credit information.
The Fair and Accurate Credit Transactions Act (FACTA) – is a Federal Law that allows consumers to receive FREE credit reports once every 12 months from Experian, Equifax, and Transunion.
Fair Debt Collection Practice Act (FDCPA) – is a United States statue that was created to protect consumers from abusive collection tactic, and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the accuracy of the information.
Credit Repair Organization Act (CROA) – was put in place to protect consumers from unfair business practices performed by credit repair organizations.
Federal Trade Commission (FTC) – is an independent agency of the United States government that primary mission is consumer protection, and the prevention and elimination of harmful anti-competitive business practices. Visit FTC website.
The Bible – As we mentioned our mission is to show all possible ways to fix your credit and eliminate debt. Since the Fair Credit Reporting Act does not apply to personal loans many have asked us about other ways to be released from severely past due debt. We have done so by showing consumers certain chapters in the bible which has some of the first laws on credit repair that can be found in Deuteronomy 15:1-2. You can find this same law in the Fair Credit Reporting Act Section 605(a)(4), 15 USC 1681c.
Understanding the United States Code for Credit Repair
The United States Code is the codification by subject matter of the general and permanent laws of the United States. The United States Code consists of 50 Titles. You will find information related to credit repair in Title 15 which is Commerce and Trade. Title 15 has 105 Chapters. Under Chapter 41, which is Consumer Credit Protection, it has 7 sub-chapters that include information on the following subjects:
Subchapter I – Consumer credit cost disclosure
Subchapter II – Restrictions on garnishment
Subchapter II-A – Credit repair organizations
Subchapter III – Credit reporting agencies
Subchapter IV – Equal credit opportunity
Subchapter V – Debt collection practices
Subchapter VI – Electronic fund transfers
To view the United State Code on disputing and deleting accurate information off of your credit report and eliminate debt Click here ».
Searching the United States Code for Credit Repair
Below is a Fair Debt Collection Practices Act citation. In order to search the United States Codes all you need to insert are the Title and the Section. The title and section in the example below is 15 and 1692g.
Most Important Sections To Know For Credit Repair
Fair Credit Reporting Act & Fair Debt Collection Practice Act
- Creditor prohibited from collecting [FDCPA Section 808(1) 15 USC §1692f(1)]
- Consumers right to dispute [FCRA Section 615(a)(3)(B), 15 USC §1681m]
- Creditors shall investigate credit bureau info [FCRA 623 (b), 15 USC 1681s-2]
- Creditor shall validate in 5 days after notice [FDCPA Section 809(a) 15 USC §1692g]
- Credit bureaus must reinvestigate [FCRA Section 611(a), 15 USC 1681i]
- Method of Verification [FCRA Section 611(a)(6)(B)(iii) & 611(a)(7), 15 USC §1681i]
- $1,000 Willful Non-compliance [FCRA Section 616, 15 U.S.C. § 1681n]
- Civil Liability for Negligent Non-compliance [FCRA Section 617 15 U.S.C. § 1681o]
- Dispute with the credit bureaus first to sue creditor [FCRA 623a(8) 15 U.S.C. § 1681s-2]
- Bureaus must notify of deletions [FCRA Section 611, 15 USC §1681i (a)(5)(A)(ii)]
- Creditor can’t call after 9pm or before 8am [FDCPA section 805, 15 USC 1692c (a)(1)]
- Stop creditors from calling [FDCPA Section 805(c), 15 USC §1692c]
- Violation for reporting after 7 years [FCRA Section 605(a)(4), 15 USC §1681c(a)(4)]
- Violation for creditor misrepresenting [FDCPA Section 807(2) 15 USC §1692e (2)]
- Frivolous dispute letters [FCRA Section 611(a)(3), 15 USC §1681i (a)(3)]
- 7 year reporting starts 180 days after delinquency [FCRA Section 605(c)(1)(2) 15 USC §1692c(1)(2)]
Credit Repair Organization Act
- Do not be forced to lie [CROA 15 USC §1679b (a)]
- Cannot charge fees in advance [CROA 15 USC §1679b (b)]
- Cannot perform service without written contract [CROA 15 USC §1679d (a)(b)]
- The right to a cancel credit repair contract [CROA 15 USC 1679e (a)(b)]
- The right to receive a copy of the credit repair contract [CROA 15 USC §1679e (b)]
- Waiver your right is void [CROA 15 USC §1679f (a)(b)(c)]
- Must disclose service [CROA 15 USC §1679b (b)]
- Sue for being violated [CROA 15 USC §1679g (a)(b)]
- 5 years from discovery of misrepresentation to sue [CROA 15 USC §1679i]
List Of Penalties For Violating Federal Laws
|Creditors if they report your credit history inaccurately||Defamation, financial injury||US Court of Appeals, Ninth Circuit, No. 00-15946, Nelson vs. Chase Manhattan||Extent of damages incurred by the wronged party as deemed by the courts|
|Creditors, if you dispute a debt, and they fail to report it as disputed to the credit bureaus||Protection under the FCRA||FCRA
|Creditors if they pull your credit file without permissible purpose||Injury to your credit report and credit score||FCRA Section 604 (A)(3)||$1,000|
|Credit bureaus if they refuse to correct information after being provided proof||Defamation, willful injury||FCRA Section 623
CUSHMAN, v. TRANS UNION CORPORATION US Court of Appeals for the Third Circuit Court Case 115 F.3d 220
June 9, 1997, Filed (D.C. No. 95-cv-01743).
|Extent of damages incurred by the wronged party, as deemed by the courts|
|Credit bureaus if they reinsert a removed item from your credit report without notifying you in writing within 5 business days.||Consumer protection afforded by the FCRA||FCRA Part (A)(5)(B)(ii)||$1,000|
|Credit bureaus if they fail to respond to your written disputes within 30 days (a 15 day extension may be granted if they receive information from the creditor within the first 30 days)||Consumer protection afforded by the FCRA||FCRA Section 611 Part (A)(1)||$1,000|
|Creditors or collection agencies, and credit bureaus if they try and “Re-age” your account by updating the date of last activity on your credit report in the hopes of keeping negative information on your account longer||Consumer protection afforded by the FCRA||FCRA Section 605
(c) Running of the reporting period
|If you dispute a debt, the collection agency fails to report it disputed to the credit bureaus||Protection under the FDCPA||FDCPA
|Collection agencies if they do not validate your debt yet continue to pursue collection activity (file for judgments, call or write you)||Consumer protection afforded by the FDCPA||FDCPA
Section 809 (b),FTC opinion letter Cass from LeFevre
|Collection agencies if you have sent them a cease and desist letter and they still call you||Consumer protection afforded by the FDCPA||FDCPA
Section 805 (c)
|Collection agencies if they have not validated your debt and they still continue to report to the credit bureaus||Consumer protection afforded by the FDCPA||FDCPA Section 809 (b),
FTC opinion letter Cass from LeFevre
|Collection agencies if they: – Cash a post-dated check before the date on the check
– Cost you money by making you accept collect calls or COD mail
– Take or threaten to take any personal property without a judgment
|Consumer protection afforded by the FDCPA||FDCPA 808 Section||$1,000|
|If a collector calls you after 9 PM at night or before 8 AM||Consumer protection afforded by the FDCPA||FDCPA Section 805. (a)(1)||$1,000|
|Calls you at your place of employment if the debt collector knows or has reason to know that your employer prohibits the consumer from receiving such communication.||Consumer protection afforded by the FDCPA||FDCPA Section 805. (a)(3)||$1,000|
|Calls any third part about your debt like friends, neighbors, relatives, etc. However they can contact your attorney, a consumer reporting agency, the creditor, the attorney of the creditor, or the attorney of the debt collector.||Consumer protection afforded by the FDCPA||FDCPA Section 805. (b)||$1,000|
|The collection agency can not use any kind of harassment or abuse**||Consumer protection afforded by the FDCPA||FDCPA Section 806||$1,000|
|Collector cannot claim to garnish your wages, seize property or have you arrested ***||Consumer protection afforded by the FDCPA||FDCPA Section 807||$1,000|
|Collector must sue you in a county in which you lived when you signed the original contract for the debt or where you live at the time when they file the lawsuit||Consumer protection afforded by the FDCPA||FDCPA Section 811 (a) (2)||$1,000
Also a good grounds for getting a judgment vacated
** (1) The use or threat of use of violence or other criminal means to harm the physical person, reputation, or property of any person. (2) The use of obscene or profane language or language the natural consequence of which is to abuse the hearer or reader. (3) The publication of a list of consumers who allegedly refuse to pay debts, except to a consumer reporting (4) The advertisement for sale of any debt to coerce payment of the debt. (5) Causing a telephone to ring or engaging any person in telephone conversation repeatedly or continuously with intent to annoy, abuse, or harass any person at the called number. (6) Placement of telephone calls without meaningful disclosure of the caller’s identity.
***If the collection agency get a judgment against you, then they will be able to garnish your wages and seize property, but until that time, no.