The Fair Debt Collection Practices Act
No one but you is responsible for your money and your debts, and if you fall behind
on your payments or if an error is made on your account, you may be contacted by
a debt collector. A debt collector is any person, other than the creditor, who regularly
collects debts owed to others. This includes lawyers who collect debts on a regular
basis. It is important to remember this: You have the right to be treated fairly
by debt collectors under the Fair Debt Collection Practices Act (FDCPA). The FDCPA
applies to personal, family, and household debts. This includes money owed for the
purchase of a car, for medical care, or for charge accounts. The FDCPA prohibits
debt collectors from engaging in unfair, deceptive, or abusive practices while collecting
these debts.
Your rights under the Fair Debt Collection Practices Act:
Debt collectors:
- May contact you only between 8 a.m. and 9 p.m.
- May not contact you at work if they know your employer disapproves.
- May not harass, oppress, or abuse you.
- May not lie when collecting debts, such as falsely implying that you have committed
a crime.
- Must identify themselves to you on the phone.
- Must stop contacting you if you ask them to in writing.
Your Credit Application and the Equal Credit Opportunity Act
When you apply for credit, you should know that as potential creditors review your
application, the law says that they cannot discriminate, due to the Equal Credit
Opportunity Act (ECOA). The ECOA prohibits credit discrimination on the basis of
sex, race, marital status, religion, national origin, age, or receipt of public
assistance. Creditors are allowed to ask for this information (except religion)
in certain situations, but may not use it to discriminate when deciding whether
or not to give you credit.
The ECOA protects consumers who deal with companies that regularly extend credit,
including banks, small loan and finance companies, retail and department stores,
credit card companies, and credit unions. Everyone who participates in the decision
to grant credit, including real estate brokers who arrange financing, must follow
this law. Businesses applying for credit are also protected.
Your rights under the Equal Credit Opportunity Act:
You cannot be denied credit based on your race, sex, marital status, religion, age,
national origin, or receipt of public assistance.
You have the right to have reliable public assistance considered in the same manner
as other income.
If you are denied credit, you have a legal right to know why.