Understanding the Federal Credit Laws
It was my experience as a mortgage banker that not many people who sat across the desk from me understood the credit laws. They mostly beieved the laws were written for the creditors, collection agencies and credit bureaus. That is 180 degrees out of phase.
The laws were actually written to keep collectors and credit bureaus in line so they wouldn't trample your rights. In fact, you can sue a collector in court if they do, or continue to do, certain things. Everyone in debt should visit, at the minimum, the FTC's website and read each of the credit laws. Then make every attempt to understand them.
Next, apply the law to your individual situation. For example, if you are being sued in court, use the law to make the collector prove his case. You'd be surprised to learn that in a lot of these suits, the collector can't prove up. If what I've been reading is correct, the collector will offer a settlement the day before you actually are scheduled to appear.
I know a lawyer who sues debt collectors and he says that these guys talk tough right up to the deadline. At that point in time, they mellow and try to negotiate a settlement. Regardless, the point is each of us should know the law, know how to apply the law and stick to our guns to force them to obey the law.
Just my 2ยข.
Tom:)
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