» Consumer Protection

Saving & Rebuilding Credit after Debt Settlement

Steven — Thu, 15 Sep 2011 08:26:00 +0000

After people have succeeded in eliminating their credit card debt with credit card debt consolidation , they will find that they have nothing in savings and their credit scores are in the toilet. These are the next areas that they need to turn their attention to as soon as possible to avoid finding themselves in credit card debt a second time and have the need to undergo another credit card debt consolidation.

Obtain a Store Credit Card or a Gas Credit Card

When people can make purchases with their store credit cards and gas credit cards, they will be able to show that they can pay their monthly bills on time. They will need to be store or gas cards because these may be the only options open to someone with debt settlement in their history. These aren’t major credit cards, but they are an opportunity for people to show that they can use credit responsibly. They just need to make sure that they never use more than half of the credit allowed under their credit limits.

Secured Credit Cards

The other option is to obtain a secured credit card. The secured credit cardholder will make a deposit with the bank from which money will be debited when they make a purchase with the card. It’s the easiest type of credit card debt to qualify for after debt settlement and it also helps to rebuild credit.

The Money Market Account

For savings, the money market account is a good investment because it offers a higher interest rate than a regular savings account. It also forces people to leave the money intact because it limits the numbers of withdrawals people can make each month. If people really need to access the money, they may do so without being charged any penalties. It also requires that people open the account with at least $2,500. They are safe accounts because they are FDIC insured.

The Certificate of Deposit

Another way to save is with the certificate of deposit (CD). The CD is even less liquid than the money market account; savers must leave the money they invest in a CD in the account for a period of time that can be anywhere from three months to 10 years. For the highest interest rates, people need to invest a large sum of money and opt for the longest term. People who withdraw their money early do suffer penalties, so this is an option for long-term savings.

Fair Credit Reporting Act – Consumer Information Protected

Steven — Tue, 30 Aug 2011 11:32:09 +0000

The Fair Credit Reporting Act is a codified federal law at the legislation of the United States. This federal law controls the accuracy in collecting, disseminating, and usage of the consumer information. This information also includes the information of consumer credit. In simple terms, the federal law regulates the privacy and fairness of the consumer data used by the reporting agencies. This particular law in association with Fair Debt Collection Practices Act (FDCPA) offers the base of the credit rights of the consumers in the United States. The law was passed in 1970 and is imposed by the private litigants and US Federal Trade Commission.

Now, when we have been mentioning about reporting agencies, we must develop a fair idea about the whereabouts of the Consumer Reporting Agencies. Well, to clear the doubts, credit bureaus and financial agencies fall under the loop of consumer reporting agencies and hence is covered under the law. Under the Fair Credit Reporting Act, a consumer has the right to know all that is detailed in the file of the consumer reporting agencies. However, to obtain all information concerning him, the consumer needs to provide the reporting agencies with necessary documents reflecting his proper identity. In any case, they are free for one disclosure every year upon request from the agencies.

The consumer with this law as support also holds the right to disagree with any sort of inaccurate or incomplete information. In such cases of reporting, the consumer reporting agencies needs to delete such entries usually within 30 days of the report filing. However, the file of a consumer is offered a restricted access. The Fair Credit Reporting Act declares that the consumer reporting agency can only offer information only to people justifying the access with a valid need. This need is defined by the legislation and if in any case, the reporting agencies violate the code of conduct, the consumer is open to take all the necessary action.

Taking Care of Consumer Interest with Consumer Protection Laws

Steven — Fri, 21 May 2010 11:55:43 +0000

Consumer protection laws have been implemented in a bid to make sure that there is a fair competition in the market and to ensure that both the consumers and the industry insiders are well informed about a particular product or service. The implementation of these laws has been done to prevent fraud businesses from acquiring an unfair advantage over their competitors. These fraudulent businesses manage to dupe their consumers. Consumer protection laws have been imposed as a kind of a state regulation over all businesses.

In the United States, a number of laws have been framed and implemented at both the state and the federal levels to regulate consumer affairs. On the federal level, the Acts that have been implemented in this respect include the Fair Credit Billing Act, the Fair Debt Collection Practices Act, the Graham-Leach-Bliley Act and the Truth in Lending Act.

If you have been duped a product manufacturer or business, you can file a case and take the assistance of a consumer protection attorney in this regard. You need to review certain factors before hiring the services of an attorney. These include his/her experience, success in consumer protection cases and whether he/she holds a valid license. You need to discuss the case in detail with your attorney. You need to be clear about the legalities involved and also the overall expenses. Be sure to make enquiries about the fee of the attorney as well.

A consumer enjoys certain rights which can save him from being duped by fraudulent businesses. It is better to be aware of these rights so that you do not become a victim of a consumer fraud. You need to know whom to approach in order to ensure that you consumer protection rights are not violated.

Most important information:
To protect your rights hire a New York consumer protection lawyer.