Home Your State Credit & Debt Credit Laws
Time
Limit On Negative Info, Time Period To Collect A Debt & The Maximum Amount You Can Be Charged
(Consumer-SOS)
Links on statutes of limitations, how long negative info remains on your
report and answers to other frequently asked questions.
How Long Can A Debt Collector Pursue An Old Debt (Chart:All 50 States)
While each state has its own statute of limitations on debt (where
afterwards a debt collector can no longer sue you in court), in many places,
debt collectors can still try to collect on old debts-still call you or
request you work out a payment plan, etc.
If you acknowledge the debt or start paying it, this could re-start the
statute of limitations.
Describes what debt collectors may and may not do if you owe
money. It applies only to third party debt collectors (i.e., collection
agencies), or those who use a name other than their own in collecting
consumer debts. Very few commercial banks, savings banks, savings and loan
associations, or credit unions are covered by this Act, since they usually
collect only their own debts. Complaints concerning debt collection
practices, such as harassment or abuse, should generally be filed with the
Federal Trade Commission.
Using The Fair Debt Collection Practices Act Debt Collection Letter
Use this letter to ask collection agencies to provide you with information
concerning their basis for claiming that you owe a debt ("verification of
the debt") and also ask them to stop contacting you. This only applies to
collection agencies, not to creditors who directly sold you goods or gave
you credit or loaned you money.
Fair
Credit Reporting Act
Establishes procedures for correcting mistakes on an
individual's credit record. A credit record may be retained seven years
for judgments, liens, suits and other adverse information except for
bankruptcies, which may be retained ten years. If a consumer has been
denied credit, a free credit report may be requested within 30 days of
denial.
Fair
Credit Reporting Act Amendment(1996)
Strengthens privacy provisions and defines more clearly the
responsibilities and liabilities of businesses that provide information
to-and access data from-credit reporting agencies. The Fair Credit
Reporting Act (FCRA). Employers, or prospective employers must obtain an
applicant's written consent prior to obtaining credit information,
background, and medical information regarding an applicant.
Fair Credit Billing
Act
Establishes procedures for the prompt correction of errors
on open-end credit accounts. It also protects a consumer's credit rating
while the consumer is settling a dispute.
The Servicemembers Civil Relief Act - SCRA
The SCRA provides a
wide range of benefits and protections to those in military service
who are on active duty. See
50
U.S.C. §§ 3901-4043.
It covers issues such as rental agreements, security deposits, prepaid rent, evictions, installment contracts, credit card interest rates and credit reporting/debt collection, mortgage interest rates, mortgage foreclosures, civil judicial proceedings, automobile leases, life insurance, health insurance and income tax payments. The SCRA also provides certain benefits and protections to service member dependents.
Military service is defined under the SCRA as including: 1) full-time
active duty members of the five military branches (Army, Navy, Air
Force, Marine Corps and Coast Guard); 2) Reservists on federal active
duty; and 3) members of the National Guard on federal orders for a
period of more than 30 days. Id. at § 3911(2). Commissioned officers
in active service of the Public Health Service (PHS) or the National
Oceanic and Atmospheric Administration (NOAA) are also covered by the
SCRA. Id. at § 3911(2)(B). For more See
SCRA-Benefits Summary.
State & Federal Laws Governing Credit Matters (All 50 States)
Select your state and see what additional protections your state offers in addition to federal law. For federal
laws, scroll down to their federal section and click on the link of your choice.
Bad Check Laws (State By State Statutes For Each Crime)
Soldiers' and Sailors' Relief Act:
If you're a reserve component service member called to active duty, you're
protected by a law that can save you some legal problems and possibly some
money as well. Under the provisions of the Soldiers' and Sailors' Civil
Relief Act of 1940, you may qualify for any or all of the following: •
Reduced interest rate on mortgage payments. • Reduced interest rate on
credit card debt. • Protection from eviction if your rent is $1,200 or less.
• Delay of all civil court actions, such as bankruptcy, foreclosure or
divorce proceedings.
Summary
of Federal Credit Laws
How
Various Kinds Of Debt Are Treated In Bankruptcy
Chapter 7 &
Debt Reaffirmation
Privacy
& Identity Theft (Consumer-SOS)
Debt Collectors & Your Rights
(Consumer-SOS)
The Credit Practices Rule
(FTC Brochure On Your Rights)
What The lender cannot ask for as collateral, prohibited contract
provisions, and required disclosures and notices.
Where To Go For Help (Consumer-SOS)
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