Understanding our credit laws
The credit, credit repair, and debt collection industries are tightly bound by a number of important laws and statutes. Understanding just the basics of these laws will make it easier for you to build or repair your credit, get out of debt, or make overall improvements to your financial health.
Although the laws surrounding the credit and debt industries are sometimes difficult to understand, spending just a few moments to research the basic themes of our credit laws and how they apply to your credit or debt situations could give you a great advantage when it’s time for you to make improvements.
Credit laws you should know:
- The Fair Credit Reporting Act (FCRA)
- The Fair Debt Collection Practices Act (FDCPA)
- The Credit Repair Organizations Act (CROA)
- The Fair and Accurate Transaction Act (FACTA)
- Statute of Limitations (SOL)
- Service Members Civil Relief Act (SCRA)
These laws govern the entire credit and debt industry! Any effort you make to establish credit, repair your credit, or resolve your debts will be affected by them! It’s important to understand how these laws will determine how much success you have with:
- Resolving credit report errors
- Getting out of debt
- Protecting your credit
- Managing your credit
- Establishing new credit
