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Mind on My Money:  Black Personal Finance 101

Your Rights as a Consumer

Your Rights as a Consumer
SOL

It's not what you think!!!  Your Statute of Limitations is the legally mandated time limit that creditors have to pursue legal action while attempting to collect on a debt.  Each state has a different set of guidelines regarding their Statute of Limitations.  Being aware of your SOL on your delinquent debts is especially empowering.  Don't give up this right.

The clock on your SOL begins ticking either when you make your last payment (DOLA - Date of Last Activity) or when you first missed a payment (DOFD - Date of First Delinquency).  Be especially careful when dealing with collections agencies as any payment made on an old debt can reset your Statute of Limitations.

Find out your state's Statute of Limitations

FCRA

The Fair Credit Reporting Act is the federal law that outlines how Credit Reporting Agencies collect and distribute your consumer credit information.  Among the most powerful of its stipulations is that the infomation contained in your credit file must be complete and accurate.  It is also the basis for lifting the veil of secrecy that restricted a consumer's access to their own credit report prior to 2003.

The FCRA requires that the National Credit Bureaus provide a consumer with access to the information compiled in that agency's files and take the necessary steps to verify the accuracy of any information disputed by an individual.

It also requires that any negative information that is removed as a result of a consumer's dispute can only be re-inserted after reporting the individual in writing.

Additionally, the FCRA restricts the length of time that negative information can be retained on a person's credit profile.  Typically, most negative marks are removed from a consumer's credit report 7 years after it was first reported, though items such as bankruptcies and tax liens can remain on for longer.

View the entire text of the FCRA


FDCPA

The Fair Debt Collections Practices Act is the federal law that was enacted to eliminate abusive practices in the collection of consumer debts, to promote fair debt collections standards and to provide consumers with an avenue for disputing and obtaining validation of alleged debts for the purpose of ensuring the information's accuracy.  The FDCPA outlines the guidelines under which debt collectors may attempt to recover a debt.  It also defines the rights of consumers involved with debt collectors, and provides for remedies in the case of violation of such restrictions.

Among the restrictions set forth by this act are:

    *      Hours for Phone Contact
    *      Restriction of Contact After Being Asked to Stop
    *      Restriction of the Contact of Consumers at Their Place of Employment
    *      Restriction of the Contact of a Consumer After Request for Validation
    *      Threatening Arrest or Legal Action
    *      Use of Abusive or Profane Language

Additonally, the FDCPA requires that debt collectors:

    * Identify Themselves
    * Give the Name and Address of the Original Creditor
    * Notify the Consumer of Their Right to Dispute the Debt
    * Provide Verification of the Debt
    * File a Lawsuit in a Proper Venue

A consumer familiar with their rights under the FDCPA will truly find themself empowered  to take control of their credit destiny.

View the entire text of the FDCPA

next: understanding credit

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  • Home
    • About Us: The BlackPrint Statement of Purpose
    • Today in Blackness >
      • May in Blackness
      • Quote of the Day >
        • Quote of the Day March
        • Quote of the Day February
        • Quote of the Day January
        • Quote of the Day December
        • Quote of the Day November
        • Quote of the Day October
        • Quote of the Day September
        • Quote of the Day August
        • Quote of the Day July
        • Quote of the Day June
        • Quote of the Day May
  • Learn To Fish
    • The Case For Black Entreprenuership
    • How to File For A Tax ID Number
    • Getting Organized For Business >
      • Getting Organized For Business 2
    • The Case Against the 40 Hour Workweek
  • Shoulders of Giants
    • Giant: Patrice Lumumba
    • Giant: Nat Turner
    • The Donkey's Sin - Ethiopian Parable
    • Giant: Haile Selassie
    • Giant: Madame CJ Walker
    • Giant: Hannibal Barca
    • Giant: George Washingon Carver
    • Giant: Sojourner Truth
    • Giant: Toussaint L'Ouverture
    • Giant: Harriet Tubman
    • Giant: Huey Newton
    • Giant: Marcus Garvey
  • Mind On My Money
    • 6 Terms to Master Financial Literacy
    • Black Wealth By The Numbers
    • Blackonomics 102: State of The Black Owned Businesses
    • Blackonomics 101: State of the Black Economy
    • 25 Resources For Getting Your Business Off the Ground
    • Black Investing 101: Invest In Stocks For Your Kids
    • How to Introduce Your Child to Money - Infographic
    • Black Investing 101: Invest In Companies You Support
    • Black Personal Finance 101
    • Getting on Track
    • Managing Debt >
      • Addicted To Debt
      • THEY Don't Want You to Know
      • Dirty Little Secrets
      • Your Rights As a Consumer
    • Understanding Credit >
      • Why Credit Matters
      • About Your Credit Score
      • Optimize Your Credit Score
      • By the Numbers
  • Unruly Intellectual Blog