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Note: Some of the information that is presented here may also involve components of Creditor-Debtor Rights in addition to other areas of law that touch closely upon Consumer Law.
BECAUSE CONSUMER LAW INVOLVES US ALL.
I think I am being harassed by a creditor? What are my rights?
There are certain days, times and circumstances under which a creditor may contact you about your debt. There are federal and state laws that regulate this behavior. A Consumer Law Attorney serving Charleston can tell you the specific requirements that must be complied with in these matters.My Car was Re-Possessed From Me. Did the Creditor act Within the Law?
There are a couple of frequently litigated areas involved in re-possessions. The creditor is required to send you a Right to Cure Notice and give you a certain number of days to pay off the debt before he can take possession of the collateral (the car, etc.). Sometimes creditors fail to comply with this requirement. If the creditor (or agent of the creditor) comes out to re-possess the vehicle, they cannot cause a “breach of the peace” or they must withdraw. They will often go ahead and cause a breach of the peace anyway, but you can take legal action against them for doing so.What Do I Need to Know About Credit and Credit Reports?
There are three (3) credit reporting agencies which are called “the Big 3" - Experian, Equifax and TransUnion. There can be differences between what is reported on each of the credit reporting agencies, so it is important to check all of them. Over time, other service companies have come along which purport to give you an accurate representation of your credit score and credit reports, however it may be best to get the information directly from “the Big 3".
You have the right to get a copy of your credit reports from the credit reporting agencies once each year for free.
One of the biggest factors which will bring down your credit score is if your credit is maxed out. If you have a $5000 limit credit card, and your outstanding balance on it is $4900, this is going to hurt your credit. However if you have a $5000 limit card and your outstanding balance is $500, this will help your credit rating. This is a simple example because most people have a lot more credit cards, and if you have a spouse, spouse A may have credit cards, spouse B may have credit cards, and some of the cards may be joint cards. It is important to get a handle on where your credit cards stand, and how much available credit remains on them. You really want to have less than 1/3 outstanding on your cards. For example, if you have a card with a $6000 limit, 1/3 would mean that your outstanding balance is $2000.
Another factor that will bring down your credit is too many Inquiries. It is best not to let just anyone check your credit. If you apply for a loan, generally your credit will be checked. Applying for a large number of loans makes it look like you’re desperate and decreases your credit score.What can I Do About Errors on My Credit Report?
You can dispute the information on your credit reports. If you choose to access your credit reports online for free annually, there is an option to also dispute them online. You can also directly dispute them online with each individual credit reporting agency. If you prefer to write to each credit reporting agency and dispute the errors in writing, you can send a letter to each which specifies exactly what you are disputing. Although there should be no difference in the results obtained depending on your method of dispute, I have found that written disputes are very successful. An attorney skilled in this area of law can remind the credit reporting agency of the law applicable to the dispute.
When it comes to Consumer Law and Credit, it makes sense to consider engaging the services of a Charleston Consumer Law Lawyer like Trey Merck.
Please call Trey today.