Learn More About The Laws Governing Bad Credit And Debt
There are a number of laws on the books to protect people who have bad credit ratings. These laws are important, and you should know about them in order to protect yourself from unfair practices performed by collection agencies. The federal Fair Credit Reporting Act (FCRA) was enacted to protect debtors from creditors and collection agencies.
As a debtor, you have a right to ask creditors and collection agencies to stop hounding you. You must contact these agencies right away and request that they end communication with you. You should write a letter carefully to avoid giving the collection agency anything it can use against you later on. If you have been threatened with a lawsuit, you can write an informal letter to ask the agency to stop harassing you.
You would be wise to attempt to negotiate with a creditor if you have a current debt. Some creditors may reduce your balance or drop the debt completely in some cases. If you have a debt that is more than seven years old, do not have any communication with the collection agency about that bill. The account should have been removed from your credit...
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