Consumer Protection
The Debt Collection industry is notorious for violating state and federal debt collection statutes, such as the Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA).
The Fair Debt Collection Practices Act (FDCPA)
The Fair Debt Collection Practices Act (FDCPA) regulates Debt Collectors who collect consumer debts, and makes it illegal for debt collectors to use abusive, unfair, or deceptive practices in the collection of consumer debts. The FDCPA regulates the times and manner in which debt collectors can contact consumers, as well as who can be contacted regarding consumer debts.
The Fair Credit Reporting Act (FCRA)
The Fair Credit Reporting Act (FCRA) regulates the reporting requirements of Consumer Credit Reporting Agencies, such as Equifax, Experian, and TransUnion, as well as creditors and “furnishers” of credit reporting information, including banks, credit unions, and merchants. When credit reporting information is inaccurate or misleading, consumers may suffer from lower credit scores, which can increase the price of obtaining credit, and can even affect an individual’s ability to obtain housing or qualify for certain employment or security clearances. Common violations include reporting the same account multiple times, reporting an inaccurate balance on accounts, and “re-aging” accounts, which occurs when creditors or debt collectors report that a debt is more recent than it truly is.
Grace Law, APC represents individuals against Debt Collectors, Debt Buyers, and Financial Institutions that violate the FDCPA and the FCRA, as well as various other state and federal statutes regulating the debt collection industries.