The law can be complex and confusing, and consumer financial protection law is no exception. Chances are, you haven’t read the Fair Debt Collection Practices Act (FDCPA). Most people never will. But, in those thousands of sometimes technical words, there are some powerful protections that many people don’t know about. What You Should Know About …
Author Archives: DebtCleanse
Getting to Know the 3 Major Credit Reporting Agencies
You’ve undoubtedly heard of all three of the major credit reporting agencies: TransUnion, Equifax and Experian. But, if you’re like most people, you have only a general idea of who these companies are, what they do, and why it matters to you. Here are a few reasons you should educate yourself about credit reporting: Many …
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What is a Mortgage Forbearance Agreement?
Understanding Mortgage Forbearance Agreements If you fall behind on your mortgage, your lender may offer alternatives to foreclosure that will enable you to stay in your home. The alternatives can include loan modifications, repayment plans, and forbearance agreements which are specifically designed for borrowers who are having difficulty making their mortgage payments due to temporary problems like unemployment, illness, unexpected …
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Secured v. Unsecured Debt: What’s the Difference?
When you sit down to pay your bills, you’re probably not thinking about the difference between secured and unsecured debt. But, the two types of debt differ in some very important ways. For instance, the consequences are different if you don’t pay. And, they’re treated differently in bankruptcy. So, it’s to your advantage to understand …
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Know Your Rights: Real Estate Settlement and Procedures Act (RESPA)
If you’re like most consumers, you have never given much thought to the federal Real Estate Settlement and Procedures Act (RESPA). You may never have heard of it. If it sounds dry and technical, that’s because it is. But, it also provides important protections for people financing residential real estate. Who is Protected by RESPA? …
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Know Your Rights: The Fair Credit Reporting Act (FCRA)
Your credit report and credit score may have a more significant impact on your life than you realize. You undoubtedly know your credit history and credit score may determine whether you are approved for a credit card, car loan, mortgage, or other financing. But, that’s just one way credit scores can affect consumers. First, your …
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Know Your Rights: The Telephone Consumer Protection Act (TCPA)
The federal Telephone Consumer Protection Act (TCPA) was enacted in 1991. However, most consumers weren’t aware of the statute and its more limited purpose. The earliest impact of the TCPA most people remember is the creation of the federal “Do Not Call” list in 2003. The Do Not Call registry allowed consumers to opt out …
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Know Your Rights: The Fair Debt Collection Practices Act (FDCPA)
When you’re being threatened or harassed by debt collectors, it’s easy to get discouraged. Most people who are behind on their bills and have debts in collection are already under stress. Whether you’re short on money because of a major setback like a divorce or long illness, you’ve lost your job, or you just slowly …
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Know Your Rights: Federal Consumer Financial Protection Law
Creditors and debt collectors typically have one goal: to get as much of your money in hand as they can, and as quickly as possible. Unfortunately, that often means they may be careless in crossing the line to get you to pay up. Many people who are struggling with debt are intimidated when debt collectors …
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