Debt University

As I stated in my previous blog, there are four major laws that are key weapons against unfair creditors and debt collectors. They are called: The Fair Credit Reporting Act, The Equal Credit Opportunity Act, The Fair Credit Billing Act and The Fair Debt Collection Practices Act. Today, I am going to talk about the Fair Credit Reporting Act.

THE FAIR CREDIT REPORTING ACT

The Fair Credit Reporting Act is designed to help ensure that credit bureaus or organizations furnish correct and complete information to businesses to use when evaluating your credit application. Here are your rights under the Fair Credit Reporting Act:
You have the right to receive a copy of your credit report. Your credit report must contain all the information in your file at the time of your request.
You have the right to know the name of anyone who received your credit report in the last year or in the last two years for employment purposes.

Any company that denies your application must supply the name and address of the credit bureau they contacted if the denial was based on information given by the credit bureau.

You have the right to a free copy of your credit report when your application is denied because of information supplied by the credit bureau. Your request must be made within 60 days of receiving your denial notice.

When you contest the completeness or accuracy of information in your report, you have a right to file a dispute with the credit bureau and with the company that furnished the information to the bureau. The credit bureau and the company who also furnished information are legally obligated to investigate your dispute.

You have a right to add a summary statement to your credit report if your dispute is not resolved to your satisfaction.

Remember, you do not have to be a lawyer to apply these laws immediately to your situations.

ABOUT DEBT UNIVERSITY
As many of you already know, I have practiced and taught bankruptcy, foreclosure, real estate, and patent law for many years. I learned from practicing and teaching law that many consumers are not educated about credit. Therefore, educating consumers about credit, financial and real estate matters has become an important matter. In fact, many consumers graduate from high school and college with little if any knowledge about these issues.
In addition, our government and the teacher’s unions do nothing to allocate any resources to address these matters especially in disadvantaged communities when literally billions of dollars are spent on education. Our politicians also accept campaign contributions from lobbying groups that are financed by large lending institutions, mortgage, and credit card companies. In return, they help keep future generations in the dark about credit matters.
We understand that if people are not given an opportunity to learn about these matters, they are going to be limited to where they can live, what job they can get, how much interest they pay and whether they qualify for any kind of insurance. As a people, we can do something about this. More importantly, at Debt University, our goal is to help create balance by educating consumers about these matters that affect their daily lives. Our classes are designed for anyone who is serious about their credit matter whether they have little or no education.
In fact, you do not have to be a high school or college graduate to take our classes because they are designed for individuals with little or no education. Our classes are short, 25 minutes or less and each subject is 10 minutes or less. Although our bundle package is just $100 dollars, you can also learn about credit matters if you sign-up and follow our blog. Talk to you all next week.