Use the Law to Protect Your Credit and Save You Money

Copyright (c) 2008 Stephen Lau

As a consumer, by law, you're protected in matters related to billing errors, defective products, interest rates on loans, lost or stolen credit cards, leasing and personal property such as cars, appliances for more than four months. These laws and regulations are meant to protect your credit and save money.

However, not only must be knowledgeable about these laws and regulations, but also know how to apply them to your advantage.

Fair Credit Billing Act protects you when you charge a credit card, credit line or revolving charge accounts. It protects you against billing errors, defective merchandise or service. But, you know how to act accordingly in your best interest.

Send a written complaint to your lender immediately (within 60 days), and include your name, account number, the item (s) in dispute, and the reasons why you think it is a mistake. Send to the appropriate department or address.

However, you must continue paying your bill, and under dispute. Remember, the lender can not initiate any collection proceedings against you or the lender to send the disputed amount as delinquent to credit bureaus. You can use this to buy more time to resolve or bring your account current.

By law, a creditor must acknowledge your letter within 30 days of receipt.

Category Article consumer leasing act, equal credit opportunity act, fair credit billing act, fair debt collection practice act, financial freedom, laws protect credit, smart consumer, truth in lending act

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