Collection agencies can be very tough to deal with. Even dealing with original creditors can be hard for consumers. When it comes to dealing with debt collectors, it is important to understand consumer laws that protect debtors. Here is a guide to some of the laws you should know.

The first law is the Fair Debt Collection Practices Act. This law specifically applies to collection agencies, not original creditors. The goal of the FDCPA is to eliminate threatening and harassing practices made by collection agencies. Essentially, they limit the number of times a collection agency can call you. They also ensure that debt collectors can’t threaten legal action unless they plan to pursue it.

The Fair Credit Reporting Act is another law that you should understand. This laws says that the three major credit reporting agencies must maintain accurate information. It also states designated time periods that negative information can be reported. This is a great law to be familiar with, especially since errors are very common on credit reports.

The Credit Repair Organizations Act states that any credit card relief, including credit counseling services, must disclose certain information to you. They will disclose this information before you enroll in their services. Among these disclosures is that a credit counseling service cannot remove negative information from your credit report. They can also not charge fees until they provide a service.

If you are simply applying for credit, there are some laws you should be familiar with. One law you should know about is Consumer Credit Protection Act. A part of this law is known as “Truth in Lending.” Basically, this means a creditor must inform consumers of any and all fees prior to giving them credit. This includes information about any fees as well as interest rates. You should also know that the Equal Credit Opportunity Ac