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STATUTES AND COLLECTION LAWS
Trying to find state specific statutes?
We have links to our SOL (Statute
of limitations tool), Supremacy
Clause and other State and Federal Credit Laws. You can also
research credit and collection laws in our credit
library. Credit and collection laws can be very useful if
you are fighting a credit report or debt collection issue. By citing
the law that applies to your problem, you can quickly achieve great
results to the issue you're dealing with.
State Resources
You can find state
collection laws here or...
Federal Resources
Wiki Fact about Credit Rights
credit bureau (U.S.), or credit reference agency (UK) is a company
that collects information from various sources and provides consumer
credit information on individual consumers for a variety of uses.
This helps lenders assess credit worthiness, the ability
to pay back a loan, and can affect the interest rate and other terms
of a loan. Interest rates are not the same for everyone, but instead
can be based on risk-based pricing, a form of price discrimination
based on the different expected risks of different borrowers, as
set out in their credit rating. Consumers with poor credit repayment
histories or court adjudicated debt obligations like tax
liens or bankruptcies
will pay a higher annual interest rate than consumers who don't
have these factors.
In the U.S., credit
bureaus collect and collate personal information, financial
data, and alternative data on individuals from a variety of sources
called data
furnishers with which the bureaus have a relationship. Data
furnishers are typically creditors, lenders, utilities, debt
collection agencies and the courts (i.e. public records)
that a consumer has had a relationship or experience with. Data
furnishers report their payment experience with the consumer to
the credit bureaus. The data provided by the furnishers as well
as collected by the bureaus are then aggregated into the credit
bureau's data repository or files.
The resulting information is made available on request to customers
of the credit bureau
for the purposes of credit assessment, credit
scoring or for other purposes such as employment consideration
or leasing an apartment. Given the large number of consumer borrowers,
these credit scores tend to be mechanistic. To simplify the analytical
process for their customers, the different credit bureaus can apply
a mathematical algorithm to provide a score the customer can use
to more rapidly assess the likelihood that an individual will repay
a given debt given the frequency that other individuals in similar
situations have defaulted. Most consumer welfare advocates advise
individuals to review their credit reports at least once per year,
in order to ensure that the reports are accurate. Consumers can
do so at no cost. They are entitled to a free annual credit
report from each of the three nationwide consumer reporting
agencies, Equifax, Experian and TransUnion.
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