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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...

• Check statute of limitations

• Collection Laws for all States

• All state's collection laws by LawDog

• Find an Attorney in your area and free legal forms

• State vs. Federal- who rules (Supremacy Clause)

• Your rights- all of them (All credit and consumer rights to review)

• HIPPA Law- dealing with medical debts

Federal Resources

• U.S. Constitution

• U.S. Codes

• Code of Federal Regulations

• Small Claims Courts for each State

• Fair Credit Reporting Act (FRCA) - regulates the collection, dissemination, and use of consumer credit information

• Fair Debt Collection Practices Act (FDCPA) - eliminate abusive consumer practices, insure fairness, etc.

• Truth in Lending Act (TILA) - requires clear disclosure of key terms of the lending arrangement and all costs.

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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