What You Should Know about RFDCPA and FCRA
There are circumstances when people do not have sufficient funds and have to take help from moneylenders, banks or other financial institutions in the form of loan. Actually, when people take a loan it is their responsibility to repay the loan on time. There may be situations when some of the borrowers are unable to repay the loan due to financial constraints or some other reason. In such situations these lenders or the debt collectors appointed by the lenders harass the borrowers and make their life more difficult. Harassment of borrowers is illegal under the RFDCPA.
RFDCPA stands for Rosenthal Fair Debt Collection Practices Act of 1996. This act was introduced with the aim of protecting the rights of the debtors. Actually, harassment against the borrowers in order to get the loan amount back increased to such an extent that it became necessary to formulate rules and regulations in favor of the borrowers. This laid to the formulation of RFDCPA. RFDCPA provides several clauses in which there are outlines regarding the kind of behavior the creditors or the debt collectors must follow when collecting repayment from the borrowers are mentioned. According to the RFDCPA clauses the debtors cannot be called at odd times and it is illegal for the debt collectors to use obscene language, gestures or harm the debtor physically and mentally.
FCRA stands for Fair Credit Reporting Act. The FCRA is a law which protects the rights of the consumers. According to this law the creditor cannot provide incorrect information about you to the credit bureau and also states a number of limitations regarding the time in which the debt can be collected. The FCRA regulates the collection, distribution and utilization of consumer’s information along with their credit information to protect the interests of the consumers. It strengthens the consumers to challenge the agencies in case of any disputes found in the account.
However, if you are a victim of any fraud then you have the right to act against the people who are involved in such fraud cases under the FCRA. There are consumer law attorney who can help you and guide you to fight against such frauds. He will provide you all information about your rights so that you can take correct action to protect yourself.
Thus, RFDCPA and FCRA are great laws which help in protecting the rights of the borrowers and consumers respectively so that they do not get exploited.
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