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There are no federal laws in place to prevent a creditor from referring credit debt to a collection agency despite a consumer’s best, good faith effort, to pay something each month.
→ Read MoreThe Fair Debt Collection Practices Act is federal law that regulates the activities of those who collect debts from others. Many states have adopted similar laws regulating the practices of debt collectors.
→ Read MoreThe Fair Credit Reporting Act (FCRA) is a federal law that regulates the activities of credit reporting bureaus. Private credit reporting bureaus, such as TRW Information Services, Equifax Credit Information Services, and Trans Union Credit Information Company, maintain records of financial payment histories, public record data, such as unlawful detainer actions taken against you or money judgments along with personal identification information.
→ Read MoreIf you owe money to a bankrupt company, whether for a debt, line of credit, purchase, or any other past financial transaction, you are obligated to pay that debt even if the company in question files for bankruptcy. The fact that the company is bankrupt does not eliminate your debt, because the company’s financial status does not alter the status of your transaction.
→ Read MoreUnless otherwise noted in a credit card agreement, a credit card issuer can sue at anytime once an account becomes delinquent. But most credit card issuers will avoid legal proceedings where possible. For more information click here.
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