In order to protect renters, prospective home-buyers and general consumers, the Federal Trade Commission enforces a few laws to make sure you are treated fairly in regards to your credit.
* Fair Credit Reporting Act- This act enforces your right to review your credit report annually for free. If you happen to find any mistakes on your credit report, you have the right to dispute these errors and have them corrected. Only professional businesses may check your credit with your permission. Should you be denied credit by any of these institutions, you are encouraged to ask them why and which bureau’s report they were using when coming to this decision. You can then ask for a free report from that bureau within 30 days.
* Equal Credit Opportunity Act- This law states that credit companies may not discriminate due to your race, sex, religion, marital status, national origin, age, or assisted income. They may only make their decision on your financial ability and intent on paying extended credit. Married couples may file jointly or separately according to their preference. If age becomes a factor, it can only be for legal purposes to make sure you are old enough to sign a contract.
* Fair Credit Billing Act- This law enforces your consumer rights while they are disputing an open end bill. Creditors can not report the account delinquent until the dispute is settled.
* Fair Debt Collection Practices Act- This law enforces the fair and respectable treatment of consumers from debt collecting agencies. These agencies are restricted from making threats or use obscene language to collect a debt. They may contact others by phone only for the purpose of locating the debtor. Debt collectors may not misrepresent themselves or the debt or consequences of the debt. They may not make the debt public or make harassing phone calls. Once the collector has reached you by phone, they must send you a written explanation of the bill, its original creditor, and that the debtor has 30 days to dispute the bill.
I recommend you check your Free Credit Report regularly to protect your rights in general or for a rent to own home.
And if you want to see a real Rent To Own Homes Credit Success Stories… and Nice Rent To Own Homes Check Out www.GoodTenant.com
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