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CONSUMER CREDIT

CONSUMER CREDIT. Basic Consumer Credit Laws. Laws Protecting Against Discrimination Laws Protecting Your Credit Record Laws Protecting Against Billing Errors Laws Protecting Against Unfair Debt Collection. Race; Color; Religion; National Origin; Sex; Marital Status; Age;

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CONSUMER CREDIT

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  1. CONSUMER CREDIT

  2. Basic Consumer Credit Laws Laws Protecting Against Discrimination Laws Protecting Your Credit Record Laws Protecting Against Billing Errors Laws Protecting Against Unfair Debt Collection

  3. Race; Color; Religion; National Origin; Sex; Marital Status; Age; Public Assistance Income; Exercise of Rights Under the Consumer Credit Protection Act Credit DiscriminationProhibited Areas of Discrimination

  4. Fair Credit Reporting Act • PRIG Study found • 80% of all Credit Reports have errors • 19% of those errors were so bad to cause a denial of credit.

  5. Fair Credit Reporting • Consumers are entitled to one free annual report.

  6. Fair Credit Reporting Act • Major Credit Reporting Agencies • Equifax • Experian • Transunion

  7. Fair Credit Reporting Act • Only inaccurate and out of date information may be removed. • Stale information must be removed • Bankruptcies over 10 years old • Other Negative Credit Information over 7 years old.

  8. Fair Credit Reporting Act • Removing Information • Letter to Credit Reporting Agency • Send Certified Mail Return Receipt Requested • Singed by Consumer • Note it must be Received by Credit Reporting Agency – Letter to Credit Furnisher (Creditor) may not take it off Credit Report. Failure to notify Credit Reporting Agency may protect them from later suit.

  9. Fair Credit Reporting Act • Credit Reporting Agency has 40 days to verify information and if information is not verified it must be removed.

  10. Fair Credit Reporting Act • Unauthorized Disclosure of Your Credit Information.

  11. TEXAS EXEMPT PROPERTY • Unlimited Homestead. • Rural Homestead up to 200 acres • Urban Homestead up to 10 Acres. • Business Homestead • Personal Property • Up to $60,000 in certain property. • IRA’s

  12. Fair Debt Collection • Federal Fair Debt Collection Act • Applies only to Third Party Debt Collectors including attorneys who regularly collect debts. • Texas Debt Collection Act • Applies to Creditors & Third Party Collectors. • Also a violation of Texas Deceptive Trade Practices Act Common Law Unfair Debt Collection

  13. Fair Debt Collection • All communication must advise debtor that they are collecting a debt and any information obtained will be used for that purpose. • First Letter must advise debtor that debtor has 30 days to request that collector verify the debt.

  14. Fair Debt Collection • Must stop all communication if debtor request that the debt collector stop communicating with the debtor– may only contact one other time to advise what action will be taken. • May only communicate with attorney if Debtor is represented by an attorney.

  15. Fair Debt CollectionCommunication with Third Parties • May not disclose purpose is to collect a debt. • May not use written communication that discloses they are collecting a debt. • May not contact debtor at employment if debtor advises it against employers policy.

  16. Fair Debt CollectionAbuse Examples • Calling before 8:00 a.m. and after 9:00 p.m. • Abusive Language • Threatening action that cannot be legally taken. • Repeated telephone calls to annoy. • In Texas cannot take homestead, cars, or threaten garnishment except for certain debts owing to government.

  17. Collection Lawsuits 1. If I think I may owe the Debt should I even bother to answer the suit? 2. Should I represent myself? 3. If I think I owe the debt do I have a Defense? 4. Can I recover my fees and cost? 5. Major corrupt practices in the debt industry.

  18. The Financial Crisis Broker Lender Trust Market Rate Swaps Watch the short video on your computer http://vimeo.com/3261363

  19. New Consumer Problems 1. Problems with who owns the debt. 2. Higher Credit Card Fees. 3. Credit Reporting Problems. 4. More difficult to obtain new credit. 5. Devaluation of assets. 6. Loss of Income. 7. Booming Tax Liability.

  20. Is it over?

  21. Jim McMillen • James T. McMillen • 14522 Red Mulberry Lane • Houston, Texas 77044 • Tel: 281-458-9100 • Fax: 281-817-5505 • Email: Jim@jamesmcmillen.com • www.consumerlawoffice.com

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