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 Consumer Law

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 Federal Laws

Federal Laws

Truth in Lending Act

The Truth in Lending Act requires the lender to disclose certain information to the consumer, particularly information about the interest rate or finance charge for the loan. TILA requires the lender to have a borrower sign a disclosure statement which states the interest rate and cost of the transaction at the time of the closing. Further, hidden costs are prohibited by the Act.

If you have concerns about a loan transaction and would like a professional opinion about the legitimacy of the lender's practices, please call the Hanson Law Office to schedule an appointment.

Fair Debt Collection Act

The Fair Debt Collection Act defines and prohibits illegal collection actions. This Act if designed to regulate the actions of creditors and collection agencies to make sure that collection actions do not turn into harassment and collectors do not engage in illegal collection activity.

If a collector violates a provision of the FDCA, he or she may be liable for a statutory penalty from $250.00 to $1,000.00. Further penalties may also apply for egregious behaviour under common law. Also, the Act requires the creditor or collector to pay for the Consumer's legal fees when there is a violation. Congress put this provision into the FDCA to enable consumers to get legal representation and to make the Act self enforcing. Each individual consumer can act like a private Attorney General and rest assured they can have experienced legal counsel to represent them

The following is listing of some of the main types of prohibited collection actions under the Fair Debt Collection Act:

  • A debt collector may not communicate with the consumer at unusual times or places which are known or should be known to be inconvenient to the consumer. The debt collector shall assume that the convenient time for communicating with a consumer is after 8:00 am and before 9:00 pm if calling the consumer's residence;
  • A debt collector may not call a consumer if the collector knows the consumer is represented by an attorney with respect to the debt;
  • A debt collector may not call the consumer's place of employment if the collector knows or has reason to know that the consumer's employer prohibits such communication;
  • A debt collector may not engage in any harassing, oppressive or abusive conduct with any person in connection with the collection of a debt. This includes but is not limited to the use or threat of force, the use of obscene or profane language or continuous phone calls;
  • A debt collector may not use an false, deceptive or misleading representations or means in connection with collection of a debt;
  • A debt collector may not use unfair or unconscionable means to collect a debt;
  • Please call the Hanson Law Office if you feel you have been victimized by unprofessional or harassing actions of a creditor or collection agent and get a professional legal opinion from an experienced attorney.

Fair Credit Reporting Act

The Fair Credit Reporting Act sets statutory requirements for Credit Reporting Agencies as well as creditors for maintaining accurate and up to date information on all Credit Reports. If you have inaccurate information on your credit report, you are entitled to have the Credit Reporting Agency review your file and request verification from any creditor reporting the information to the Agency. Under the FCRA, the consumer must call or write to the Agency to request correction on the report. The Agency then has 30 days to audit the report and make corrections or to request verification or corrections from subscriber responsible for the credit information.

The Credit Reporting Agency can be held liable under the Act for negligently reporting false information. Further a consumer can maintain an action against a party that negligently or intentionally reports false or misleading information to a Reporting Agency and then fails to take adequate steps to correct the information.

Contact the Hanson Law Office if you have questions or concerns about the veracity of information on your credit report. We can offer advice or assistance to help to clear up inaccurate information and offer legal representation for serious problems. Under the Fair Credit Reporting Act, the offending party can be held liable for your attorney fees if legal action is necessary. Please feel free to call us if you would like a consultation pertaining to the information on your credit report.