When seeking credit debt help either at the beginning stages of the loan process or the end, a savvy consumer needs to be aware of his or her rights when dealing with companies that are offering them credit. Continue reading this article and I will give you 5 things a creditor cannot do, during the credit process. I will also give you a list of your rights as a consumer in the credit process and advice when seeking credit debt help.
Like everything else you buy, credit has a price tag and it pays to comparison shop. If consumers are not aware, they can find themselves in need of credit debt help very quickly. In other words, it pays to be aware. Don’t get caught uneducated when dealing with knowledgeable creditors and companies that may take advantage of you.
However, if you were not aware of the following tips and rights, and you find yourself in need of credit debt help, I have listed at the bottom of this article, our recommendation on how to get credit debt help on the internet.
Now here are your main rights as well as what a creditor cannot ask you…
The Equal Credit Opportunity Act protects you when dealing with anyone who regularly offers credit, including banks, finance companies, stores, credit card companies and credit unions.
When you apply for credit, a creditor may not:
o Ask about or consider your sex, race, national origin or religion
o Ask about your marital status or your spouse, unless you are applying for a joint account or relying on your spouse’s income, or you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas and Washington)
o Ask about your plans to have or raise children
o Refuse to consider public assistance income or regularly received alimony or child support
o Refuse to consider income because of your sex or marital status or because it is from part-time work or retirement benefits
You Also Have the Following Rights:
o Have credit in your birth name, your first name and your spouse’s last name, or your first name and a combined last name
o Have a co-signer other than your spouse if one is necessary
o Keep your own accounts after you change your name or marital status or retire, unless the creditor has evidence you are unable or unwilling to pay
o Know why a credit application was rejected. The creditor must give you the specific reasons or tell you how you can get them if you ask within 60 days
o Have accounts shared with your spouse reported in both your names
o Know how much it will cost to borrow money