Call today for a free credit consultation
914-524-8300     info@northshoreadvisory.com

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 


Contact us today:
Phone: 914-524-8300
Fax: 914-524-5014 info@northshoreadvisory.com

North Shore Advisory - Know Your Consumer Rights

Most of the general public is under the impression that the credit reporting agencies are owned by the government and that there is no way of changing what has been reported on their credit profiles. This is a complete misconception.

The credit reporting agencies (Experian, Trans Union, Equifax) are in business to make profits and provide information to your creditor's. They are paid by creditors to provide updates to your credit file whether accurate or not.

They also make huge profits by selling lists to creditor's and banks who buy your name and information. This data is used to market their products or services.

Federal law gives all of us the right to correct, update, and dispute the validity of any account on our credit reports. It is our job as consumers to make sure our reports are valid, accurate, up to date, and have the best possible status.

The Fair Credit Reporting Act (FCRA) defines all aspects of the Credit Reporting regulations. It covers creditors, consumer’s rights, credit reporting agencies rights, collection agency rights, and much more. Follow the link for more information: http://www.ftc.gov/os/statutes/fcrajump.shtm

 

Fair Debt Collection Practice from the FDIC

The Fair Debt Collection Practices Act prohibits unfair, deceptive, and abusive practices related to the collection of consumer debts. Although this statute does not by its terms apply to banks that collect their own debts, failure to adhere to the standards set by this Act may support a claim of unfair or deceptive practices in violation of the FTC Act. Moreover, banks that either affirmatively or through lack of oversight, permit a third-party debt collector acting on their behalf to engage in deception, harassment, or threats in the collection of monies due may be exposed to liability for approving or assisting in an unfair or deceptive act or practice.


Amendment to the Credit Card Act of 2009

The Credit Card Act of 2009 has been amended to help “stay at home spouses” who are working in the household raising children or addressing other issues that need full time attention.  In the past spouses who are working hard to care for an ill and aging parent, raising children, or even going back to school for a better education have given up the ability to get approval for credit due to lack of income. In the past non income earning spouses were in a vulnerable position since their ability to cultivate and manage their independent credit and scores was limited to the individual income they could prove. Without the ability to get your own credit and continue to build it actively when faced with a divorce, death of a spouse, or the loss of the income earning partners position, a dead end quickly presents itself.  Now with the ability for consumers over the age of 21 to use their spouses income as part of the qualification for a primary credit card approval, independence plus the development and nurturing of credit can continue. You never know when an opportunity will arise where credit is an essential part of participating. It is extremely important to keep excellent credit and scores. Having credit and using it well is a key factor in having high credit scores.

Follow the link for more information:
http://files.consumerfinance.gov/f/201304_cfpb_credit-card-ability-to-pay-final-rule.pdf




If you have any questions feel free to Contact Us for specifics.

 

"Great credit brings great opportunity!!"

For almost 25 years, North Shore Advisory, Inc., a New York based Credit Restoration/Education Company, has helped countless individuals and companies save hundreds of thousands of dollars with their unique Credit Repair process.

North Shore Advisory, Inc.
155 White Plains Rd. Suite 200
Tarrytown, NY 10591

Phone: 914-524-8300
Fax: 914-524-5014
info@northshoreadvisory.com

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