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WE USE FEDERAL CONSUMER PROTECTION
LAWS TO FIGHT FOR YOUR RIGHTS

There are hundreds of federal laws, rules, and regulations that are in place to help protect consumers of products and services, and especially Financial products and services, from unfair financial practices. When understood properly, these laws can be used to provide you with protections before, during, and after going through a bankruptcy.

 

Take a moment to read more about three of the most important federal consumer protection laws: The Fair Debt Collection Practices Act, the Fair Credit Reporting Act and the Real Estate Settlement Procedures Act.

To learn how these federal consumer protections can impact your case, contact us to set up a no-obligation consultation.

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Work with Experienced Legal Professionals

Every bankruptcy case is unique, so you don’t want to have a ‘bankruptcy mill’ treating your case the same as they do dozens of others. Attorney David Sisson gives every client the personal attention they deserve so their case is handled properly right from the start.

Our Employees

The Law Offices of B David Sisson is a boutique law firm that employs a number of the most experienced bankruptcy professionals in Oklahoma, who are profoundly familiar with the law and procedures, and who can help you find the right approach to improve your situation.

Bankruptcy experience

We are able to help you through any type of bankruptcy issue you are facing: credit card, mortgage and foreclosure, student loans, and more. We will also help you decide whether filing for bankruptcy is the best option for you, and if so, which chapter is the right one for your case.

Consumer Protection Law experience

We understand and are more than able to help you apply the Fair Debt Collections Practices Act, Fair Credit Reporting Act, and Real Estate Settlement Procedures Act to your greatest advantage if you are faced with an injustice, harassment, or a predatory loan collector.

Fair Debt Collection Practices Act

The Fair Debt Collection Practices Act was originally passed back in the United States in 1977, and has undergone multiple revisions over the years, trying to control and eliminate predatory and abusive business practice on the part of creditors and debt collectors. When banks decide they cannot collect on a debt they may sell it to a third party, who will then attempt to collect. In the past, this led to all sorts of abuse, such as harassment over the phone or in person, and going so far as to see debt collectors pretending to be law enforcement or threatening consumers with legal action they could not take. 

The law is quite broad in nature and offers consumers a variety of protections regarding what debt collectors can and can’t do. It is this law that restricts phone calls from collectors to 8AM-9PM local time, limits where they can call you, gives you the right to demand evidence of the alleged debt and more. If you believe a creditor is treating you unjustly, make an appointment to talk about your situation with us. We’ll look at what the creditors are doing, and see if it is in violation of this important consumer protection act. A consumer complaint can go a long way towards controlling and stopping this behavior.

Fair Credit Reporting Act

Your credit report is one of your most important pieces of financial information, and it should be kept accurate, safe, and private. Just about all types of debts are going to impact your credit score, whether positively or negatively, therefore affecting your future chances of obtaining credit, and the rates and conditions of said credit.

In order to help protect people’s credit information and reputation, the Fair Credit Reporting Act was passed in 1970 at the Federal government level. FCRA is intended to control what credit information is collected and who has access to it, as well as forcing financial institutions to keep that information accurate. It applies to credit card companies, banks, and many other institutions where Consumer financial products and credit are issued.

Consider this example: if a creditor improperly reports anything to credit agencies, or publishes information in places where they aren’t permitted to according to Federal consumer financial laws, it can have a big impact on your bankruptcy case. Even if you’re not filing for bankruptcy, violations of the fair credit reporting act are taken very seriously and can even be used to sue the creditor in some cases.

Real Estate Settlement Procedures Act

The Real Estate Settlement Procedures Act is another very important piece of legislation that can come into play in some bankruptcy cases. Passed by Congress in 1974, RESPA is meant to prevent and punish abusive practices throughout the real estate settlement process, forbid kickbacks, and limit the size of escrow account requirements. Since 2011, enforcing RESPA has been the responsibility of the Bureau of Consumer Financial Protection (also known as the Consumer protection agency).

One particularly important part of this act is the requirement obligating mortgage companies to stop foreclosure processes once a borrower completes an application for loss mitigation. The act also regulates how fees are issued during the purchase or refinancing of a home. RESPA is often overlooked in bankruptcy cases by individuals, and even by some inexperienced attorneys, but it can be very important when utilized properly.

Work with Experienced Legal Professionals

The Federal Trade Commission was established a very long time ago - 1914, if you will believe us - with the mission of protecting customers and enforcing anti-trust laws. To this day, its many branches and offices work hard to protect your rights and keep you safe from predatory lenders and collectors.

To learn how these federal consumer protections can impact your case, contact us to set up a no-obligation consultation.

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A FREE GUIDE

When does it make sense to file for bankruptcy?

Many people struggle financially for months or even years trying to stay afloat. While bankruptcy should never be rushed into, it is also an important financial tool that can help you get back on your feet.

There are many situations where declaring bankruptcy can be a huge benefit.

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