Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

What are Your Credit Rights and Responsibilities

By Andersons Subscribe to RSS | December 16th 2011 | Views:
loading
 
  



Having money and debt problems is very stressful and can cause huge problems in a person’s life. What most people don’t realize is they are only one phone call away from making life easier and debt-free. While creditors and collectors may be making you terrified to face debt head-on, the solution may be easier than you think.

No matter how much money you owe, you still have rights when it comes to your credit, such as:

• The right to be treated in a fair and reasonable manner. Collectors and creditors should treat you with respect and communication should be based on mutual understanding, which has been guaranteed by provincial legislation.

• Creditors and collectors have a legal responsibility to protect a client’s privacy and can’t disclose confidential information without your prior approval.

• You also have a right to request as statement of the outstanding balance as proof to confirm a debt is legally owed.

• Finally, you have the right to receive a copy of your credit report and the name of anyone who received a copy of your credit report in the last year (for most purposes) or in the last two years (for employment purposes).

When you get behind with your payments, debt collectors start calling and you don’t know how to deal with them. Realize they have the right to try and collect any money owed. If they don’t talk to you, they will keep calling to determine your situation. Here are your responsibilities:

• Just like creditors and collectors have to treat you fairly, you should do the same for them. Treat them with respect and in a forthright manner, which means you should never make commitments you know you cannot keep.

• It is very important to take the time and call collectors to explain your situation to them. They will be more willing to work with you if you are upfront.

• Keep yourself informed about fair collection practices and take the necessary steps to live within a realistic budget.

It is very important to get familiar with creditor and collection agency rules. Knowing their rights and responsibilities can help you find a better ways to deal with them. Below is a list of some rules that are valid in Ontario, but the legislation is similar in other provinces and territories.

• Collectors may not call on a statutory holiday, on Sunday before 1 p.m. or after 5 p.m. and any other day before 7 a.m. or after 9 p.m.

• They may not harass you or your family, but calling once or twice per day is acceptable. You can make a formal complaint against the collection agency if you believe they are harassing you. If they call you and your family ten times per day, it is harassment. In that case, keep a record of the time, date and frequency of the calls.

• Collectors can contact relatives, friends, employers or even neighbors for information about your address or telephone number, with limited exceptions. This might happen for example when someone has co-signed for a service or goods that you have purchased.

• Collections agencies may not contact you more than three times in any seven-day period on behalf of the same creditor.

Ignoring collector calls won’t help you solve your problems. It is smarter to talk to them and see what can be worked out in creating a plan to settle your debt. Only make commitments you can keep. Have your budget and payment goal information on hand to show you are serious about paying off your debt.

If you can’t deal with your money problems alone, you can seek out professional help. Canadian credit counselling companies can provide experienced professionals to help you resolve your debt problems. Their counsellors will analyze your unique situation and discuss options to start taking steps to deal with your debt.

Andersons - About Author:
Through education, credit counselling and debt management, Consolidated Credit Counseling Services of Canada (http://www.consolidatedcredit.ca) helps consumers pay back debt more rapidly. Acquire more details concerning how to get out of debt now!

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/finance-articles/what-are-your-credit-rights-and-responsibilities.htm

Related Finance Articles Subscribe to RSS

How to make use of debt settlement rating
Published by Rajkumar Kaushal on April 27th 2012 | Finance
In the beginning of debt settlement history, debt Settlement rated was unheard of until now. You mi...
 
What is debt advice UK and just how can one get this service?
Published by Deby Suportie on February 15th 2012 | Finance
Debt advice UK has aided many people affected by their debts. Through the years, providers have been...
 
Setup your own backend debt settlement office
Published by John Taylor on December 26th 2011 | Finance
It’s best to pass on all your tax settlement issues to a competent tax settlement backend. These b...
 
Debt management plan why to opt for one
Published by Ashish Pandey on February 2nd 2012 | Finance
Debt management plan when used properly can help you to get the best of debt solutions....
 
Essentials for Investment decision and money management
Published by Isol on August 13th 2012 | Finance


Investment is a concept involving restoring your money via acquiring of assets, lending fin...
 
Writing a review on debt settlement
Published by Rajkumar Kaushal on April 30th 2012 | Finance
Have you been having problems with your Debt Settlement reviews Now your worries will now be a thing...
 
Eldridge Financial Blog: UK in recession again as recovery is ‘paralyzed’ by the European debt crisis, forecasted.
Published by Eldridge Blog on February 18th 2012 | Finance
Britain is once again suffering a recession and unemployment risks coming close into three million t...
 
HOA management- Capable providers for financial as well as property management
Published by Ema Sis on January 12th 2012 | Finance
HOA management companies shall be actual asset for communal administration amenities. They undertake...
 
Bad credit debt consolidation UK
Published by Fresh Finance on January 19th 2012 | Finance
The debt consolidation entails taking out one mortgage to pay off many others. This is done to prote...
 
Counseling debtors during debt settlement
Published by Rajkumar Kaushal on May 19th 2012 | Finance
When you are about planning for Counseling in debt settlement and debt activities, it is important t...
 
Exactly what is a debt management program and just how can I get this service?
Published by Deby Suportie on February 15th 2012 | Finance
This article provides information about debt management program and it's significance in today's tim...
 
Settlement of debt in America
Published by Rajkumar Kaushal on June 23rd 2012 | Finance
Getting settlement in America when it comes to credit card is not very easy sometimes because of the...
 
Overcome student debt at the earliest with professional assistance
Published by Peter Paul on December 22nd 2011 | Finance
Student debt can leave you devastated. It can hamper your entire professional and financial future i...
 
How can I get Debt Reduction? How can a debt plan help me repay my debts?
Published by Deby Suportie on March 28th 2012 | Finance
Debt reduction is a program provided by debt companies so that those who are struggling with debts c...
 
Outsourcing debt settlement is the best solution
Published by John Taylor on December 26th 2011 | Finance
If you are in the business of marketing debt resolution services, you should consider outsourcing de...
 
How to choose the right debt management company
Published by James Falla on November 30th 2011 | Finance
There are many different debt management companies. We suggest the things you should consider when ...
 
Resolution and reports on debt settlement
Published by Rajkumar Kaushal on April 30th 2012 | Finance
In the world of Debt Settlement report today, there are lots of programming from computer that is ta...
 
Profits of using TAXAS debt relief
Published by James Blee on February 14th 2012 | Finance
In economics language, Debt relief means to get relief from all the debts. Today, In USA debt relief...
 
How to manage your debt
Published by Rajkumar Kaushal on June 23rd 2012 | Finance
Getting debt consolidation during settlement of debt is very important. Cashless policy where credit...
 
Do you need assistance with financial debt that has been around for decades?
Published by Deby Suportie on February 16th 2012 | Finance
Debts can often be difficult to manage especially when it has been around for quite a while already....