Consumer Financial Protection

The Law is on Your Side

If you’re being harassed by a debt collector, having trouble getting an error on your credit report corrected, or dealing with a shady mortgage servicer, you may feel powerless. Debt collectors, credit reporting agencies and others may want you to believe that, but it isn’t true.

In fact, federal law offers a wide range of protection to consumers with regard to their financial relationships and transactions. And, many states have similar–in some cases, even expanded–protections.

Many consumer financial protection statutes contain what is known as a “fee shifting” provision. That means a company that violates the law may have to pay your attorney fees, in addition to any damages or other relief.

Key Consumer Financial Protection Laws

Some of the most significant laws protecting people like you from dishonest debt collectors and loan servicers, sloppy credit reporting agencies and other bad actors include:

Fair Debt Collection Practices Act

(FDCPA)

The FDCPA is a federal law that protects consumers against deceptive practices and harassment by third-party debt collectors like collection agencies and debt buyers. The FDCPA prohibits a wide range of actions by a debt collector. Some of the most common are:
• Misrepresenting the legal status of the debt
• Continuing to attempt to collect a debt while a dispute is in progress
• Failing to advise you of your right to dispute
• Creating the false impression that documents are from a court or law enforcement
• Calling you repeatedly for purposes of harassment
• Calling you at work if your employer objects
If violations are serious, you may be entitled to money damages.

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Fair Credit Reporting Act

(FCRA)

The FCRA requires both credit reporting agencies like TransUnion, Equifax and Experian and the creditors and debt collectors that furnish them information to investigate when you tell them something on your credit report isn’t right. But, they don’t always do their job.

That’s a problem for people who have mistakes on their credit reports as well as people who have fallen victim to fraudulent reporting or identity theft.

Inaccurate information on your credit report can hurt your chances of getting approved for credit, force you to pay higher interest rates, and in some cases even cost you a job or an apartment. A successful FCRA claim will force them to correct errors or fraudulent entries, and they may also have to pay damages.

Truth in Lending Act

(TILA)

TILA requires that lenders make clear disclosures to help you understand the terms of your loan and how much it will cost. The statute standardized terminology and how information is presented to make it easier for consumers to compare credit options and gave consumers a short period to back out of some types of loans. TILA is also the reason for that box on your credit card statement that tells you how long it will take to pay off your credit card balance and how much you’ll pay in interest.

The disclosure requirements aren’t a one-time obligation. For example, mortgage servicers are required to notify you if they transfer your loan, and your credit card company can’t raise your interest rate without advance notice.

TILA creates a private right of action, meaning that if your lender violates the statute you can initiate a lawsuit against them. And, if the lender initiates a foreclosure or sues to collect on the debt, you may counterclaim for TILA violations.
Consumer Financial Protection FAQs

Consumer Financial Protection FAQs

Navigating the complexities of financial laws and regulations can be daunting for consumers. This is where a consumer financial protection attorney plays a crucial role. These legal professionals specialize in defending the rights of consumers and ensuring fair treatment in the financial marketplace. This FAQ aims to shed light on the most common questions regarding their services, responsibilities, and how they can assist individuals facing financial legal issues. Resolve Law Group can help. Contact us to learn more about what we can do for you.

What Services Do These Legal Professionals Offer?

Consumer financial protection attorneys offer a wide range of services aimed at safeguarding consumers from unfair, deceptive, or abusive practices. Their services include, but are not limited to, dealing with issues related to debt collection, credit reporting errors, wrongful foreclosures, predatory lending, and bankruptcy. They also provide legal guidance on consumer rights under various federal and state laws.

How Can They Help With Debt Collection Issues?

When dealing with debt collectors, individuals often face harassment, threats, and other illegal practices. Attorneys in this field can intervene by ensuring that debt collectors comply with the Fair Debt Collection Practices Act (FDCPA) and other relevant laws. They can dispute erroneous debt, negotiate with creditors on behalf of the consumer, and, if necessary, represent the consumer in court to protect their rights.

Can They Assist With Credit Reporting Errors?

Yes, correcting errors on credit reports is another critical service a consumer financial protection attorney can provide. Errors can significantly impact a consumer's ability to obtain loans, secure employment, or rent a home. Legal professionals can help dispute inaccuracies with credit reporting agencies and, if needed, file lawsuits against entities that fail to correct errors or violate consumer rights.

What Should Someone Do If Facing Foreclosure?

Facing foreclosure can be incredibly stressful. Legal advisors specializing in consumer financial protection can assess the situation, advise on possible defenses, negotiate with lenders for loan modification or other relief options, and represent homeowners in court proceedings. Their expertise can be invaluable in preventing wrongful foreclosures and protecting consumers' homes.

How Can Individuals Protect Themselves Against Predatory Lending?

Predatory lending practices can trap consumers in cycles of debt with high-interest rates and unfair terms. Legal experts can provide crucial guidance on identifying and avoiding such loans. If a consumer has fallen victim to predatory lending, these attorneys can help challenge the loan terms, negotiate with lenders, and, if necessary, take legal action to seek justice and compensation.

When Should Someone Consider Hiring A Consumer Financial Protection Attorney?

Individuals should consider seeking legal assistance whenever they feel overwhelmed by financial legal issues, suspect their rights have been violated, or face legal action from creditors or lenders. Early consultation can prevent situations from worsening and ensure that consumers' rights are vigorously defended. This means that the sooner you reach out the better.

Contact A Lawyer Today

A consumer financial protection attorney is a vital ally in the fight against financial injustice. They empower consumers by ensuring fair treatment, protecting rights, and providing legal remedies against wrongful practices. If you're facing financial legal challenges, remember that you don't have to navigate these complexities alone. Seeking professional legal advice can provide the support and guidance needed to resolve issues effectively and restore peace of mind.

For those looking to understand their rights, address financial disputes, or require representation in financial legal matters, taking the first step by consulting with a knowledgeable legal professional can make all the difference. Protect your financial future today by reaching out for expert legal assistance. Resolve Law Group can help. Contact us today to learn more.

Find the Consumer Financial Protection Help You Need.

State Consumer Protection Laws

Some consumer financial protection issues are governed by state law, which means that your rights may differ from state to state. And, some are mixed.

For example, lemon law is typically a matter of state law. That’s the law that protects you if you purchase a car that turns out to have serious mechanical defects. In most states, lemon law only applies to new cars. But, a few states extend lemon law protection to at least some purchasers of used cars. Though the exact requirements and remedies vary from state to state, a dealer who sells a defective vehicle that is covered by the state’s lemon law will typically have to repair the vehicle, refund the buyer’s money, or replace the car.

Auto dealer fraud differs from lemon law in that it may involve a variety of factors that have nothing to do with the condition of the vehicle, such as failure to disclose fees, “bait and switch” tactics and falsely representing a used vehicle as new. Depending on the circumstances, multiple state and federal statutes may apply.

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The Bottom Line on Consumer Financial Protection

Deceptive creditors and dishonest debt collectors want you to believe they hold all the cards. They don't. State and federal laws provide a wide range of protections for consumers–protections those debt collectors and others are hoping you don’t know about. If you’ve been misled by a lender, have purchased a vehicle that turned out to be defective, have inaccurate entries on your credit report, are being harassed by a debt collector, or have fraudulent transactions on your account that your bank or credit card company won’t fix, it’s time to get help.

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Whatever your legal issue, the best first step is to make sure you have reliable information and knowledgeable guidance.

We built Resolve Law Group–America’s Consumer Law Firm–to help ensure that people like you have access to the help they need, no matter where in the country they are.

To learn more about how we may be able to help, contact us right now. Fill out the contact form on the right, or call or email us today.
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