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CONSUMER CREDIT - PowerPoint PPT Presentation

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CONSUMER CREDIT. Basic Consumer Credit Laws. Laws Protecting Against Discrimination Laws Protecting Your Credit Record Laws Protecting Against Billing Errors Laws Protecting Against Unfair Debt Collection. Race; Color; Religion; National Origin; Sex; Marital Status; Age;

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Presentation Transcript
basic consumer credit laws
Basic Consumer Credit Laws

Laws Protecting Against Discrimination

Laws Protecting Your Credit Record

Laws Protecting Against Billing Errors

Laws Protecting Against Unfair Debt Collection

credit discrimination prohibited areas of discrimination



National Origin;


Marital Status;


Public Assistance Income;

Exercise of Rights Under the Consumer Credit Protection Act

Credit DiscriminationProhibited Areas of Discrimination
fair credit reporting act
Fair Credit Reporting Act
  • PRIG Study found
    • 80% of all Credit Reports have errors
    • 19% of those errors were so bad to cause a denial of credit.
fair credit reporting
Fair Credit Reporting
  • Consumers are entitled to one free annual report.
fair credit reporting act1
Fair Credit Reporting Act
  • Major Credit Reporting Agencies
    • Equifax
    • Experian
    • Transunion
fair credit reporting act2
Fair Credit Reporting Act
  • Only inaccurate and out of date information may be removed.
  • Stale information must be removed
    • Bankruptcies over 10 years old
    • Other Negative Credit Information over 7 years old.
fair credit reporting act3
Fair Credit Reporting Act
  • Removing Information
  • Letter to Credit Reporting Agency
    • Send Certified Mail Return Receipt Requested
    • Singed by Consumer
    • Note it must be Received by Credit Reporting Agency – Letter to Credit Furnisher (Creditor) may not take it off Credit Report. Failure to notify Credit Reporting Agency may protect them from later suit.
fair credit reporting act4
Fair Credit Reporting Act
  • Credit Reporting Agency has 40 days to verify information and if information is not verified it must be removed.
fair credit reporting act5
Fair Credit Reporting Act
  • Unauthorized Disclosure of Your Credit Information.
texas exempt property
  • Unlimited Homestead.
    • Rural Homestead up to 200 acres
    • Urban Homestead up to 10 Acres.
      • Business Homestead
  • Personal Property
    • Up to $60,000 in certain property.
  • IRA’s
fair debt collection
Fair Debt Collection
  • Federal Fair Debt Collection Act
    • Applies only to Third Party Debt Collectors including attorneys who regularly collect debts.
  • Texas Debt Collection Act
    • Applies to Creditors & Third Party Collectors.
    • Also a violation of Texas Deceptive Trade Practices Act

Common Law Unfair Debt Collection

fair debt collection1
Fair Debt Collection
  • All communication must advise debtor that they are collecting a debt and any information obtained will be used for that purpose.
  • First Letter must advise debtor that debtor has 30 days to request that collector verify the debt.
fair debt collection2
Fair Debt Collection
  • Must stop all communication if debtor request that the debt collector stop communicating with the debtor– may only contact one other time to advise what action will be taken.
  • May only communicate with attorney if Debtor is represented by an attorney.
fair debt collection communication with third parties
Fair Debt CollectionCommunication with Third Parties
  • May not disclose purpose is to collect a debt.
  • May not use written communication that discloses they are collecting a debt.
  • May not contact debtor at employment if debtor advises it against employers policy.
fair debt collection abuse examples
Fair Debt CollectionAbuse Examples
  • Calling before 8:00 a.m. and after 9:00 p.m.
  • Abusive Language
  • Threatening action that cannot be legally taken.
  • Repeated telephone calls to annoy.
  • In Texas cannot take homestead, cars, or threaten garnishment except for certain debts owing to government.
collection lawsuits
Collection Lawsuits

1. If I think I may owe the Debt should I even bother to answer the suit?

2. Should I represent myself?

3. If I think I owe the debt do I have a Defense?

4. Can I recover my fees and cost?

5. Major corrupt practices in the debt industry.

the financial crisis
The Financial Crisis







Watch the short video on your computer

new consumer problems
New Consumer Problems

1. Problems with who owns the debt.

2. Higher Credit Card Fees.

3. Credit Reporting Problems.

4. More difficult to obtain new credit.

5. Devaluation of assets.

6. Loss of Income.

7. Booming Tax Liability.

jim mcmillen
Jim McMillen
  • James T. McMillen
  • 14522 Red Mulberry Lane
  • Houston, Texas 77044
  • Tel: 281-458-9100
  • Fax: 281-817-5505
  • Email: