Tired of creditors calling your house day and night? Tired of creditors being rude and asking for a payment every hour on the hour? There are ways you can stop it and answer your phone in peace.
A creditor is a company or person that extends "credit" by allowing a consumer to borrow money based on an agreement between the two parties that the money will be paid back at a later time. Creditors provide you with a form (agreement) to fill out that gets approved allowing you to use their credit based on the guidelines of the signed agreement.
If you make just one late payment (usually 30 days or more late), all creditors have a Collection Department that quickly calls to remind you to send a payment (even if the payment is one day past the due date). The first few calls the creditors seem really nice and ask when you will be able to send a payment. Then they quickly turn into the Bart Simpson and start being rude and use all kinds of tactics to get you to make a payment. This is unethical and is illegal according to the Fair Credit and Reporting Act (FCRA) and Fair Debt Collection Practices Act (FDCPA) which can be found at http://www.ftc.gov. The FCRA was instituted in 1996 to ensure the accuracy and fairness of credit reporting for consumers. The FDCPA was instituted in 1996 to stop abusive behavior by creditors.
A creditor cannot call you before 8:00 am or after 9:00 pm. Creditors cannot use threats, profanity make false statements, use unfair practices, or make repeated calls to your home to collect a debt. However, they can call you on the weekends or contact your friends or relatives to get your contact information. Here are 8 easy ways to stop creditors from harassing you.