FICO How To Fix Credit

How to fix credit: The practice of charging late fees on late fees is illegal according to the Federal Trade Commission Credit Practices Act (FTCPA). Under the law, such practices are described as “pyramiding late fees.” “Even if the creditor takes away the charges from the payoff amount thereby causing the payment to be insufficient in the amount of the fee is prohibited by law. If sued, the creditor may have civil penalties imposed by the court up to $ 10,000 for each infraction. A compatible federal law (FDIC, Sec. 6500) entitled “Consumer Protection” states that such practices are “unfair late charges.” “Your state may also have a law for such activity. Correspond with the creditor informing them of their breach of the law and ask for a reimbursement. They may well not at the outset grant a reimbursement, so you must persist. The net effect of these types of charges may materialize in the credit report as late payments since the monthly payment is insufficient and should thus be disputed.Learn more at our website how to fix credit.

An example of a dubious fee, your monthly payment is $ 100. You send the payment, but it arrives subsequent to the due date resulting in a late payment of $ 29. Creditor Subtracts $29 from the payment and proclaim that the payment was insufficient and consequently late. The now insufficient payment is recorded in your credit report as too late causing your scores to decline, under the law this is improper. It is also unlawful for a Creditor to charge a charge since you failed to pay a late fee promptly . Get more information here increase my credit score.

Scores of creditors have engaged in this type of unlawful activity, relying on you the customer not to object or if you did complained not to be consistent in demanding a reimbursement and correct the tardy payment recorded in your credit report. Do not let Creditors rip you off, dispute, dispute and dispute again until satisfaction is achieved.You can read more about how to fix credit on our website.

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