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How Liberty Financial Relief Uses Federal Laws
The Fair Credit Billing Act (FCBA) – this law is used to determine if there are any billing errors.
The Fair Debt Collections Practices Act (FDCPA) – this law is used to determine if a debt collection company is using any abusive, deceptive, or unfair collection activity.
The Truth In Lending Act (TILA) – this law is used to determine the “real cost” of an alleged debt and how the balance was calculated and requires certain disclosures on your billing statement. TILA gives consumers the right to cancel a transaction and dispute a bill.
The Credit Card Act of 2009 – this law protects consumers from getting charged excessive fees and interest rates, and prohibits credit card companies from increasing interest rates retroactively or without fair notice and is used to make it easier for consumers to pay down credit card debt.
The Fair Credit Reporting Act (FCRA) – this law is used to ensure accurate information gets reported on a consumer’s credit report.
Examples of Documents & Information Being Requested Through a Debt Dispute
- the debt collection company must provide the original agreement that was signed when the debtor first was approved for the credit card or loan (original signature must be on it)
- the debt collection company must provide their debt collector license for whatever state they’re trying to collect on debt in
- the debt collection company must provide the name and address of the original creditor
- the debt collection company needs to know when the statute of limitation expires for a particular debt and they need to explain how they determined this date
How is Liberty Financial Relief possible? Are the banks this careless?
When a debt collection agency purchases debt from the original creditors (credit card companies and banks), often these debts are sold with inaccurate records, missing documentation and even falsified records.
Due to the bank’s inability to maintain appropriate records, is one of the reasons why debt collection companies can purchase debt for such a low price–sometimes for as low as 5-cents on the dollar.
Most debtors are unaware of their consumer rights and the federal laws that regulate third-party debt collection companies, and therefore, they often become victims of predatory lenders and abusive debt collectors.