The Consumer Credit Protection Act has nothing to do with your credit. It does have to do with the garnishment of employment wages. It is also knows as the federal wage garnishment law. Basically this Act states that an employer is not allowed to fire an employee who is having their wages garnished. This Act was passed in 1968.
So how do wages become garnished?
If an individual owes money to a credit card company, the IRS, Child Support and lenders, money will be automatically deducted from their paycheck. If a debtor is not working their banks accounts will be frozen and money removed. This Act also limits the amount of money that can be removed from one's check.
Innovative Credit Consultants has posted a detailed article about this Act on-
http://www.icreditinc.com/knowledge/articles/consumer-credit-protection-act
Read it in full to get all the facts about the CCPA.
Credit education starts with ICC! Innovative Credit Consultants presents must read information for consumers nationwide. ICC is devoted to making credit count! Get the right information about your credit report today www.icreditinc.com.
Wednesday, September 8, 2010
Friday, September 3, 2010
The Equal Credit Opportunity Act
Do you know that there are laws in place so that all consumers are allowed to apply for lines of credit equally?
Do you know what personal information is listed on your credit report?
Name
Birth date
Marital status
Social Security Number
Previous Jobs
Previous Addresses
Current Jobs
Current Address
There are many laws in place that have been established for the sake of the consumer. One important law is the Equal Credit Opportunity Act passed in 1974. This act was established to prevent credit rejection due to discrimination. While all consumers can apply for lines of credit, not all consumers are approved for credit lines!
Creditors and lenders can reject an application for a line of credit if a credit report does not meet their requirements. Valid reasons for rejecting a credit line application can be: a low credit score, no income, delinquent accounts, too much debt, poor credit history, too many credit cards and more.
The purpose of the Equal Credit Opportunity Act is to enforce that consumers are not rejected for their:: race, color, religion, sex, national origin, marital status, or age.
Everyone can apply for a line of credit. Anyone can be rejected because of strict requirements due to a challenging economy. Anyone can also boost their credit and establish better credit so that they may get approved in the future.
Innovative Credit Consultants is standing by, ready to provide you with a free credit report evaluation. Find out what is really turning lenders off and why you are not getting approved. More importantly find out how ICC can make your credit count.
Do you know what personal information is listed on your credit report?
Name
Birth date
Marital status
Social Security Number
Previous Jobs
Previous Addresses
Current Jobs
Current Address
There are many laws in place that have been established for the sake of the consumer. One important law is the Equal Credit Opportunity Act passed in 1974. This act was established to prevent credit rejection due to discrimination. While all consumers can apply for lines of credit, not all consumers are approved for credit lines!
Creditors and lenders can reject an application for a line of credit if a credit report does not meet their requirements. Valid reasons for rejecting a credit line application can be: a low credit score, no income, delinquent accounts, too much debt, poor credit history, too many credit cards and more.
The purpose of the Equal Credit Opportunity Act is to enforce that consumers are not rejected for their:: race, color, religion, sex, national origin, marital status, or age.
Everyone can apply for a line of credit. Anyone can be rejected because of strict requirements due to a challenging economy. Anyone can also boost their credit and establish better credit so that they may get approved in the future.
Innovative Credit Consultants is standing by, ready to provide you with a free credit report evaluation. Find out what is really turning lenders off and why you are not getting approved. More importantly find out how ICC can make your credit count.
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