CCPA

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.

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.

Consumer Credit Laws/Acts

Federal Laws and State Laws are in place to protect consumers from credit reporting errors. Basically they govern the actions of creditors and lenders. These laws were issued for the sake of the consumer. You already are aware that ICC incorporates the Fair Credit Reporting Act during our dispute process. But did you know there are MANY other Acts/Laws that exist to help you!

Your credit report affects everything! If you have experienced hardship due to inaccurate credit reporting and believe there is nothing you can do about it- you are wrong.

Look - the following laws have been established for you! These laws are supposed to prevent inaccurate credit reporting and provide a solution to consumers who discovered inaccuracies on their credit report.

Here are the Federal Laws you should be familiar with.

The Federal Consumer Credit Protection Act.

Truth in Lending Act

Fair Credit Reporting Act

Equal Credit Opportunity Act

Fair Credit Billing Act

Right to Financial Privacy Act

Consumer Leasing Act

Fair Debt Collection Practices Act

The Bankruptcy Reform Act

Here are State Laws that you should understand.

The Uniform Consumer Credit Code

Consumer Loan Acts

Mortgage Lending Acts

Mortgage Banker and Broker Acts

Secondary Mortgage Acts

Seller and Lender Credit Car Acts

Rental Purchase Agreement Acts

Check out our website icreditinc.com - our Knowledge Center will explain each law in full. Check in with us each day as we take one Act/Law at a time as we study and interpret the function of each!

Credit Card Changes 2

You may have heard about the fee changes for credit cards as influenced by the Credit Card Accountability, Responsibility and Disclosure Act, back in February. Check out our introductory article about this Act by visiting: our February 24 post.
Recent revisions to this act went into effect August 22, 2010. Now the Feds are focused on regulating penalty fees and increased interest rates. The Credit Card Act explains that fees should be “reasonable and proportional.”

What does this mean?

For the most part these fees will now be regulated to benefit the consumer. Hopefully this will prevent credit card companies from raising fees as a solution to their own financial problems and help the average credit card holder manage better. Fees should not be more than 25 dollars (give or take) unless an issuer can prove to a regulator that a higher amount is fair in order to cover operation costs. For example: a 25 dollar late fee could rise to 35 dollars only if a holder is late a second time during the next 6 billing cycles. Also, credit card issuers are prohibited from charging a fee larger then the amount owed. If your minimum payment required is 25 dollars and you are late you cannot be charged a penalty fee of more than 25 dollars. If you are 10 dollars short when making the minimum payment they cannot charge you an additional fee for more than 10 dollars.
It is required by law that fees are explained up front and any fee increase be announced to customers 45 days in advance. Issuers are no longer allowed to charge penalty fees on inactive cards, but they can close the credit card if it is not being used.

Also rate increases issued between Jan. 1, 2009, and Feb. 21, 2010 be re-evaluated and reduced appropriately. However it doesn’t stipulate an exact amount that the actual rate should be decreased but it does say that any increases between must be re-evaluated. It does say holders should be given a lower rate in accordance with the new Credit Card Act unless their customer history makes it appropriate for them be charged more. This Act also stipulates that bad credit would be an acceptable reason for Credit Card issuers to charge higher fees, but the holder must be aware of the fees and why.

If your credit has been affected by too many credit cards, missing payments or you want to be approved for a good credit card, contact ICC for superior credit repair and a credit education that will make your credit count.

Identity Theft and Medical Inaccuracies On Your Credit Report

Innovative Credit Consultants provides ethical and intelligent credit repair solutions to consumers nationwide. ICC has deleted/repaired thousands of items off credit reports caused by Identity Theft. ICC will get you an accurate credit report and teach you how to protect your credit. Identity theft continues to plague our society as technology makes it easier for thieves to steal personal information. Identity Theft is a tool for obtaining credit cards, bank accounts, driver’s licenses and more. To make matters worse, Identity Theft has become more than just a financial threat.

Did you know the numbers of reported Identity Theft cases related to medical treatment grows every day? Identity Theft has created a forum for thieves to receive treatment, obtain health insurance and not pay!

Signs your personal information has been used to obtain medical services.
Have your received a medical bills for a service you never received?

Are debt collectors trying to collect money from you for a medical treatment you never had?

Does your credit report show medical collection notices you don’t recognize?

Have you tried to process a legitimate insurance claim and your health plan claims you are maxed out?

Have you been denied insurance because of a medical history that is not yours?

If you have answered yes to any of these questions, your identity security may have been compromised. Not only is your financial safety at risk but you may be paying medical bills you don't owe, you may not be able to get health insurance at all. You may end up having a huge mess on your hands to clean up!
Innovative Credit Consultants can help clean up the burden of identity theft.

Innovative Credit Consultants is the only performance based credit repair company that seeks to be of service to the public. If you suspect your credit has been impaired due to identity theft, you are entitled to receive help and the right kind of help is ICC.

Contact us today- here is a brief description of how ICC works.

Free Credit Report Evaluation. A credit repair professional will analyze your current credit report.

Free Credit Repair Consult. Your credit repair expert will conduct a consultation about why your score remains and what it could be.

Free Customized Credit Repair Plan. ICC will strategize a credit repair method for your specific needs. You will be able to see our plan of action-obligation free.

Keep in mind ICC doesn't take money up-front; we do not charge monthly fees or a sign up fee.

ICC charges per deleted/repaired item only. If we do not delete an item- you don't pay anything at all!

ICC will dispute your items legally and effectively. You can obtain accurate credit and move on from the trauma of identity theft, ICC understands.

Protecting & Informing Consumers About Scams

On July 22, 2010 The Federal Trade Commission processed warnings against 18 websites for misleading consumers. 18 websites advertised that they provide consumers with a free copy of their credit report. However, after multiple complaints, the FTC realized that these sites falsely advertise. These websites claim to provide a free credit report in attempt to sell credit monitoring services. Individuals will discover the site because they want a free copy of their credit report. Usually, upon sign-up individuals end up paying for some service which actually includes a charge for the copy of the credit report. Whatever the gimmick is, the FTC has stated that consumers do have the right to receive a free copy of their credit report yearly but only from AnnualCreditReport.com.

Apparently AnunalCreditReport.com is the only source authorized by federal law to provide consumers with their annual free copy. The FTC has concluded that these 18 websites are in violation of the law and have issued these companies warnings. To see a list of the companies/websites that were issued the warnings, visit http://www.ftc.gov/opa/2010/07/freecredit.shtm

These 18 websites and any other websites offering a copy of a free credit report must obey the following:
They must state that consumers have the legal right to receive a free copy of their credit report once a year at annualcreditreport.com.

What does this really mean? The FTC and its laws exist to protect consumers from inaccurate and unverifiable credit reporting. The FTC credit reporting laws are being reformed between now and September. Those in violation of the laws could be charged a penalty of 3500 dollars.

Innovative Credit Consultants has created a performance based credit repair program that is consumer friendly. We are the only ethical credit repair company that supports and appreciates the effort of the FTC. ICC works for the sake of the consumer and it is our business to contribute to preserving the rights of the consumer. ICC specializes in providing consumers with accurate, useful credit. Our passion for credit repair was founded with the intention to be of service to consumers nationwide. We understand that consumers need to be educated about credit repair. We also understand that credit repair scams riddle the internet because we are challenged by them also. Most of our clients send us a copy of their credit report but we have been explaining to consumers for years through our website and through articles that they have the legal right to receive a free credit report and where to get it.

If you have been affected by inaccurate credit reporting or items on your report are unfamiliar, an ICC credit repair professional can help. Your personal credit repair consultant will analyze your credit report for free and then conduct an obligation-free credit repair consult. During your free credit report consult, you will learn what your current score is and why and what your options are for boosting your score ethically and successfully. Every credit report is different but everyone deserves a chance to establishing a better credit future. Contact us today 888-967-2673 or visit www.icreditinc.com and sign up. You pay nothing up-front. Get the right information about your credit the first time for free.

Preventing Identity Theft

Keeping Safe from ID Thieves

Despite your unique life experiences and personalities, the government and many businesses define your existence and identity through numbers, statistics and other non-relevant data.

With internet allowing private information to travel more freely, identity thieves are finding creative ways to steal your information. There are ways to protect yourself against identity theft.

Keep your social security number and financial info safe. This is the most basic step to guarding yourself against ID thieves. Don't give out your bank information unless you are paying for something and you are one hundred percent sure you know what you are paying for. Though many companies use your social security number for verifying your identification, always try to explore an alternative. If you must verify your information, use a password, security question or your date of birth, date of last deposit, etc. Some insurance companies and state DMVs use your driver’s license number to locate your social security number to identify you.

Beware of lists. Your information is passed via credit bureaus and other data collecting companies. As a result, you are bombarded with preapproved credit card offers, phone calls and tempting, yet pesky promotional checks. If you are receiving phone calls to verify the information the company should already have, be on guard. Before, verifying private information, contact the company directly, to confirm. If you are tired of getting promotional checks and preapproved credit cards, call the credit reporting industry opt in and out program at 1.888.567.8688.

Keep up with your credit reports. You are entitled to one free credit report per credit bureau, per year. Check your credit report annually for any unrecognizable or unauthorized accounts. Checking your own credit report via sites like annualcreditreport.com does not affect your credit score.

Properly dispose of your information. Banks shred their paper garbage and occasionally they may have a community shred day. Ask your local bank to see if they have a community shred day. Cut up all closed credit and debit cards, even un-activated promotional cards. Don’t forget to shred all of your promotional checks. Dumpster divers can activate a credit card account or find and cash a promotional check and while they get the cash from the check your checking account is hit with a monthly charge for activating a service.

If you have had your Identity stolen, contact www.icreditinc.com. Credit Repair Professionals will get you an accurate credit report or you pay nothing!