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to follow through on the services they sell. Some may do little
more than refer indebted consumers to a bankruptcy lawyer, who
charges an additional fee. Businesses advertising voluntary
debt reorganization plans or "Chapter 13" relief may fail to
explain that Chapter 13 debt adjustment actually is a form of
bankruptcy. To qualify for it, you must have a source of
regular income and a plan for repaying your creditors that
meets the approval of the bankruptcy court. Businesses that
sell bankruptcy-related services may not tell you all that is
involved or assist you through what can be a complex and
lengthy legal process. Debt problems can be distressing, but be
careful when selecting a solution. Some "solutions" may only
add to your problems.
Where to Find Low-Cost Help
If you need help in dealing with your debts, you may want
to contact a Consumer Credit Counseling Service (CCCS). This is
a non-profit organization with more than 850 offices located in
50 states. CCCS counselors will try to arrange a repayment plan
that is acceptable to you and your creditors. They will also
help you set up a realistic budget and plan future expenses.
These services are offered at little or no charge to you. You
can find the CCCS office nearest you by checking the White
Pages of your telephone directory or by calling from a
touch-tone phone 1-800-388-2227 to get the telephone number.
However, if you have other questions, contact:
National Foundation for Consumer Credit, Inc.
8611 Second Avenue, Suite 100
Silver Spring, Maryland 20910
(301) 589-5600
In addition, non-profit counseling programs are sometimes
operated by universities, military bases, credit unions, and
housing authorities. They are likely to charge little or
nothing for their assistance. Or, you can check with your local
bank or consumer protection office to see if it has a listing
of reputable, low-cost financial counseling services.
Where to Find More Information
The Federal Trade Commission enforces a number of federal
laws involving consumer credit, including the Equal Credit
Opportunity Act, the Fair Credit Reporting Act, the Truth in
Lending Act, the Fair Credit Billing Act, and the Fair Debt
Collection Practices Act. It also provides free brochures
explaining these laws. For these or related publications, such
as Building a Better Credit Record, Women and Credit Histories,
and Credit Billing Blues, write to: Public Reference, Federal
Trade Commission, Washington, D.C. 20580.
Although the Commission cannot solve individual problems
for consumers, it can act when it sees a pattern of possible
law violations develop. If you have a complaint that may
involve a violation of consumer protection law, write to:
Correspondence B ranch, Federal Trade Commission, Washington,
D.C. 20580.
fast facts
* Your credit report records your payments on credit cards,
installing loans, and other credit accounts. It helps
creditors predict whether you are likely to be a good
credit risk.
* Be wary of ads that promise you "instant credit" or "a
major credit card regardless of your lack of credit
history or past credit record."
* If you are rejected for credit, find out why. You can get
a free copy of your report if you request it from the
credit bureau that provided it, within 30 days of being
turned down.
* Check to see whether the information in your credit report
is accurate and complete. You are entitled by law to
correct inaccurate information that appears in your credit
bureau file.
Bureau of Consumer Protection
Office of Consumer & Business Education
(202) 326-3650
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