Unknown to many people, the consumer credit act is one of the most powerful privileges that you have. It is a tool you should use when you trying to correct errors in your credit report as well as dealing with your debt problems. If you know how to use it properly, it will help resolve all your credit and debt problems.
It is widely accepted in the U.S that you can buy anything you desire as long as you agree to pay back the loan and the accompanied interest. This opportunity has led many Americans into debt. Consequently, many of these people have a bad credit rating or score. This means that they can't have access to loans, credit cards or mortgages.
The consumer credit act's protection are only applicable to contracts between the following group of people:
тАв traders and individuals
тАв individual traders
тАв partnerships
Unincorporated organizations
On the other hand, the act's protection are not applicable to accords between traders and limited companies.
What do you stand to gain from the consumer credit act? As a consumer, you are protected from possible exceptional practices. In addition, you are protected from incompetence on the part of those who give credit on a commercial or professional basis. Unfortunately, many consumers out there are not aware of the immense benefits that the act gives to them to correct the mistakes.
All dealers who make regulated contracts are required by the law to hold a license given by the office of fair trading. The law also stipulates that debt advisors, credit brokers and similar bodies hold a license.
In addition to the need for you to acquire necessary and additional information on the consumer credit act, I will like to say that it is useless knowing and acquiring the information without applying it. Hence, get the information and make use of it when necessary.
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