What can I do if a creditor is consistantly posting my payments late which reflects on my credit?
Full Question:
Answer:
The Fair Credit Billing Act provides a procedure for the correction of billing errors. Where a creditor has transmitted to an obligor (person who owes debt) an account statement in connection with an extension of consumer credit, and within 60 days receives a written notice from the obligor in which the obligor sets forth information identifying his or her name, account number, a belief that the statement contains a billing error, and its amount, and the reasons for this belief, the creditor must comply with the following statutory requirements. No later than 30 days after receiving the notice, the creditor must send a written acknowledgment to the obligor. No later than two complete billing cycles (in no event later than 90 days) after the receipt of the notice and prior to taking any action to collect the amount, or any part of it, indicated by the obligor,the creditor must either make appropriate corrections to the account or send a written explanation or clarification to the obligor, after having conducted an investigation, setting forth the reasons why the creditor believes the statement was correct.
