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If you could change any federal law.. or create one.. regarding consumers rights dealing with creditors and lawsuits.. what would be on your wish list?

Your feedback is important.. I am meeting with our congressmen in two weeks, I want to discuss the arb issue with him and some other things that I have been told have merit..

I want to go in there and use my time well. Your help is appreciated .. tell me what YOU want to see changed and remember this is FED not state.

I am going to print out all of the responses and they are going to the meeting with me... we need changes... and now that i have someones ear who seems interested I want to make the MOST of it. so ANYTHING you can contribute is welcome

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I'm not sure how to put it in words, but a law clarifying the whole "charge off", "wrtie off", junk debt selling scam would be useful. I don't see what the OC should get a tax credit for their "loss" and then some JDB gets to turn around and make the debtor's life any more miserable. The IRS has waded in and make it even more complicated. Their efforts seem to penalize the debtor even more...

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Increase penalty for violations to match inflation. Perhaps $5,000 per. Make it per violation, and not per action. Maybe some REAL teeth to the law will get these clowns to toe the line.

Or, perhaps a clarification for the CRA's as to how an investigation is to be conducted. (For example, not just by email, or on the say-so of the furnisher)

and a better definition of what constitutes validation of a debt.

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Increase penalty for violations to match inflation. Perhaps $5,000 per. Make it per violation, and not per action. Maybe some REAL teeth to the law will get these clowns to toe the line.

Or, perhaps a clarification for the CRA's as to how an investigation is to be conducted. (For example, not just by email, or on the say-so of the furnisher)

and a better definition of what constitutes validation of a debt.

great minds think alike both of those, the violation fine amount and the validation of debt are at the top of my list

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I'd love to see CA and JDB more regulated. They should have to go through some short of accreditation process on a yearly bases which will test their knowledge and complience with the law. That might cut down on abuses.

Also a uniformed SOL would be nice.

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One biggy I would love to see is:

  • Credit cards must put everything in writing in 6 months notice when they are doing something different in their services and contracts to forewarn the consumers so that the consumer can make their adjustments without undo harm.
  • Merger activities should not interupt with what the original contract had between the OC and the consumer. I get the feeling the only reason they do mergers is to get out of the original contract they had with the consumer
  • The intitial contract that is binded with the OC and the consumer does not change no matter what especially if the consumer has not breached their end of the bargain, why should the OC be allow to breach their end?
  • The Credit card industries are too powerful and entrap too many uneducated consumers... it's like the Tobacco industries; they were too powerful and were killing people...but they got government backing to treat the cancer victims... This vicious cycle has to end! Credit card industries need to have a "Surgeon's warning label " too....and need to be responsible for educating consumers as early as in high school years! They need to advertise in the media, not through credit counseling services! Make the credit cards resposnsible for their actions!!!!

My pet peeve is when BOA merged with MBNA they stopped sending my cancelled checks without notifying me and have sent only a "front" image without the back of my checks. What is the point of that? That is a waste of time and money, when all is needed is to just tuck in the cancelled checks...

BOA also changed the services with online banking without warning leaving me with having to spend more money to pay them. It is just not right.

There have been a horrible abuses reported here on the board and it's disgusting to see how the credit card industries, CRA, and collection agencies go hand in hand harming the uneducated consumer.

CarolinaBlueEyes, you may want to bump your post up for more feedback....Good luck and be sure you tell us your results!:D

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One biggy I would love to see is:

  • Credit cards must put everything in writing in 6 months notice when they are doing something different in their services and contracts to forewarn the consumers so that the consumer can make their adjustments without undo harm.
  • Merger activities should not interupt with what the original contract had between the OC and the consumer. I get the feeling the only reason they do mergers is to get out of the original contract they had with the consumer
  • The intitial contract that is binded with the OC and the consumer does not change no matter what especially if the consumer has not breached their end of the bargain, why should the OC be allow to breach their end?
  • The Credit card industries are too powerful and entrap too many uneducated consumers... it's like the Tobacco industries; they were too powerful and were killing people...but they got government backing to treat the cancer victims... This vicious cycle has to end! Credit card industries need to have a "Surgeon's warning label " too....and need to be responsible for educating consumers as early as in high school years! They need to advertise in the media, not through credit counseling services! Make the credit cards resposnsible for their actions!!!!

My pet peeve is when BOA merged with MBNA they stopped sending my cancelled checks without notifying me and have sent only a "front" image without the back of my checks. What is the point of that? That is a waste of time and money, when all is needed is to just tuck in the cancelled checks...

BOA also changed the services with online banking without warning leaving me with having to spend more money to pay them. It is just not right.

There have been a horrible abuses reported here on the board and it's disgusting to see how the credit card industries, CRA, and collection agencies go hand in hand harming the uneducated consumer.

CarolinaBlueEyes, you may want to bump your post up for more feedback....Good luck and be sure you tell us your results!:D

Thank you.. I have known the congressman for years.. as a local business owner have crossed paths quite a bit.. it has been in the back of my mind for a while so I called his assistant and his appointment scheduler called me from DC .. I meet with him for lunch on March 19.. I want to make the most of this time..we all know things have got to change.. I am lucky in the regard I live in a consumer friendly state.. and though I dont expect it will change the world.. maybe at some point something will get through.. this board.. conversations with bud hibbs.. websites and information has helped me put my paper together... I am hoping the "spit in the wind" is minor.. thanks for all your help.

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*Ban the Universal Default Clause.

*Report credit limits (not just high balances) on any credit card account that has a limit.

*Amend the FDCPA to clearly allow a "limited" C&D on request by the consumer.

*It would be great to have a federal law that grants homeowners 100% homestead protection in the case of bankruptcies (like TX & FL), but I don't know...maybe that would be infringing on state's rights?

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I don't really think a federal law regulating creditor lawsuits is a worthwhile pursuit. I'm with dive and increasing the award cap on the FDCPA. $5k per action. $5k or even $1k per violation would probably not happen because of it's very low standard of proof.

Note that the FDCPA is a strict liability statute. In order to recover statutory damages under the FCRA, you must prove willful noncompliance.

I'd rather see the FDCPA keep its strict liability status and increase the cap some.

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I would also be in favor of clarifying 1692i, that venue cannot be waived by contract.

This would make any attempt to arbitrate in a far off venue a definite violation of the FDCPA. In fact, I still think most arbitration attempts are a violation of 1692i, unless you specifically waive jurisdiction in your arbitration contract.

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Perhaps an addition to HIPAA forbidding selling off medical accounts to JDBs.

I wouldn't be in favor of any law which restricts a JDB from buying debt. Let them purchase away...JDBs are your friends. MUCH MUCH easier to successfully defend yourself against them come lawsuit time than an OC.

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If a debt is subject to federal regulation (TILA, etc.) it should have a federal ID number when originated (companies that issue credit can easily do this online ... the IRS can give you an EIN for a new business through their website in the time it takes to fill in the SS-4 form https://sa2.www4.irs.gov/sa_vign/newFormSS4.do ) ... and that number should follow it for life and be used as the main identifier by the CRAs.

I can't say this would eliminate reaging, but it would make it very easy to catch and correct it...

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