Doctors and Credit Laws – what you need to know...

As a Doctor it is important to know that credit laws have been enacted to protect you regarding how your personal information is used by the credit bureaus, collection agencies, creditors and others. Why?

Because whether you know it or not, there's an ongoing "tug-of-war" for ownership of your personal data. The question is who really owns your personal information, you or the businesses profiting by collecting, reporting and marketing it?

Not only do credit bureaus, creditors, and collection agencies profit from the use of your personal information, but marketers, information brokers, employers, and many others use your personal data for their own business interests.

Given the extensive use of your personal data by others and the fact that over 76% of credit reports contain errors, laws have been enacted to grant you rights concerning the accuracy of your credit information and govern the use of your personal credit information by others. Basically, these laws attempt to balance the rights of others to use your personal data versus your own privacy rights. So they define guidelines and limits on how your personal data may be used and what you can do to make sure it's accurate and complete. This is very important to understand as a Doctor, because your credit scores can significantly impact your ability to qualify for financing of equipment to grow your practice. So here's what you need to know…

Although there are several State and Federal credit protection laws enacted, the primary credit laws affecting you are:

  • The Fair Credit Reporting Act which governs how the credit bureaus can report your personal information. It basically requires that any information they report be accurate, complete and within certain time limits.
  • The Fair Debt Collection Practices Act governs what collection companies and other creditors can do when collecting debts. This is the credit law that prevents companies from threatening you and calling you late at night or on your job.
  • The Fair Credit Billing Act requires credit card companies to give you information regarding your account, like previous statements, interest rates, and information to prove that you were properly charged.

Also, you should know that we use these laws to challenge the credit bureaus and creditors to prove their compliance when reporting your credit information. We insist that any inaccurate, outdated, or unverifiable credit information be deleted from your credit reports.

By doing so, it can go a long way in our efforts to optimize your credit scores to help you to qualify for financing to grow your practice.

Contact us today to schedule your credit check up!

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