Debt Settlement Resources

Truth In-Lending Act (TILA)

The Truth In-Lending Act (TILA) is a law that requires banks, credit card companies, and lending organizations to provide consumers with all necessary information on the price and terms of credit.

Electronic Funds Transfer Act (EFTA)

The Electronic Funds Transfer Act (EFTA) was passed in 1978 and is part of the Consumer Credit Protection Act. It clearly states that consumers have rights for when they electronically transfer funds to and from their bank accounts. It also protects consumers from other entities electronically removing funds from a consumer’s bank account without his or her permission.

New Mexico Collection Agency Regulatory Act

The New Mexico Collection Agency Regulatory Act (NMCARA), NMSA 1978 §61-18A-1 govern the collection of New Mexico consumer accounts.  A debtor under this chapter is defined as “any natural person obligated or allegedly obligated to pay any debt.” Debt is defined as “any obligation or alleged obligation of a debtor to pay money arising out of a transaction in which the money, property, insurance or services that are the subject of the transaction are primarily for personal, family or household purpose.

Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA), enacted in 1970, is intended to foster the privacy, accuracy, and fairness of consumer information when held in consumer reporting agencies. In order to prevent inaccurate credit reports, the FCRA handles all consumer information. It is part of the Fair Debt Collection Practices Act.

Credit Repair Organizations Act

The Credit Repair Organizations Act (CROA) is part of the Consumer Credit Protection Act. Signed into law in 1996, it was created to make sure that credit repair organizations provide consumers with all relevant information to help them make a clear and informed choice. It prevents consumers against misleading advertising. Furthermore, the CROA clarifies that credit repair organizations can only receive payment after completing services. These measures are all in place to protect consumers.

Fair Debt Collection Practices Act

The Fair Debt Collection ​Practices Act (FDCPA) is a consumer protection amendment, establishing legal protection from abusive debt collection practices, to the Consumer Credit Protection Act, as Title VIII of that Act. The statute’s purposes is to eliminate abusive practices in the collection of consumer debts, to promote fair debt collection, and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information’s accuracy.