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Coping With a Temporary Loss of Income

This article was edited and reviewed by FindLaw Attorney Writers | Last reviewed March 26, 2008

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If the recent government shutdowns have made your economic life miserable, you're not alone. Money matters are a source of stress and frustration for many people. The Federal Trade Commission (FTC) publishes free brochures outlining your options and rights regarding fair debt collection and credit reporting practices.

Fair Debt Collection

If you find that you cannot pay your bills on time, contact your creditors at once. Try to work out a modified payment plan that reduces your payments to a more manageable level. Do not wait until your accounts have been turned over to a debt collector. At that point, your creditors have given up on you. But it's important to know that the federal Fair Debt Collection Practices Act requires debt collectors to treat you fairly by prohibiting certain methods of debt collection. To learn more, request a free copy of Fair Debt Collection.

Fair Credit Reporting

Non-payment and late payments may affect your credit rating and your ability to obtain credit in the future. Although creditors usually consider a number of factors in deciding whether to grant credit, most creditors rely heavily on your credit history. So it's important to make sure your credit report contains accurate information. For example, if your file showed that you were late in making payments, but failed to show that you were no longer delinquent, the credit reporting agency must show that your payments are now current.

The Fair Credit Reporting Act protects you by requiring credit bureaus to furnish correct and complete information to businesses to use in evaluating your applications for credit, insurance, or a job. For more information, request a free copy of Fair Credit Reporting.

You can file a complaint with the FTC by contacting the Consumer Response Center by phone: 202-FTC-HELP (382-4357); TDD: 202-326-2502; by mail: Consumer Response Center, Federal Trade Commission, Washington, DC 20580; or through the Internet, using the online complaint form. Although the Commission cannot resolve individual problems for consumers, it can act against a company if it sees a pattern of possible law violations.

The FTC publishes free brochures on many consumer issues. For a complete list of publications, write for Best Sellers, Consumer Response Center, Federal Trade Commission, Washington, D.C. 20580; or call (202) FTC-HELP (382-4357), TDD (202) 326-2502.

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