Citizen Spotlight – Credit Laws in West Virginia: Consumer Protection Against Exploitation

Credit Law

Just like all other states, there are credit laws in West Virginia to regulate credit cards, medical bills, personal loans or collection accounts and ensure that both the debtor and creditor are protected. Here I have rounded the laws that protect West Virginians who are in debt.

Statute of Limitations

It is a law that protects citizens in debt from being sued by collection agencies after the elapse of a certain period. The law keeps residents from being forced to defend themselves in court after their ability to give exonerating evidence has been impaired which normally happens after a long period of time has passed. This law vary from state to state. In West Virginia, the law on oral contracts states that a suite on the debt should be brought within 5 years while the law on written contracts give debt collectors 15 years to file a suite. The allowed period begins after a debtor defaults payment. If the time allowed passes, a debt is considered time barred and the collector can’t sue for its recovery since the debt is no longer legal. However, this law doesn’t bar the debt collector from attempting to collect the debt by other means.

West Virginia laws on Credit Reports

Citizens are entitled to one free credit report from each credit bureau every year. Charges may apply if one wants to get more than one report. Credit reports are issued by credit reporting agencies and show any loans or credit accounts you may have. For medical debt, hospitals don’t report directly to credit bureaus but instead turn the unpaid accounts to collection agencies who report them to the credit bureau. The law allows your medical debt to appear on your credit report as a collection account listed under medical. This happens only after the set statute of limitation on medical debt expires which is also the case with credit card debts. According to the law you should receive your credit report within fifteen days of your request.

West Virginia laws on fair debt collection

The Federal fair debt collection practices Act and a couple of other consumer protection laws protect consumers from illegal debt collection tactics. These laws also prevent debt collectors from informing your employer, family and neighbors about your debt. There are instances where the law provide monitory damages when a consumer have been victimized through unfair debt collection methods. The Act on fair debt collection also gives debtors the following rights:* An outside debt collector can’t call you before 8:00 a.m. or after 9:00 p.m* An outside debt collector cannot call or write to you if you instruct them not to.* A outside debt collector can’t call you at work if your employer doesn’t permit personal calls and you have informed the debt collector about it.An outsider debt collector is someone other than the person you owe who is trying to get you to pay a debt.  For more information you can check out AAA Credit Guide, which has extensive information on credit repair, debt reconciliation, etc.

West Virginia laws on debt adjustment

In West Virginia, debt adjusters must file the first registration, pay a fee, get insurance coverage for errors and omissions and post surety bond. The amount payed for insurance and surety bond is high when adjusting a debt secured by a mortgage on a residential property.
Many people require a loan at one point or another in their lives. Creditors should not treat you unfairly simply because you owe them. That’s why there are laws to ensure that people who are in debt are protected even when they are unable to pay their debts. There are laid out procedures to deal with defaulters which doesn’t entail victimizing them.