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Jenny B.

Jenny's Blog

Learn about important financial topics from SEFCU's Manager of Member Education.

Laws to Protect Your Income and Credit

Posted by Jenny at 8/7/2014 9:07:12 AM

We all know how difficult it is to earn enough income to be able to pay the bills and save for our futures. When that income is jeopardized due to past debt accumulation that may have been a result of unforeseen life events, fraud, or inaccurate reporting, it can cause major setbacks. Oftentimes, individuals aren’t even aware that debt issues exist and their income can be garnished or assets frozen as a result. The good news is there are laws in place that protect your income and credit so you can maintain savings accounts and ensure you are being offered products and services that are in line with your credit status. A few of those laws are summarized below:

The Fair Credit Reporting Act protects consumers from unfair or inaccurate credit reporting and enables individuals to access their credit reports  from Equifax, Experian and TransUnion for free annually. Click here to learn more.

NYS Exempt Income Protection Act was enacted in 2009 to protect the assets of individuals with judgements. The law provides protection of consumers' savings accounts  under a certain balance depending on the type of income received. Click here to learn more.