Did you know? Over 14 BILLION is made illegally every year from late payment fees but what #shorts

📢 Did you know? Over $14 BILLION is made illegally every year from late payment fees 😱—but what if I told you that many of these charges are unlawful? 💸

💡Creditors and debt collectors cannot legally treat a payment as late unless they follow all five of these steps:

1️⃣ Send you a periodic statement.

2️⃣ Follow the procedures in Section 1637(b).

3️⃣ Provide you with a minimum 21-day notice before your due date.

4️⃣ Use certified mail for proof of delivery.

5️⃣ Issue a negative information notice properly.

🚨 If they fail to meet ANY of these steps, you could dispute and possibly DELETE those late payments from your record! 🚫📝

Real-World Example: The Consumer Financial Protection Bureau (CFPB) has taken action against companies for illegal late fees. For instance, in 2023, PRA Group was fined $24 million for continued illegal debt collection practices and consumer reporting violations.
WIKIPEDIA

✨ Take control of your credit! Comment "LATE" below to grab the Late Payment Deletion Guide 📘, complete with a phone script to hold creditors accountable! 🧾💬