Word: creditors
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...prospective employees). Credit-bureau officials who knowingly supply data to unauthorized clients risk a year in jail and a $5,000 fine. Says Senator William Proxmire, Wisconsin Democrat, who husbanded the bill through Congress: "At some point the individual's right to privacy must take precedence over the creditor's right to obtain information...
...periods of prosperity, the relationship between creditor and debtor in the U.S. is generally as polite and stylized as a minuet. Now the minuet has become a danse macabre. Many consumers, trying to husband their dollars in a time of diminishing incomes, rising unemployment and ridiculous prices, are letting their unpaid bills pile up. Businessmen, strapped for cash themselves, are prodding tardy customers faster and harder than ever, while artfully dodging their own debts. Unable to collect their bills, many companies are paring down their operations, and some are simply dropping out of business...
...with Horowitz as a "recording artist." Cadillac dealers refer to autos as "preowned" rather than "secondhand." Government researchers concerned with old people call them "senior citizens." Ads for bank credit cards and department stores refer to "convenient terms"-meaning 18% annual interest rates payable at the convenience of the creditor...
...intent of the law is to enable consumers to shop around for the best credit terms avail able. Regulation "Z" also strikes an in direct blow at credit rackets. Some home-repair contractors, electricians, plumbers and even morticians have customarily required that the customer sign an agreement giving the creditor a lien on his home. Now the creditor must not only inform the consumer that there is such a lien but give him three business days after signing to think over the deal and cancel it if he chooses - a requirement that could create an awkward situation for morticians...
...loan company sought to begin recovery of a debt from Christine Sniadach of Milwaukee by taking $31.59 from her $65 weekly pay, she ap pealed to the NAACP Legal Defense and Educational Fund for help. Wisconsin's garnishment statute, similar to those in 16 other states, allows a creditor to tie up as much as 50% of a salary earner's wages even before a debt has been proved. Often, far more than a weekly bite is involved; the U.S. Department of Labor estimates that employers fire between 100,000 and 300,000 workers each year because...