Georgia Credit Laws

Federal laws like the Fair Credit Reporting Act are the primary laws affecting state residents and their experiences with banks and other lending institutions, according to the Georgia Department of Banking and Finance. Most credit-related transactions reflect on consumer credit reports issued through credit bureaus like Equifax, Experian and TransUnion.

Credit Basics

When people agree to repay loans or credit cards, a borrowing relationship is established. Most of these credit-related transactions reflect on consumer credit reports, according to the Georgia Department of Banking and Finance. Credit reports contain the customer's full name, current and past addresses, place of employment, date of birth and Social Security number. These documents also include information regarding whether or not a person pays his bills on time.

Relevant Time Frames

All accounts you've had and paid on time within the last 10 years appear on your credit reports, notes the Georgia Department of Banking and Finance. But if you didn't pay your bills on time, the resulting negative credit rating usually lasts for seven years from the date of the missed payment. Exceptions include tax-related lawsuits and Chapter 7 bankruptcies, which report for 10 years from the date of filing, according to the book "How to File for Chapter 7 Bankruptcy."

Credit Report Access

Only parties with a permissible business-related purpose can view your credit reports, according to the Georgia Department of Banking and Finance. Such parties include potential employers and landlords, as well as current and potential lenders. Collection agencies attempting to locate you for debt repayment can also legally view your credit reports. You are also entitled to view one free copy of your consumer credit report each year. The credit reporting agency will verify your identity through a series of multiple-choice questions about your past accounts and addresses, or through a copy of your government-issued photo identification. If you're denied credit or a job, you're entitled to an additional free credit report.

The Bankruptcy Option

Federal credit-related laws allow people to file bankruptcy in Georgia when they can't pay their bills on time, notes the book "How to File for Chapter 7 Bankruptcy." People must complete pre-bankruptcy credit counseling and select Chapter 7 debt liquidation, or a partial debt repayment plan under Chapters 11, 12 or 13. Chapter 11 is designed for self-employed people and business owners, Chapter 12 assists family farmers and Chapter 13 helps working people partially repay their debts. As of 2011, it cost anywhere from $274 to $1,039 to file bankruptcy depending upon the type selected, according to the Georgia Northern Bankruptcy Court.