What are the duties of a creditor?

The duties of a creditor in Illinois are to act in good faith and to fulfill the terms of the contract when providing a service or goods to a debtor. A creditor must provide accurate information about any debt owed, and must allow the debtor reasonable time to make payments. If the debtor is struggling to meet their payment obligations, the creditor must work with them to come up with an affordable payment plan. The creditor is also responsible for protecting the debtor’s private financial information and cannot take advantage of any hardship faced by the debtor. Additionally, a creditor cannot attempt to collect a debt in an abusive manner. This includes using any threats of violence, using profanity, or harassing a debtor or their family. Any interest charged must follow Illinois law and must be clearly visible to the debtor before the agreement is signed. The creditor must also provide the debtor with information about any fees associated with the loan. Finally, the creditor must take action to resolve disputes promptly and in a fair manner. If necessary, the creditor must also allow the debtor to dispute the amount owed or any other discrepancy in the agreement.

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