The phone rings. You freeze, your heart beating in your chest, until you can finally move to check the Caller ID. You don't recognize the number, and so you don't answer the phone. Only after the phone stops ringing do you realize that you haven't taken a breath since the first ring.

Does this sound familiar? To millions of debtors across the United States, it's a way of life. Times are hard, and people are scared. Fortunately, there is legal protection for people in this situation.

Many people are vaguely aware that there are laws governing collection agents, and, if pressed, could probably tell you that there's a law that limits the times of day that a collection agent can call. But what other protections are available to consumers?

When does a creditor have the right to pull your credit report? If you have an account with a creditor, does that give them the right to pull your credit report whenever they choose, until your dying day?

The FCRA says that, in general, a company can pull your credit report when you apply for credit, insurance, or employment with them; for certain governmental uses such as child-support and national security investigations; account reviews by existing creditors; and for certain professional licensing requirements. There is more to the statute, of course, and it is available for reading on the FTC site. The basic premise, overall, though, is that for a company to pull your credit report, one of two things must be in place: you must have either applied for something with the company, or you must have an existing account with them. It must be noted, however, that not everyone is required to obtain your signature or even notify you that your credit is being pulled. Most of these requirements are spelled out in state laws.

What are the limitations in place regarding these inquiries?