What Credit Laws Protect You?

Briefly, here are the Federal laws that protect you when you choose to use credit. If you have a problem, you should contact the creditor. If it cannot be resolved, contact the Federal Trade Commission.

Q How much interest will

you pay on a loan?

A Truth in Lending

Act requires all credit granters to provide you with the

annual percentage rate (APR) of the loan prior you signing. This

is the true cost of your credit.

Q What if you believe you did not get credit due to age, race, etc?

A Equal Credit Opportunity

Act - Prohibits discrimination against you because of age,

sex, marital status, race, color, religion, national origin or

receipt of public assistance.

Q What if your credit card

is stolen and charges were made?

A
Fair Credit Billing Act
-
Allows for the prompt correction of errors on a credit account and

prevents damage to your credit report while you are settling

disputes.

Q What if you find an

error in your credit report?

A Fair Credit Reporting Act
- Protects consumers from incorrect creditor reporting to

credit bureaus. Allows for privacy. Permits the consumer to put

limited statements in their credit report. Provides for removal

of outdated information after 7 years (bankruptcy after 10

years).

Q What if a collection

agency is harassing you?

A Fair Debt Collection Practices Act
- Prohibits debt collectors (agencies) from abusive

collection practices. Allows consumers to dispute a debt and stop

any unreasonable collection activities.


Calling before 8AM or after 9 PM

Harassment (vs. strong collection tactics)

False statements

Threatening action that isn't permissible

Unfair practices

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