Five credit laws that protect you from unethical and illegal
credit or collection and debt collector behavior!
If you believe you are a victim of unfair or illegal debt collection tactics, submit your information to a FREE* Fair Debt Lawyer by:
The debt collector may just be liable to you for statutory damages of up to $1,000, plus any actual damages suffered, plus attorney fees!
Credit laws are designed to protect consumers from illegal and
unethical behavior! One of the most important credit and debt laws is the fair
debt collection practices act (FDCPA). Other important laws include the fair
credit reporting act, credit repair organization act, truth in lending act and
the fair credit billing act. Each of these credit laws outline your consumer
rights.
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Electronic Funds Transfer Act
Electronic Funds Transfer
Act applies to funds transferred between electronic terminals. Learn how to
correct errors and what to do about loss or theft; how to correct errors, what
to do if someone steals money from your account and your liability.
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Equal
Credit Opportunity Act (ECOA)
The Federal Equal Credit Opportunity Act
prohibits creditors from discriminating against applicants on the basis of
race, color, religion, marital status and age. |
Truth in Lending
Act!
The Truth in Lending Act is designed to protect consumers when
using credit! It requires "meaningful disclosure of terms" and reflects a shift
in emphasis from "let the buyer beware" to "let the seller disclose." It is
designed to protect consumers against inaccurate and unfair billing practices
too! |
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Fair Credit
Billing Act
The Fair Credit Billing Act requires creditors, before
opening any account under an open end consumer credit plan, to disclose
information about interest rates, and many other terms of the contract: Learn
about your rights and the rules about Billing Errors, Defective Goods, Refunds,
Lost Cards, and many other little known rules! |
The Fair Credit Reporting Act
The Fair Credit Reporting
Act is designed to protect consumers against unfair reporting practices by
creditors and debt collectors! See this in-depth review of this important law
including the 2004 amendments! |
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The real cost of credit
Find out what credit really
costs? For instance, the finance charge is the total dollar amount you pay to
use credit. It includes interest costs, and other costs, such as service
charges and some credit--related insurance premiums. Borrowing $100 for a year
might cost you $10 in interest but if there is also a service charge of $1,
then the finance charge would be $11. The annual percentage rate (APR) is the
percentage cost (or relative cost) of credit on a yearly basis. This is your
key to comparing costs, regardless of the amount of credit or how long you have
to repay it.
Applying for
credit? Learn about your rights here!
Learn what creditors look for!
Special Rules if you've been turned down...and other rights including
discrimination protection. Bank look for the ability to repay debt and a
willingness to do so, and sometimes for a little extra security to protect
their loans, they speak of the three C's of credit . . . Capacity, Character,
and Collateral.
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