Consumer Credit Protection Laws Know your rights!

The Consumer Credit Protection Act 5 Main Parts The Truth in Lending Act ensures that creditors provide complete and honest information. The Fair Credit Reporting Act regulates credit reports. The Equal Credit Opportunity Act prevents creditors from discriminating against individuals. The Fair Debt Collection Practices Act established rules for debt collectors. The Electronic Fund Transfer Act protects consumer finances during electronic payments.

Truth in Lending Act Ensures that creditors provide complete and honest information. The Truth in Lending Act includes the following amendments to protect consumer rights: Fair Credit Billing Act Fair Credit and Charge Card Disclosure Act Home Equity Loan Consumer Protection Act Home Ownership and Equity Protection Act More at: debt.org

Truth in Lending Act Fair Credit Billing Act for settling disputes related to billing such as math errors and unauthorized charges Limits responsibility for unauthorized charges to $50 Fair Credit and Charge Card Disclosure Act Requires lenders to tell you about interest rates, grace periods and annual fees Home Equity Loan Consumer Protection Act Home Ownership and Equity Protection Act More at: debt.org

Fair Credit Reporting Act Regulates credit reports Limits who has access to your credit report. Credit bureaus must give you a copy of your credit report for free once a year. You can dispute items on your credit report. Lenders must tell if you they denied credit because of your credit report. More at: debt.org

Fair Credit Reporting Act Include 3 smaller acts The Credit CARD Act increases the accountability of credit card companies. Requires lenders to give 45 days written notice of changes to credit terms. Limits any increases in interest rates (APRs) to new charges. More at creditcards.com The Dodd-Frank Act keeps the biggest credit associations in check. The Fair and Accurate Credit Transactions Act protects the rights of identity theft victims and active duty military personnel. More at: debt.org

Equal Credit Opportunity Act Prevents creditors from discriminating against individuals based on protected classes: Age Marital status Nationality Race Religion Sex More at: debt.org

Fair Debt Collection Practices Act Establishes rules for debt collectors. Can only contact you between the hours of 8:00 a.m. and 9:00 p.m. They must identify themselves to you as debt collectors and must state their purpose for contacting you. They cannot lie to or harass borrowers. They cannot contact you at work if you state that your employer does not approve. Debt collectors must stop contacting you if you request this in writing. More at: debt.org or ftc.gov

Electronic Fund Transfer Act Protects consumer finances during electronic payments. It applies whether you are paying bills via telephone, using an automated teller machine (ATM) or using a debit card at a retail store’s point-of-sale (POS) terminal. It only covers transactions that can immediately withdraw money from your account. The act does not apply to transactions made with credit cards. More at: debt.org

Consumer Credit Protection Laws Know your rights!