Section 6-4 Credit Cards: How to Protect them

Fair Credit Reporting Act Forbids credit agencies from giving up incorrect information

Fair Credit Billing Act Consumer can preserve their credit rating while settling disputes between stores and credit card companies

Equal Credit Opportunity Act Prevents discrimination on the basis of sex, marital status, race, color, religion, age, or national origin Cannot Deny credit because an applicant receives income from a Federal program Cannot ask questions about birth control practices, plans for children, or assume an interruption in income due to pregnancy

Equal Credit Opportunity Act Cannot ask about martial status unless the partner will be involved Refuse to consider part-time income of a working spouse, alimony, child support, or Social Security programs Cancel a divorced or widowed persons credit when the marriage ends unless the income has dropped so much that the person may not be able to pay

Stolen Cards If your card is stolen the most that you may be charged is $50

Precautions Destroy any cards you don’t use Make a list of all credit cards, including the card number, name, phone number, and address of the card issuer in a safe place at home Make sure you hold on to your card Do not leave credit cards in glove boxes Check your online account and credit rating