Things you need to know

 Debt collectors Cannot call before 8 am and after 9 pm Harass or abuse you in any way Lie about or imply you have committed a crime if you do not pay them Conceal their identity  If you rights have been violated You have the right to sue

 Error on you bill Call creditor and inquire about error Follow up with letter within 60 days after it first appears on bill Creditors have to respond within 90 days  Remove error  Or explain why it is correct  Only applies to revolving credit

 Gives you the right to 1 free credit report each year  You have the right to dispute errors

 Allows fraud alerts with CRA  You have a right to see your Credit Score  Receipts can only show last 5 digits of Card #  Lenders must take action on identity theft even before you are aware

 Strict finance charge and interest rate rules Cannot increase interest rates for the first 12 months Promotional rates must be for 6 months Rate increases can only apply to new purchases Payments due same day each month Statements need to be sent at least 21 days before due

 Truth in Lending Law Also know as: Consumer Protection Act All costs be disclosed (Disclosure Statement) If your card is lost or stolen you may only be liable up to $50 for all unauthorized charges.  Usury Law – State Law Limits the amount of interest that a lender can charge

 You can not be denied credit based on: Age, sex, martial status, religion, nationality  You can be denied credit based only on: Poor credit history Not enough income to pay Too much current debt

1. Create a budget 2. Contact creditors 3. Credit counseling 4. Debt consolidation is combining debts 5. Last resort: Bankruptcy

 Single purpose /multi-purpose  Stolen Identity theft  Credit Bureaus (CRA)  $ amount if Credit Card stolen  Creditor/debtor  Credit Union  Consumer Finance Co.  Local Bank  Collection agency  Revolving Credit  Principal  Finance charge  Secured/unsecured loans  Cash Advance  FTC  All Acts/Bills  Capacity/Character/ Credit History