Consumer Protection Laws

Clean up your credit and improve your credit scores.

"Please let me know when you have an update to the book, I am really happy with this one and what I was able to accomplish with my credit file. The information you provide for the Federal agencies was more than help when I needed to get something taken care of with a collection agency."

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Joseph

Tips on FTCFederal Agencies

Federal Trade CommissionFederal Trade Commission

600 Pennsylvania Avenue, NW
Washington, DC 20580
(202) 326-2222
www.ftc.gov

 

State Member banks of the Reserve System

Consumer and Community Affairs
Board of Governors of the Federal Reserve System
20th & C St., N.W
Washington, D.C 20551

Federally Insured savings and Loans, and federally chartered state banks

Consumer Affairs Program
Office of Thrift Supervision
1700 G St., NW
Washington, D.C 20552

 

Complaint filing

Myths about Credit and more...

 

 

 

 

 

 

 

 

 

 

Consumer Credit Laws

The Fair Credit Reporting Act
became effective on April 25th, 1971. The Act sets certain guidelines which Credit Bureaus and Creditors must follow when reporting a consumer’s credit history. Credit Bureaus must function within this law. The Act gives consumer certain rights and protects the consumer’s privacy. This Act provides a legal precedence to appeal the denial of credit, which could be the refusal of insurance, or conflicts in the employment process and a loan...

View this Act or http://www.ftc.gov/os/statutes/031224fcra.pdf
The Equal Credit Opportunity Act
Title VII of the Consumer Credit Protection Act was enacted by congress to eliminate discrimination against women and minorities who are trying to procure credit. The law requires creditors to apply the same standard of "credit worthiness" equally to all applicants (it does not give you the right to automatic credit) The entire bill prohibits discrimination on the basis of race, color, religion, nationality, age and receiving public assistance...

View Information or http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre15.pdf
The Fair Credit Billing Act

According to the Fair Credit Billing Act, it requires fast action on the part of creditors and lenders when billing errors occur in the consumers billing statements. You are protected from:

Charges made by unauthorized user of your credit cards
Charges incorrectly identified by amount or date of purchase
Charges for goods or service not accepted or not delivered as originally agreed upon
Failure to accurately reflect payments, returns or other credit to your account
Bills delivered to the incorrect address, particularly those that have accumulated when a change of address card was properly filed
The right to withhold money on any balance due on defective merchandise or service from use of a credit card


The DEBIT CARD PROTECTION Act

Electronic Funds Transfer Act (Summary)

The Electronic Funds Transfer (EFT) Act was implemented in the US in 1978 to establish the rights and liabilities of consumers as well as the responsibilities of all participants in EFT activities

EFT is not a perfect system; therefore customers should still be diligent in reviewing their EFT statements for possible errors as they would with any other type of transaction. Should a customer notice that there has been an error in an electronic fund transfer relating to their account certain steps must be taken:...


The Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act sets certain guidelines for Collection Agencies about what they can and cannot do when trying to collect a debt. This law protects consumers from being harassed by bill collectors. This law applies to anyone who is in the business of collecting debts, any creditor who uses a name other than his own and anyone who collects debts from another person (third party) or attempts to collect. The Act does not apply to banks, lenders or businesses that collect their own accounts under their own names...

The Fair Credit and Charge Card Disclosure Act
require new disclosures on credit and charge cards, whether issued by financial institutions, retail stores or private companies. Information as well as APR’s annual fees and grace periods must be provided in tabular form along with applications and pre-approved solicitations for cards. The regulations also require card issuers that impose an annual fee to provide disclosure before annual renewal. Card issuers that offer credit insurance must inform customers of any increase in rate or a substantial decrease in coverage should the issuer decide to change insurance providers...

More in the eBook...