Credit Laws What do they do?.

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Presentation transcript:

Credit Laws What do they do?

Consumer Credit Protection Act Also know as Truth-In-Lending law Consumers are informed about cost of credit before agreement is signed Cash, costs, APR, etc. must be in writing

Fair Credit Reporting Act The right to know contents of file/report Shows who has requested information May see file at no charge 30 days after denial of credit Other times- charges may be issued Inaccurate info can be investigated -Add statements to your file -Stating your side of story

Fair Credit Billing Act Creditors must resolve billing errors in a period of time Protects against purchases not received or made Example: your monthly bill shows purchases you did not make, you were billed for merchandise you have not received yet.

In case of a statement error…… Write a letter clearly & explain Include contact info and acct # Complaint made within 60 days of statement Creditors must acknowledge within 30 days Error should be resolved in 90 days

Equal Credit Opportunity Act Designed to prevent credit discrimination Cannot deny credit based on… Sex Marital Status Religion Race Welfare Unemployment

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