1. Credit Laws
What do they do?

2. 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

3. 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

4. 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.

5. 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

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