Credit Education: Legislation
consumer rights under the fair credit reporting act
The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. There are many types of consumer reporting agencies
fair credit billing
Have you ever been billed for merchandise you returned or never received? Has your credit card company ever charged you twice for the same item or failed to credit a payment to your account? While frustrating, these errors can be corrected. It takes a little patience and knowledge of the dispute settlement procedures provided by the Fair Credit Billing Act (FCBA).
equal credit opportunity
Credit is used by millions of consumers to finance an education or a house, remodel a home, or get a small business loan.
The Equal Credit Opportunity Act (ECOA) ensures that all consumers are given an equal chance to obtain credit. This doesn’t mean all consumers who apply for credit get it: Factors such as income, expenses, debt, and credit history are considerations for creditworthiness.
fair debt collection
If you use credit cards, owe money on a personal loan, or are paying on a home mortgage, you are a "debtor." If you fall behind in repaying your creditors, or an error is made on your accounts, you may be contacted by a "debt collector."
the credit card act
Back on May 22, 2009 President Obama signed into law the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act. Also known as the Credit Reform Bill or the Credit Card Bill of Rights, this bill takes huge steps toward defining and protecting credit cardholder rights. The new rules were put into full effect in February 2010. The main focus is in the areas of billing, rate increases, discretion of giving credit, and advanced notice of account changes.