Your Rights: The Consumer Credit Laws You Need To Know About
Fair Credit Reporting Act (FCRA). The federal Fair Credit Reporting Act (FCRA) promotes the accuracy, fairness, and privacy of information in the files of consumer reporting agencies. Consumer reporting agencies include the credit bureaus and specialty agencies (such as agencies that sell information about check writing histories, medical records, and rental history records).
The Fair And Accurate Credit Transactions Act (FACTA). On December 4, 2003, President Bush signed into law the Fair and Accurate Credit Transactions Act of 2003, as an amendment to the Fair Credit Reporting Act, to ensure that all citizens are treated fairly when they apply for a mortgage or other form of credit.
The Equal Credit Opportunity Act (ECOA). The Equal Credit Opportunity Act (ECOA) ensures that all consumers are treated fairly when it comes to their chances to obtain credit. This does not mean that all consumers who apply for credit will get it. Factors such as income, expenses, debt, and credit history are considerations for creditworthiness. Not race or religion.
The law protects you when you deal with a creditor who regularly extends credit, including banks, small loan and finance companies, retail and department stores, credit card companies, and credit unions. Anyone involved in granting credit, such as real estate brokers who arrange financing, is covered under this law
The Fair Credit Billing Act (FCBA). The Fair Credit Billing Act provides for prompt correction of billing mistakes, the withholding of payments for defective goods, and requires creditors to credit payments promptly. It also sets forth your rights and responsibilities when you lose your credit card or are the victim of credit card fraud. Most importantly, it protects your credit rating during the settling of the dispute.
The Fair Debt Collection Practices Act (FDCPA). The Fair Debt Collection Practices Act ensures that debt collectors treat consumers fairly. This Act provides the greatest amount of protection, but it is frequently abused, and is very difficult to challenge.
The Credit Repair Organizations Act (CROA). The Credit Repair Organizations Act was signed into law in 1996 to protect the consumers from unfair or deceptive advertising and business practices by credit repair organizations.