Top Credit Report Recommendations
1
Consumer Info Free Credit Report Free online credit report with 30-day trial. Read Review
2
Free Credit Profile Free credit report, credit score and debt analysis. Read Review
3
Online Credit Info Free Credit Report Free personal credit report with 30-day trial membership. Read Review
4
ReliaCredit 3 in 1 Credit Report Instant 3-in-1 credit report online. Read Review
GLOSSARY TERMS
# - A - B - C - D - E - F - G - H - I - J - K - L - M - N - O - P - Q - R - S - T - U - V - W - X - Y - Z

Consumer Protection Laws

One of the problems with many companies and practices these days is that some of them can be a little shady. Others will try to get away with deceptive practices or trick you into doing something that may not be in your best interest. In some cases, you may be discriminated against or harassed. If you are the victim of unsavory practices, you have protection and you have recourse under the law.


Here are some of the laws that protect consumers in the realm of credit and debt. They also apply to businesses who are seeking credit as well.

Equal Credit Opportunity Act (ECOA): This is a law that protects you against discrimination in matters of credit. While many creditors and lenders may request information from you for demographic purposes, it cannot be used to deny you credit, or to somehow influence credit decisions with regard to you. ECOA protects you from credit discrimination based on age, religion, race, marital status, gender, sexual preference, national origin or whether you receive some sort of public assistance.

Fair Credit Reporting Act (FCRA): This is a law designed to ensure that proper measures are taken to ensure that the information reported in your credit file is correct. Credit bureaus and other consumer reporting agencies must make an effort to verify that information they provide to others is accurate and timely. This law also allows you to dispute negative and inaccurate information in your credit file. When you dispute something, the credit bureau must investigate.

Fair Credit Billing Act (FCBA): Electronic Fund Transfer Act (EFTA): As more and more business is conducted and consumer purchases are made using electronic methods, there is a good chance that mistakes will be made. When inaccuracies arise in credit and billing and electronic fund transfer, the FCBA and EFTA are there to help make sure that everything is fixed properly. These laws provide regulations addressing fraud, theft and other issues common to the digital age.

Fair Debt Collection Practices Act (FDCPA): This is a law designed to protect those who may have got in over their heads with regard to debt. While companies that you owe money to can sue you for repayment, they are not allowed to harass you or deal with you abusively. FDCPA is a law that states that there are some practices that debt collectors must adhere to:

  • No calling before 8 a.m. or after 9 p.m.
  • No calling at work if your boss does not like it.
  • No using abusive language or profanity.
  • No threats.
  • No lies or implications that a crime has been committed.
  • Debt collectors must stop contacting you if you request it in writing.

These rules apply to a wide variety of debts, including medical bills, credit cards and other consumer loans and car loans, as well as other household debts.

It is important that you know your rights. You should be careful to understand what is in consumer protection laws. It can provide you with good information that can keep you from getting into worse trouble. You can learn more about consumer protection laws by visiting the government's Federal Trade Commission Web site at www.ftc.gov.



Related Article: Fair Credit Reporting Act >>

The Learning Center
Credit
Fair Credit Reporting Act Equal Credit Opportunity Act FCBA and EFTA What is Credit? How Credit Bureaus Work Personal Credit Report What is a Credit Score? Credit Monitoring Fix Your Credit Report Best Credit Repair Services
Debt
Fair Debt Collection Practices Debt Management Service Debt Consolidation Agency
Personal Finance
Consumer Protection Laws Credit Repair Scams Do I Have a Debt Problem? Get Out of Debt Become Debt Free Identity Theft Prevention Identity Theft Victims
Credit Reporting Agencies
TransUnion Review Experian Review Equifax Review