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Your rights as a consumer are protected under the law. How do you know if you're being treated fairly? What should you do if you believe your rights have been violated?
The U.S. Federal Trade Commission (FTC) enforces various consumer protection and antitrust laws. The FTC serves as a center of consumer information and keeps a database of consumer complaints. The FTC will take legal action against a company if a pattern of possible law violations is discovered.
In 1968 the U.S. Congress passed a law protecting your credit rights known as the Consumer Credit Protection Act (CCPA). Over the years, the CCPA has been amended and extended. Most of the enforcement of the consumer credit protection laws is done by the FTC, although the Federal Reserve Board also plays a part in consumer credit industry regulation. Some of the consumer credit legislation includes:
Truth in Lending Act (Title I of the Consumer Credit Protection Act) – requires lenders and credit providers to fully disclose according to federal standards the costs of the loan or credit being offered.
Fair Credit and Charge Card Disclosure Act (Truth in Lending Act Regulation Z) – requires creditors to disclose specific information on all revolving credit statements.
Equal Credit Opportunity Act – requires creditors to make lending decisions based on economic factors rather than personal characteristics such as race, gender, or religion. Creditors are obliged to specify why you were denied credit, if you ask.
Fair Credit Billing Act – provides guidelines for individuals to resolve errors and disputes with creditors.
Fair Credit Reporting Act – ensures your right to accurate reporting, limited distribution, and personal access to your credit report.
Fair and Accurate Credit Transactions Act (additions to the Fair Credit Reporting Act) – establishes identity theft protection measures, including consumer access to a free credit report once a year.
Credit Repair Organizations Act – prohibits organizations from making false claims about credit repair services they offer.
You can get more information on your rights under the law by searching for related articles in the CareOne Credit Library section.
Resources are available to you if you:
Believe you've been the victim of a scam.
Think your consumer rights have been violated.
Want more information on your consumer rights.
First, contact your state's consumer affairs office or the Attorney General of your state www.naag.org. Second, don't forget to file a complaint with the FTC if you feel your rights have been violated. You can call the FTC toll free at 1-877-FTC-HELP (382-4357). You can make a difference to another consumer who may be subjected to similar treatment.
For more information, visit the FTC's Website on Credit.
For more information on personal finance, or debt consolidation, search the CareOne Credit Knowledge Center Articles.
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