Credit Card Laws You Should Be Familiar With
Credit card laws have been legislated to guard the rights of consumers who enter into contractual agreements with card companies.
Having a basic understanding of these statutes can be invaluable when searching for debt settlement options.
A knowledgeable credit card litigation attorney will take a look at adherence to these regulations when negotiating a debt settlement solution on the behalf of a borrower.
The Fair Credit Billing Act The laws governing proper billing are covered by the Fair Credit Billing Act.
This act safeguards consumers from unfair billing methods and provides a procedure for dealing with billing errors in "open end" credit accounts, which include charge card accounts.
If a borrower is unable to confirm the math or reproduce the computations utilizing the statement, a pen and a calculator, the Fair Credit Reporting Act allows the borrower to contest the bill based upon a math error.
The Fair Credit Reporting Act Credit card laws relating to the reporting to credit bureaus are covered in The Fair Credit Reporting Act.
This act regulates the collection, dissemination, and use of consumer data, including consumer credit information.
It requires that the credit reporting agencies keep accurate and complete data, look into and reinvestigate any claim by a consumer that reported information is not correct.
The Fair Debt Collection Practices Act Credit card laws that regulate the practices involved with credit card debt collection are covered in The Fair Debt Collection Practices Act.
This act was enacted to eliminate abusive actions in the collecting of consumer debts, to promote fair debt collection, and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy.
The act creates guidelines under which debt collectors may conduct business, defines rights of consumers involved with debt collectors and prescribes penalties and remedies for violations of the act.
The Equal Credit Opportunity Act Credit card laws governing discriminatory credit practices are part of Equal Credit Opportunity Act.
This act makes it unlawful for any financial institution to discriminate against any applicant, with regards to any part of a credit transaction, on the basis of the applicant exercising their individual rights under the Fair Credit Billing Act, Fair Debt Collection Practices Act or Fair Credit Reporting Act.
While this summary will provide you with a working familiarity with the laws governing consumer credit, this information is not meant to be construed as legal advice.
Those requiring further assistance in determining the application of these laws to their own circumstances should seek out professional legal counsel.
Having a basic understanding of these statutes can be invaluable when searching for debt settlement options.
A knowledgeable credit card litigation attorney will take a look at adherence to these regulations when negotiating a debt settlement solution on the behalf of a borrower.
The Fair Credit Billing Act The laws governing proper billing are covered by the Fair Credit Billing Act.
This act safeguards consumers from unfair billing methods and provides a procedure for dealing with billing errors in "open end" credit accounts, which include charge card accounts.
If a borrower is unable to confirm the math or reproduce the computations utilizing the statement, a pen and a calculator, the Fair Credit Reporting Act allows the borrower to contest the bill based upon a math error.
The Fair Credit Reporting Act Credit card laws relating to the reporting to credit bureaus are covered in The Fair Credit Reporting Act.
This act regulates the collection, dissemination, and use of consumer data, including consumer credit information.
It requires that the credit reporting agencies keep accurate and complete data, look into and reinvestigate any claim by a consumer that reported information is not correct.
The Fair Debt Collection Practices Act Credit card laws that regulate the practices involved with credit card debt collection are covered in The Fair Debt Collection Practices Act.
This act was enacted to eliminate abusive actions in the collecting of consumer debts, to promote fair debt collection, and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy.
The act creates guidelines under which debt collectors may conduct business, defines rights of consumers involved with debt collectors and prescribes penalties and remedies for violations of the act.
The Equal Credit Opportunity Act Credit card laws governing discriminatory credit practices are part of Equal Credit Opportunity Act.
This act makes it unlawful for any financial institution to discriminate against any applicant, with regards to any part of a credit transaction, on the basis of the applicant exercising their individual rights under the Fair Credit Billing Act, Fair Debt Collection Practices Act or Fair Credit Reporting Act.
While this summary will provide you with a working familiarity with the laws governing consumer credit, this information is not meant to be construed as legal advice.
Those requiring further assistance in determining the application of these laws to their own circumstances should seek out professional legal counsel.