Credit Card Laws You Should Know

Credit Card Laws You Should Know

Credit Card Laws You Should Know

Credit card laws were legislated to protect the rights of consumers who get into contractual agreements with charge card companies. Possessing a basic understanding of these laws can be invaluable when seeking debt settlement options. A competent credit card litigation attorney will take a look at adherence to these laws when fighting for a debt settlement solution on the behalf of a borrower.

The Fair Credit Billing Act

Credit card laws governing accurate billing are included in the Fair Credit Billing Act. This act protects consumers from unfair billing methods and provides a method for dealing with billing errors in "open end" credit accounts, such as credit card or charge card accounts. 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 credit account based upon a math error.

The Fair Credit Reporting Act

The laws governing the reporting to credit bureaus are covered in The Fair Credit Reporting Act. This act directs the collection, dissemination, and use of consumer information, which includes consumer credit information. It requires that the credit reporting agencies maintain accurate and complete data, examine and re-examine any claim by a consumer that reported data is not correct.

The Fair Debt Collection Practices Act

The laws regulating the tactics associated with the collection of credit card debt are covered in The Fair Debt Collection Practices Act. This act was enacted to eliminate abusive tactics in the collection of consumer debts, to promote fair debt collection, and to present consumers with an avenue for disputing and getting validation of debt information in an effort to ensure the information's accuracy. The act creates regulations under which debt collectors may do business, defines the 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 regulating discriminatory credit practices are part of Equal Credit Opportunity Act. This act makes it unlawful for any financial institution to discriminate against any consumer, with regards to any portion 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.

Although this overview will provide you with a working familiarity with the laws that regulate consumer credit, this article should not be interpreted as legal counsel. Those requiring further help in determining the application of these laws to their own situation should seek out professional legal counsel.

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