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Consumer Rights Education
Related to Credit Card & Debt Settlements, Negotiations & Consolidation
Thank you to the FTC and yourcredit.com for providing some of the following
information. Consumers' financial rights are protected by federal Mortgage Leads
and state laws
and regulations covering many of the mortgage services offered by financial institutions.
CONSUMER RESOURCES
National Consumer Law Center
The National Consumer Law Center (NCLC) is the nation?s consumer law expert, helping consumers, their advocates, and public Bankruptcy and Income policy makers use powerful and complex consumer laws on behalf of low-income and vulnerable Americans seeking economic justice.
FDCPA Violations Attorney
Peter Barry is one of the premier experts on Debt Collection violations who works on behalf of consumers to protect them from abusive Bankruptcy and Income
collection practices. He is available to consult with consumers and their attorney's no matter your state of residence.
FEDERAL LAWS
Credit & Loans - Your Rights
Credit is much more than a piece of plastic, and the Bankruptcy and Income resources on this site can help you become a more savvy consumer.
Credit Practices Rule
The Rule, which became effective March l, l985, prohibits many creditors from including certain provisions in consumer credit contracts. It also requires creditors to provide a written notice to consumers before they cosign obligations for others about their potential liability if the other person fails to pay. Finally, it prohibits one method of assessing late charges.
Equal Credit Opportunity Act
The Equal Credit Opportunity Act prohibits discrimination against an applicant for credit because of age, sex, marital status, religion, race, color, national origin, or receipt of public assistance. It also prohibits discrimination because of a good faith exercise of any rights under the federal consumer credit laws. If a consumer has been denied credit, the law requires notification of the denial in Bankruptcy and Income writing. The consumer may request, within 60 days, that the reason for denial be provided in writing.
Fair Credit Billing Act (pdf)
The Fair Credit Billing Act establishes procedures for the prompt correction of errors on open-end credit accounts. It also protects a consumer's credit rating while the consumer is settling a dispute.
Fair Credit Reporting Act
The Fair Debt Collection Practices Act is designed to eliminate abusive, deceptive and unfair debt collection practices. It applies to third party debt collectors or those who use a name other than their own in collecting consumer debts. Very few commercial banks, savings banks, savings and loan associations, or credit unions are covered by this Act, since they usually collect only their own debts. Complaints concerning debt collection practices should generally be filed with the Federal Trade Commission.
Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act is designed to eliminate abusive, deceptive and unfair debt collection practices. It applies to third party debt collectors or those who use a name other than their own in collecting consumer debts. Very few commercial banks, savings banks, savings and loan associations, or credit unions are covered by this Act, since they usually collect only their own debts. Complaints concerning debt collection practices should generally be filed with the Federal Trade Commission.
Real Estate Settlement Procedures Act (pdf)
The Real Estate Settlement Procedures Act requires that a consumer be given advance information about the services and costs involved in the closing of a residential mortgage. It also limits the amount that can be collected for mortgage escrow.
Rights to Financial Privacy Act (pdf)
The Right to Financial Privacy Act provides that customers of financial institutions have a right to expect that their financial activities will have a reasonable amount of privacy from federal government scrutiny. The Act establishes specific procedures and exemptions concerning the release of the financial records of customers and imposes limitations on and requirements of financial institutions prior to the release of such information to the federal government.
Truth in Lending Act (pdf), Truth in Lending Act Amendments (pdf)
The Truth in Lending Act requires disclosure of the "finance charge" and the "annual percentage rate"--and certain other costs and terms of credit--so that a consumer can compare the prices of credit from different sources. It also limits liability on lost or stolen credit cards.
STATE LAWS
Many State Laws also provide rights and remedies in consumer financial transactions. Unless a state law conflicts with a particular federal law, the state law usually will apply. Some states have usury laws, which establish maximum rates of interest that creditors can charge for loans or credit sales. The maximum interest rates vary from state to state and depend upon the type of credit transaction involved.
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