 |
 |
 |
           |
 |
 |
 |
|
 |
 |
|
|
|
 |
7 Consumer Credit Laws You Should Know if You are Trying to Repair Your Credit
There are seven consumer credit laws you should be aware when dealing with your credit. 1. The Truth in Lending Act The customer had to be told the true cost of borrowing, so they could figure out exactly what the charges would be. You must be informed, in writing of the finance charge and the APR before you sign any contract. Also, you need to be informed of the method they are going to use to calculate the balance on which you pay a finance charge. This Act gives you a chance to change your mind when you use your home as security in a transaction. The first 3 day right of rescission gives you 3 business days to cancel the transaction and the creditor must give you this notice prior to the transaction. 2. The Fair Credit Reporting Act Check other bonus material for your rights. Basically this act regulates the activities of credit reporting agencies or credit bureaus and gives the FTC responsibility for enforcement. 3. The Fair Credit Billing Act This law establishes procedures requiring creditors to promptly correct billing errors, and allows the consumer to withhold payment on damage goods, and makes creditors promptly credit your payments. 4. The Fair Debt Collection Practices Act This act establishes the guidelines for collectors to follow. They may not contact you at unreasonable times or places. Unless agree, they must not contact you before 8 am or after 9 pm, nor at your place of employment. You must receive a written explanation of your supposed debt and what to do if you feel you do not owe the money. 5. The Equal Credit Opportunity Act This Law prohibits discrimination in the granting of credit of any form due to sex, marital status, race, religion or age. 6. The Electronic Funds Transfer Act This act gives protection in all stages of modern banking techniques such ATM, telephone transfers, computer transactions, etc. Its limits for the first time consumers' liability for lost or unauthorized use of debit or electronic cards are similar to those in place for credit cards. Notifying the bank within 2 days, your maximum liability is $50. If you miss that timeframe, you could be liable up to $500 in charges. After 60 days, you'll be liable for the entire amount. 7. The Credit Repair Organization Act This law states that the credit repair organizations could not make a statement that was misleading. They were prohibited from advising their clients to make a misleading or untrue statement to a credit bureau. This law gives the consumer 3 day right of cancellation, which needs to be on the contract and must direct you on how to cancel. The document must detail the services that will be provided, guarantees, time frame for service and cost for the consumer. Copyright © 2005 ExcellentCreditNow.com - All Rights Reserved Carmen Shearer is the President and CEO of S&S Financial Solutions. She has worked in the finance arena for over 10 years and holds two engineering degrees and an MBA from a branch of Harvard Business School. S&S Financial Solutions offers you credit repair tools, debt elimintation programs and personal financial information with a 90 days guarantee. For more credit related information go to: http://www.excellentcreditnow.com or for how to eliminate your debt go to http://www.excellentcreditnow.com/NoMoreDebt.com
MORE RESOURCES:
Credit - Google News |
|
|
|
RELATED ARTICLES
Credit Damage: Getting Compensated for Your Loss Until recently lawyers for victims of credit damage had little possibility to collect for damages beyond medical treatment, lost wages and property loss. Insurance companies threw up their hands in sympathy, claiming victims can only be compensated for what can be measured - tangible goods and services. When You Are Eligible For A Free Credit Report By Federal law, you are entitled to one free credit report per year directly from a credit-reporting agency only if you certify that:1. You are unemployed and seeking employment in the next 60 days. Five Credit Card Billing Problems and How to Fix Them It goes without saying that your first and best defense against paying fraudulent or unfair charges on your credit card is knowing what your bill says! When you receive your credit card statement each month, sit down with it and check each item to make sure that you actually DID purchase it. If you do run into inaccuracies or problems, there are procedures to follow to report and deal with the charges. Credit Counseling: Could it Work for Me? In the face of financial hardship, many seeking a responsible solution turn to credit counseling. Credit counseling is, all too often, the last stop before bankruptcy. How Do I Establish A Good Line of Credit? A line of credit, roughly defined, is the amount of credit that can be given to a borrower from a lender. Usually a contract or note of promissory is exchanged between the two parties, in which both parties agree to the line of credit amount, as well as the annual interest due to the lender at the end of the term. Reward Credit Cards: Get the Best Rewards Card Incentive Program A good credit reward card can contribute to your retirement account, offer gas rebates, score theme-park or vacation tickets or take thousands off the price of your next auto purchase. Rewards at hotels, airlines, and retailers bring more to the possibilities but, adds to the confusion. Choosing the Best Low Interest Credit Card With so many low interest credit cards on offer, how do you know which one to choose? Here is a brief guide for choosing your low interest credit card.The Chase Manhattan MasterCard is a great choice, for those with an excellent credit rating. What You Need to Know about Debt Negotiation on Credit Cards Debt negotiation on credit cards is often referred to as credit card debt settlement. Whenever you make a credit card payment- or even pay your utility bills- it usually gets reported to one- or all- of the three main credit agencies. How To Get Out Of Credit Card Debt If you're like the average person, let me warn you ahead of time about what I'm going to reveal in the next few paragraphs. You may be angry after you finish reading this article about how you've been misled in the use of credit card debt. Your Credit Score Credit scores: all lenders use credit scores to determine interest rates and credit limits.The credit scoring system was developed in the early 1950's. Compare Credit Card Offers and Reward Yourself Here's a simple system on how to pay zero interest and get tons of free stuff. Almost everyone uses credit cards. How to Avoid Credit Card Late Fees Everyone hates late fees and being late will cost you dearly these days. For some credit cards today, if you are late, you will have to shell out as much as $40 each time. Learn About Prepaid Credit Card Prepaid credit cards also called stored value card can be ideal for individuals who are unemployed, have bad credit or difficulty obtaining an unsecured credit card. Prepaid credit cards are also excellent for individuals who have a hard time controlling their spending and prevent the individual from overspending and getting into credit card debt. The FICO Score Misconceptions There are many misconceptions about credit scores out there. There are borrowers who believe that they don't have a credit score. The Hitchhiker's Guide To Insanity A new sickness is plaguing the UK called Denial. Denial has resulted in a national personal debt of almost £1. Credit Card Traps: How To Spot Them On The Spot! They arrive in your mail - a conspicuous looking mail piece from some "official looking" bank claiming that you have been Pre-Approved for a Mastercard or VISA credit card.Of course, you don't have to have any credit. Establishing Credit - What You Need To Know Part 2 In my previous article "Establishing Credit - What You Need To Know Part 1" I discussed the need for a good credit history and what lenders were looking for prior to loaning an individual money or additional funds based on their credit history. This article will go into the necessary steps someone needs to take in order to initially establish their credit history. Preventing Credit Card Mess Credit card debts problem is extremely common today. It is usually the first sign of longer term financial troubles. Identity Theft - How to Protect Yourself "Like the tan? I got tons of sun on that Caribbean cruise. First class tickets to Florida and back! Nope, not an airline upgrade. How To Protect Yourself Against Credit Card Fraud In the high tech world of today, credit card fraud is an ever increasing problem.By 2005 it is estimated that the online payment industry will capture $12.
|
 |