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What is the difference between FCRA and FACTA?

What is the difference between FCRA and FACTA? Fair Credit Reporting Act (“FCRA”): Regulates the consumer credit reporting industry, requiring fair, timely, and accurate reporting of consumer credit information. Banks and lenders use this information to make lending decisions. Established consumer...

What is the Equal Credit Opportunity Act ("ECOA")?

What is the Equal Credit Opportunity Act? The Equal Credit Opportunity Act ("ECOA") prohibits lenders from discriminating on the basis of race, color, religion, national origin, sex, marital status, age, receipt of public assistance income, or an applicant's good faith exercise of any rights under...

What is the Fair and Accurate Credit Transactions Act of 2003?

What is the Fair and Accurate Credit Transactions Act of 2003? This Act, amending the Fair Credit Reporting Act ("FCRA"), adds provisions designed to improve the accuracy of consumers’ credit-related records. It gives consumers the right to one free credit report a year from the credit reporting...

What is the Fair Credit Billing Act ("FCBA")?

What is the Fair Credit Billing Act? The Fair Credit Billing Act (“FCBA”) is important if you are a creditor billing customers for goods or services. The Act requires you to acknowledge consumer billing complaints promptly in writing and to investigate billing errors. The Act prohibits creditors...

What is the Fair Credit Reporting Act ("FCRA")?

What is the Fair Credit Reporting Act? The Fair Credit Reporting Act ("FCRA") requires that consumer reporting agencies ("CRAs") - such as credit bureaus and resellers of consumer reports - that provide information to creditors, insurers, employers, and others, do so with due regard for the...

What is the FTC Trade Regulation Rules for Credit Practices?

FTC Trade Regulation Rules for Credit Practices 16 CFR Part 444 SUMMARY : The FTC Trade Regulation Rules for Credit Practices (16 CFR Part 444) establish regulations to protect consumers from unfair and deceptive credit practices. Key provisions include definitions for terms such as "lender," "...

What is the Red Flags Rule?

What is the Red Flags Rule? The Red Flags Rule was issued in 2007 under Section 114 of the Fair and Accurate Credit Transaction Act of 2003 (FACT Act), Pub. L. 108-159, amending the Fair Credit Reporting Act (“FCRA”), 15 U.S.C. 1681m(e). The Red Flags Rule tells you how to develop, implement, and...

What is the Truth in Lending Act?

What is the Truth in Lending Act? The Truth in Lending Act requires creditors who deal with consumers to disclose information in writing about finance charges and related aspects of credit transactions, including finance charges expressed as an annual percentage rate. In addition, the Act...

What must Lenders Disclose for Payday Loans?

What must Lenders Disclose for Payday Loans? Payday Lenders must disclose the following in writing before the consumer signs the loan: 1. The cost of the loan; 2. The finance charge (a dollar amount); and 3. The annual percentage rate (APR — the cost of credit on a yearly basis) in writing before...

What Transactions are Covered in the Credit Practices Rule?

What Transactions are Covered in the Credit Practices Rule? The Rule covers all consumer credit transactions, except those involving the purchase of real estate. It covers loans made to consumers who purchase goods or services for personal, family, or household uses, even though those loans may be...

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