Credit Federal Laws & Resources
The FTC provides guidance and enforces matters involving consumer credit and financial issues to include the following:
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Truth in Lending Act. The act requires creditors to disclose information in writing about finance charges and related aspects of credit transactions, including finance charges expressed as an annual percentage rate. The Act establishes a three-day right of rescission in certain transactions involving the establishment of a security interest in the consumer's principal dwelling (with certain exclusions, such as interests taken in connection with the purchase or initial construction of a dwelling). The Act also establishes certain requirements for advertisers of credit terms.
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Fair Credit Billing Act. The Act requires you to acknowledge consumer billing complaints promptly in writing and to investigate billing errors. The Act prohibits creditors from taking actions that adversely affect the consumer's credit standing until the investigation is completed, and affords other consumer protections during disputes. The Act also requires that creditors promptly post payments to the consumer's account, and either refund overpayments or credit them to the consumer's account.
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Fair Credit Reporting Act. The act requires that consumer reporting agencies, such as credit bureaus and resellers of consumer reports, that provide information to creditors, insurers, employers, and others, to do so with confidentiality, accuracy, and legitimate use of such data.
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Equal Credit Opportunity Act. The act prohibits lenders from discriminating against consumers 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 the Consumer Credit Protection Act.
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Electronic Fund Transfer Act. The act establishes the rights, liabilities, and responsibilities of participants in electronic fund transfer systems.
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Consumer Leasing Act. This act regulates personal property leases that exceed four months and are made to consumers for personal, family, or household purposes.
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