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Credit Laws
The credit-granting process is subject to careful scrutiny and regulation established by federal and state laws. The Consumer Credit Protection Act (CCPA) of 1968 was the first federal law established to protect consumers' rights regarding the collection of credit information. Consumer credit rights further expanded as relevant regulations were developed as part of Congress's "credit acts" to ensure fair credit practices. The Federal Trade Commission is charged with regulating and educating the public about a number of these acts that fall under the CCPA. The following are some of the most relevant acts passed regarding the granting of credit to consumers:
The Equal Credit Opportunity Act (ECOA) prohibits a creditor from discriminating against credit consumers based on sex, age, marital status, race, color, religion, reliance on income from a public assistance program or national origin.
The Fair Credit Reporting Act (FCRA) ensures your right to be aware of the credit information that credit reporting agencies are sending and receiving about you, and to ensure credit report accuracy and confidentiality. This act guarantees you the ability to dispute and correct erroneous information, remove inaccuracies and provide a consumer explanation of 100 words or less. Credit reporting agencies are required to limit access to your credit file to those with legitimate business needs and must remove adverse information and bankruptcy details after a given amount of time.
The Fair Debt Collection Practices Act (FDCPA) provides the right for a consumer to dispute overdue bills and prohibits a third party collector from the following practices:
Using abusive language to coerce a consumer to pay overdue bills
Calling excessively or at unreasonable hours
Using deception to gain entry to the home with the intent to identify or take something of value
Attempting to collect more than what the consumer owes
Threatening to contact the consumer's employer or friends in an effort to collect
Sending deceptive letters to the consumer under the appearance of a government agency or a court of law
The Fair Credit Billing Act (FCBA) establishes procedures for resolving billing errors on credit cards and charge accounts in an efficient manner. Creditors must provide a written explanation of consumer rights for incorrect charges and instructions for exercising these rights.
