Fair Debt Collections Act

1. Fair Debt Collections Act • Debt collectors • Cannot call before ____ or after ______ • Harass or abuse you in any way • Lie about or imply you have ___________________ ______________if you do not pay your bill • Conceal their identity • If you rights have been violated • ___________________________

2. Fair Credit Billing Act • Error on you bill • Call _________and inquire about error • Follow up with letter within _____ days after it first appears on bill • _______have to respond within ____ days • ________error • Or explain why it is correct • Only applies to ______________

3. Fair Credit Reporting Act • Gives you the right to _____ free credit report each year • You have the right to ________________

4. Fair Accurate Transaction Act • Allows ____________with CRA • You have a right to see your ____________ • Receipts can only show last _____digits of Card # • Lenders must take action on ______________even before you are aware

5. Credit Cardholders Bill of Rights Act • Strict finance charge and interest rate rules • Cannot ___________ interest rates for the first ____ months • Promotional rates must be for ______months • Rate increases can only apply to _______ purchases • Payments due _________day each month • Statements need to be sent at least ________before due

6. Truth in _______Law • Also know as _________________ • All costs be disclosed (Disclosure Statement) • If your card is lost or stolen you may only be liable up to $_____ for all unauthorized charges. • Usury Law • ____________________that a lender can charge

7. Fair Credit Opportunity Act • You can not be denied credit based on: • ________________________________________________________________________________________ • You can be denied credit based only on: • _________credit history • Not enough __________to pay • Too much ________________

8. Getting out of debt… • Create a ___________ • Contact _____________ • Credit counseling • Debt consolidation is __________ • Last resort: _______________