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Protection of Credit Rights

Protection of Credit Rights. Ch. 18-4 PoB 2011. Truth-In-Lending Act. Truth-In-Lending Act of 1968 – was the first in a series of credit protection laws Requires that you be told the cost of credit before signing an agreement Lender must clearly state the APR and total finance charge

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Protection of Credit Rights

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  1. Protection of Credit Rights Ch. 18-4 PoB 2011

  2. Truth-In-Lending Act • Truth-In-Lending Act of 1968 – was the first in a series of credit protection laws • Requires that you be told the cost of credit before signing an agreement • Lender must clearly state the APR and total finance charge • Protects consumers against unauthorized use of credit cards • Responsible up to $50 prior to notifying credit card company, $0 after you report

  3. Credit Card Act of 2009

  4. Equal Credit Opportunity Act

  5. Fair Credit Billing Act

  6. Fair Credit Reporting Act

  7. Consumer Credit Reporting Reform Act

  8. Fair Debt Collection Practices Act

  9. Credit Counseling

  10. Bankruptcy

  11. Review What does the Truth-In-Lending Act assist consumers? What is the purpose of the Fair Credit Reporting Act? What actions can a person take when facing credit problems?

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