Equal Credit Opportunity Act

DISPUTING CREDIT CARD CLAIMS

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Type of info that must be disclosed

1. Identity of Creditor 2. Amount financed 3. Itemization of amount financed 4. Annual percentage rate 5. Finance charge 6. Total of payments 7. Payment schedule 8. Prepayment/late payment penalties

Requirements

1. Inform the candidate if they have been denied or granted within 30 days of receiving their completed application 2. Give a specific reason why one is denied or granted less credit than originally applied for.

Requirements for Fair Credit Billing Act

1. Must try to resolve the dispute with the merchant 2. Must be of $50 or more 3. Put complaint in writing. 4. Contact credit card company and alert the company of the disputed purchase within 60 days after receiving the bill and in writing

Consumer Credit Report contents

1. Name, age, and Social Security Number 2. Home and work addresses 3. Marital status 4. Your job and estimated income 5. The value of your cars and home 6. Bank accounts 7. Credit amounts 8. Mortgages or other financial info 9. Tax liens, bankruptcies and court judgments 10. Anyone who requested your credit report in the last two years 11. Your credit score

Protecting your rights under FCRA

1. Right to full disclosure of the contents of your credit file 2. Right to request your credit score 3. Right to dispute incomplete or inaccurate info 4. Right to have incorrect or incomplete info corrected or removed 5. Right to know if and when an adverse action was taken against you or if you were denied credit 6. Right to opt-out or to remove your name from unsolicited offers of credit. 7. Right to request a free credit report every 12 months or when you're denied credit.

Your Rights under the FDCPA

1. Written notice telling you the amount of the debt, the name of the creditor, and the actions you can take if you believe you don't own the debt. 2. In reaction the dispute letter, the collector cannot contact you. 3. The money you give to the debt collector can only go to the specific debt you want to make a payment on.

Truth in Lending Act

A federal law that requires that all terms in a consumer credit transaction be fully explained.

Fair Credit Billing Act

Allows customers to withhold payment on poor-quality or damaged merchandise purchased with a credit card.

Investigative credit report

An expanded version of the standard credit report and is often requested by insurance companies, landlords, employers who want the following: 1. Character information, including arrests, indictments, and convictions 2. General reputation information 3. Information about your personal characteristics 4. Info on your mode of living

Closed end credit transaction

Disclosure is required before any Closed end Credit Transaction, which is any credit arrangement. Ex. Loans

Prohibitions

It is illegal for creditors to: 1. Discriminate based on race, sex, age, national origin, marital status, or income assistance 2. Ask about marital status 3. Ask about if they are planning to have children 4. Disallow regular sources of income, such as Social Security, Welfare, etc

Equal Credit Opportunity Act

Makes it unlawful for any creditor to discriminate against any applicant, based on race, color, religion, national origin, sex, marital status, or age; OR that their income is generated from public assistance programs.

Fair Debt Collection Practices Act

Prohibits collection agencies from using unfair, deceptive, or abusive practices. Collection agencies cannot: 1. Harass you or use oppressive practices. Ex. Make annoying telephone calls or call at unreasonable hours 2. Make false statements to try to get you to pay 3. Threaten arrest 4. Give false information 5. Use unfair practices 6. Seize or threaten property.

Fair Credit Reporting Act

Protects your right to privacy and have accurate information in credit reports.

Open end credit transaction

The credit card holder is not required to pay off the principal amount by any particular point in time. They just build interest on the amount they owe.