Fair Credit Reporting Laws

Credit Card Accountability Responsibility and Disclosure (CARD) Act of 2009

Establishes fair practices and enable consumers to understand the credit transactions they enter into

Consumer Credit Reporting Reform Act (3, aka)

1) Requires credit bureau reports to include accurate, relevant and recent info. 2) Restricts access to credit files only to bona fide users of financial info. 3) applicants denied credit must be advised why and given the name/address of the reporting credit agency

Consumer Credit Protection Act (aka)

Aka Truth in Lending Act. Requires lenders, before extending credit, to disclose both the dollar amount of finance charges and the APR, as well as other loan terms and conditions. The act also limits consumers liability for lost/stolen CC to the lesser amount charged or a max. of $50/card

Equal Credit Opportunity Act (3)

Prohibits credit discrimination on the basis of: 1) race, color, religion, national origin, gender, marital status, or age 2) all or part of the applicants income derives from a public assistance program 3) the fact that the applicant has in good faith exercised any right under the Consumer Credit Protection Act

Fair Debt Collection Practices Act

Prohibits debt collectors from: 1) contacting a debtor at their place of employment if the employer objects 2) harassing or intimidating the debtor, or 3) using false and misleading practices.

Fair Credit Billing Act

Requires consumers to notify the creditor in writing of any billing errors within 60 days of the date they receive the billing statement. Creditors then have 30 days to respond to the consumer with respect to the possible billing error, and 90 days to resolve it.

Privacy Act of 1974

Establishes a code of fair information practices that regulates the types of personal info the federal gov can collect and how it can be used

Fair and Accurate Credit Transaction Act (FACTA) of 2003

Added new sections to the federal Fair Credit Reporting Act. Consumers can obtain a free credit report from each of the three bureaus. Also requires consumer info disposed in a secure manner. Consumers can place alerts if ID theft is suspected or if deploying overseas in military