Credit Law -
Credit Repair Laws, Acts, and Rules
Federal Trade Commission's Consumer Response Center
Several different laws, Acts, and rules exist that were created to
protect the consumer in all aspects of credit and borrowing. These
laws also protect creditors and businesses dedicated to consumer
credit, including credit repair companies. The Federal Trade
Commission (FTC) is charged with overseeing the fair implemenation
of many of these laws and for providing consumers with information
about them. Consumers can contact the FTC by mail, telephone or
email.
1-877-FTC-HELP (382-4357) - toll free
Mail:
Federal Trade Commission
CRC-240
Washington, D.C. 20580
FTC website: www.ftc.gov
It is important for any consumer to understand that these credit
laws and Acts are designed to protect them. Of particular importance
are The Fair Credit Reporting Act and the Credit Repair
Organizations Act, as these Acts spell out important rules about
credit repair and credit repair services.
The five Acts and rules outlined below contain some of the most
important regulations regarding credit repair services and credit
protection for consumers.
The Credit Repair Organizations Act was created to protect
consumers by ensuring that people considering credit repair services
offered by credit repair organizations are provided with complete
information such that they may make informed decisions regarding the
purchase of credit repair services. It ensures that consumers are
not taken advantage of in terms of unfair or deceptive business
practices or advertising.
The
Notices of Rights and Duties under the FCRA (effective July 1,
1997) were created to promote fairness and accuracy, and to protect
the privacy of information in all consumer's credit files that are
created and maintained by credit reporting agencies.
The Fair Credit Reporting Act (FCRA) gives all consumer's the
right to know what information is being provided to others about
them by any credit reporting agency.
The Equal Credit Opportunity Act outlines prohibitions regarding
the denial of credit based on gender, marital status, religion,
race, age, national origin or situations in which a person receives
public assistance.
The Truth in Lending Act outlines regulations for lenders in
providing consumers written disclosures of the true costs of credit
and the terms of repayment before entering into a credit
transaction.
Get a free credit
repair consultation online.
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Credit Repair Organizations Act
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