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Six Consumer Credit Laws

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by

Jojo Scoggins

on 7 October 2013

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Transcript of Six Consumer Credit Laws

Six Consumer Credit Laws
Fair Credit Reporting Act
*When was it signed into a law?*
1970
*What problem was it trying to help solve?*
This act was originally founded to require insured banks to maintain certain records, to require that certain transactions in United States currency be reported to the Department of the Treasury, and for other purposes.
*Major provisions?*
This act regulates the collection, dissemination, and use of consumer information, including consumer credit information.

Fair Credit Billing Act
*When was it signed into a law?*
1975
*What problem was it trying to help solve?*
This act was founded as an amendment to the Truth in Lending Act.
*Major provisions?*
This act protects consumers from unfair billing practices and provides a mechanism for addressing billing errors in "open end" credit accounts, such as credit card or charge card accounts.
Electronic Funds Transfer Act
*When was it signed into a law?*
1978
*What problem was it trying to help solve?*
It was founded to make sure that the rights of the people were being protected when it came to EFT.
*Major provisions?*
This act establishes rights and liabilities of the consumer when it comes to credit.

Equal Credit Opportunity Act
*When was it signed into a law?*
1974
*What problem was it trying to help solve?*
This act was founded in order to ensure equality for all people.
*Major provisions?*
This act ensures no discrimination on the basis of race, color, religion, national origin, sex, marital status, or age when it comes to credit transactions.

Fair Debt Collection Practices Act
*When was it signed into a law?*
1977
*What problem was it trying to help solve?*
This act is a consumer protection amendment to the Consumer Credit Protection Act.
*Major provisions?*
This act establishes legal protection from abusive debt collection practices, promotes fair debt collection, and provides consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy.
Truth-in-Lending Act
*When was it signed into a law?*
1968
*What problem was it trying to help solve?*
This act was designed to designed to promote the informed use of consumer credit.
*Major provisions?*
This act requires disclosures about consumer credit's terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
Full transcript