Credit Regulations and Assistance Options
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10 terms
Terms | Definitions |
|---|---|
 Truth-in-Lending Law | Requires that you be told the cost of credit before signing an agreement. The law requires that the lender must clearly state the APR and total finance charge. |
| Equal Credit Opportunity | Prohibits creditors from denying a person credit because of age, race, sex, or marital status. |
| Fair Credit Billing Act | Requires prompt correction of billing mistakes. To get a correction of an error, you must notify the creditor in writing within 60 days after your statement was mailed. |
| Fair Credit Reporting Act | The law that gives consumers the right to know what information credit bureaus are giving to potential creditors, employers, and insurers. This law provides that if credit is denied based on information in a credit report, the applicant must be given the name, address, and phone number of the credit bureau that provided the information. |
| Consumer Credit Reporting Reform Act | Places the burden of proof for accurate credit information on the credit reporting agency rather than the consumer. Under this law, the creditor must certify that diputed data is accurate. |
| Fair Debt Collections Act | Requires that debt collectors treat you fairly. It bans various debt collection actions. This law does not take away the debts that are owed. |
| Credit Card Accountability, Responsibility, and Disclosure Act | An amendment to the Truth-In-Lending Act. The act institutes fair and transparent practices of providing credit. |
| Bankruptcy | The legal process of reducing or eliminating an amount owed. |
| Credit Counselor | Discusses and suggests actions to take to reduce spending and eliminating credit difficulties. |
| Debt Repayment Plan | A creditor and debtor develop this agreement to reduce payments to a more managable level and still pay off the debt. |
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