Credit Card Laws You Should Know

Credit card laws were passed to safeguard the rights of consumers who enter into contractual agreements with card issuers. Possessing a simple understanding of these statutes can be invaluable when seeking debt relief solutions. A qualified credit card litigation attorney will examine adherence to these statutes when negotiating a debt settlement solution on the behalf of a borrower.

The Fair Credit Billing Act

Credit card laws governing correct billing are covered by the Fair Credit Billing Act. This act safeguards consumers from unfair billing practices and provides a mechanism for addressing billing errors in open end credit accounts, which include credit card or charge card accounts. confirm the arithmetic or recreate the computations using the statement, a pen and a calculator, the Fair Credit Reporting Act allows the borrower to contest the credit account based upon a math error.

The Fair Credit Reporting Act

The laws that govern the reporting to credit bureaus are covered in The Fair Credit Reporting Act. This act directs the collection, dissemination, and use of consumer information, which includes consumer credit information. It requires that the credit reporting agencies keep accurate and complete information, examine and re-examine any claim by a consumer that reported data is not accurate.

The Fair Debt Collection Practices Act

The laws that govern the practices involved with the collection of credit card debt are covered in The Fair Debt Collection Practices Act. This act was enacted to eliminate abusive practices in the collection of consumer debts, to encourage fair debt collection, and to present consumers with an avenue for disputing and receiving validation of debt information as a way to confirm the informations accuracy. The act creates rules under which debt collectors may do business, defines the rights of consumers involved with debt collectors and prescribes penalties and remedies for violations of the act.

The Equal Credit Opportunity Act

Credit card laws that govern discriminatory credit practices are part of Equal Credit Opportunity Act. This act makes it illegal for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of the applicant exercising their individual rights under the Fair Credit Billing Act, Fair Debt Collection Practices Act or Fair Credit Reporting Act.

While this summary gives you a working familiarity with the laws that govern consumer credit, this article should not be interpreted as legal counsel. Those needing further help in determining the application of these laws to their own circumstances should seek the advice of professional legal counsel.

About the Author:
Credit card laws are meant to protect consumers from unlawful practices. A reputable credit card law firm can help you apply legal remedies to your credit card debt issues.

Article Originally Published On: http://www.articlesnatch.com

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