An Independent Non-Profit 501(c)(3)
Consumer Credit Counseling Service
American Credit Counseling Service, Inc.
Community Service Since 1988
4 Taunton Street, Suite 5 Plainville, MA 02762
Toll Free (800) 729-0551 -- Fax: (508) 695-0148 -- Contact Us
What are my Credit Rights?
In the United States you are not without your rights. It is important that you know them. The laws are in place to protect you.
- Community Reinvestment Act - The Community Reinvestment Act is intended to encourage banks, credit unions and other depository institutions to help meet the credit needs of the communities in which they operate.
- Consumer Credit Law - Cornell Law School has a great writeup of Consumer Credit Law It covers the Uniform Consumer Credit Code and the Consumer Credit Protection Act.
- Consumer Credit Protection Act - Congress passed the Consumer Credit Protection Act in part to regulate the consumer credit industry. It requires creditors to disclose credit terms to consumers. The Consumer Credit Protection Act also protects consumers from loan sharks, restricts the garnishing of wages. Credit card companies and credit reporting agencies are also regulated by the Act. The Act also prohibits discrimination based on sex or marital status in the extending of credit. The Act also regulates certain debt collectors.
- Credit Card Accountability Responsibility and Disclosure (C.A.R.D.) Act of 2009 - Credit Card Accountability Responsibility and Disclosure (C.A.R.D.) Act of 2009 is in place effective February 22, 2010 that will help end the actions that trap consumers in high cost credit card debt. There were some requirements that went into effect in August 2009 but most major requirements went into effect on February 22, 2010. If you would like more information:
- Credit Repair Organizations Act - The purposes of this act are to ensure that prospective buyers of the services of credit repair organizations are provided with the information necessary to make an informed decision regarding the purchase of such services; and to protect the public from unfair or deceptive advertising and business practices by credit repair organizations.
- Electronic Fund Transfer Act - The Electronic Fund Transfer Act provides consumer protection for all transactions using a debit card or electronic means to debit or credit an account. It also limits a consumer's liability for unauthorized electronic fund transfers.
- Fair Credit Billing Act - The Fair Credit Billing Act establishes procedures for resolving billing errors on your credit card accounts. It also limits a consumer's liability for fraudulent credit card charges. , A good publication the Federal Trade ComissionFacts for Consumers: Fair Credit Billing
- Fair Credit Reporting Act - The Fair Credit Reporting Act (FCRA) is an American federal law that regulates the collection, dissemination, and use of consumer information, including consumer credit information.
- Fair Debt Collection Practices Act (FDCPA) - This act forms the base of consumer credit rights in the United States. Its purpose is to eliminate abusive practices in the collection of consumer debts, to promote fair debt collection. This act also provides consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy The Act creates guidelines under which debt collectors may operate and defines rights of consumers involved with debt collectors. The act also describes penalties and remedies for violations of the Act. It is sometimes used in conjunction with the Fair Credit Reporting Act.
- Truth in Lending Act - The Truth in Lending Act requires "meaningful disclosure of credit terms" and reflects a shift in emphasis from "let the buyer beware" to "let the seller disclose." It is designed to protect consumers against inaccurate and unfair credit billing and credit card practices too!
- Uniform Consumer Credit Code - States have passed various statutes regulating consumer credit. The Uniform Consumer Credit Code has been adopted in eleven states and Guam. Its purpose is to protect consumers obtaining credit to finance their transactions, ensure that adequate credit is provided, and govern the credit industry in general.
If you need to discuss your credit issues with a professional, give ACCS a call. Our Certified Counselors are standing by!
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Page was last modified: March 01 2013.