An Introduction to Credit Card Laws

Credit card laws have been enacted to protect the rights of consumers who enter into contractual agreements with charge card issuers. Possessing a simple understanding of these statutes can be very helpful when seeking debt settlement options. A qualified credit card litigation attorney will examine adherence to these laws when fighting for a debt settlement solution on the behalf of a borrower.



The Fair Credit Billing Act



Credit card laws that regulate true billing are included in the Fair Credit Billing Act. This act protects consumers from unfair billing methods and offers a procedure for handling billing errors in "open end" credit accounts, which include credit card or charge card accounts. confirm the math or recreate the calculations utilizing the statement, a pen and a calculator, the Fair Credit Reporting Act allows the borrower to contest the account based upon a math error.





The Fair Credit Reporting Act



The laws governing the reporting to credit bureaus are covered in The Fair Credit Reporting Act. This act regulates 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, look into and re-examine any claim by a consumer that reported data is not correct.





The Fair Debt Collection Practices Act



The regulations 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 stop abusive tactics in the collecting of consumer debts, to promote fair debt collection, and to present consumers with an avenue for disputing and obtaining verification of debt information in order to ensure the information’s accuracy. The act creates regulations under which debt collectors may conduct 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 governing discriminatory credit practices are covered in The Equal Credit Opportunity Act. This act makes it unlawful for any financial institution to discriminate against any consumer, with regards to any part 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 brief summary will give you a working knowledge of the laws that regulate consumer credit, this article is not meant to be construed as legal counsel. Those requiring further aid in determining the application of these laws to their own situation should seek out professional legal counsel.



<a href="http://creditcardlitigation.org" target="_top">Credit card laws are meant to protect consumers from unlawful practices. A reputable <a href="http://creditcardlitigation.org/thecommonlaw.html" target="_top">credit card law firm can help you apply legal remedies to your credit card debt issues.