Credit Card Laws You Should Be Familiar With

Credit card laws were passed to defend the rights of consumers who get into contractual agreements with charge card issuers. Possessing a simple knowledge of these statutes can be very helpful when looking for debt relief solutions. A knowledgeable credit card litigation attorney will take a look at adherence to these regulations when fighting for a debt settlement remedy on the behalf of a borrower.



The Fair Credit Billing Act



Credit card laws that govern truthful billing are covered by the Fair Credit Billing Act. This act safeguards consumers from unfair billing methods and offers a method for dealing with billing errors in "open end" credit accounts, such as 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 permits the borrower to dispute the bill based upon a math error.





The Fair Credit Reporting Act



The regulations that govern 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 true and complete information, research and re-examine any claim by a consumer that reported data is not accurate.





The Fair Debt Collection Practices Act



The regulations regulating the methods involved with the collection of credit card debt are covered in The Fair Debt Collection Practices Act. This act was legislated to eliminate abusive tactics in the collecting of consumer debts, to promote fair debt collection, and to provide consumers with an avenue for disputing and obtaining verification of debt information in an effort to confirm the information’s accuracy. The act creates guidelines 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 regulating discriminatory credit practices are part of Equal Credit Opportunity Act. This act makes it illegal for any creditor to discriminate against any individual, with respect 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 summary will provide you with a working understanding of the laws governing consumer credit, this information is not meant to be construed as legal counsel. Those needing further aid in determining the application of these laws to their own situation should seek the advice of 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.