Credit Card Laws You Should Know

Credit card laws were legislated to safeguard the rights of consumers who enter into contractual agreements with card companies. Possessing a simple knowledge of these laws can be invaluable when looking for debt relief solutions. A knowledgeable credit card litigation attorney will examine adherence to these laws when negotiating a debt settlement remedy on the behalf of a borrower.



The Fair Credit Billing Act



Credit card laws that regulate correct billing are covered by the Fair Credit Billing Act. This act safeguards consumers from unfair billing practices and offers a method for dealing with billing errors in "open end" credit accounts, which include credit card or charge card accounts. confirm the math or reproduce the calculations utilizing the statement, a pen and a calculator, the Fair Credit Reporting Act permits the borrower to contest the bill 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 directs the collection, dissemination, and use of consumer data, including consumer credit information. It requires that the credit reporting agencies maintain accurate 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 laws that govern the tactics associated with the collection of credit card debt are covered in The Fair Debt Collection Practices Act. This act was legislated 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 validation of debt information in order to ensure the information’s accuracy. The act creates regulations 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 relating to discriminatory credit practices are covered in The Equal Credit Opportunity Act. This act makes it unlawful for any financial institution to discriminate against any applicant, 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 summary will give you a working understanding of the laws that regulate consumer credit, this information is not meant to be construed as legal advice. Those requiring further aid in determining the application of these laws to their own circumstances should seek the advice of professional legal counsel.



<a href="http://creditcardlitigation.org" target="_top">Credit card laws are designed 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.