WHAT ARE SOME CREDIT LAWS YOU SHOULD BE AWARE OF?

FAIR CREDIT REPORTING ACT (FCRA)

The Fair Credit Report Act gives you the right to review and correct your credit reports. It also controls the proper use of credit reports (determines for what purpose they can be used) and requires reporting agencies to maintain complete and accurate information (this does not mean they always do so).

EQUAL CREDIT OPPORTUNITY ACT (ECOA)

Regardless of race, age, religion, gender or martial status, the Equal Credit Opportunity Act states that all consumers are given an equal chance and you cannot be denied credit based on the attributes above.

FAIR CREDIT BILLING ACT (FCBA)

During the time a credit report is in dispute, creditors cannot report an associated account as delinquent. This act also requires the prompt correction of any errors on open-ended accounts.

FAIR DEBT COLLECTION PRACTICES ACT (FDCPA)

This Act states that the collectors of loans cannot employ unfair, deceptive or abusive practices including anonymous phone calls, making threats, using obscene language, making debt public, or carrying out any kind of harassing behavior.

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