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Credit_laws__alternative_and_bank_F09

Credit_laws__alternative_and_bank_F09 - Legal issues around...

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Legal issues around credit My card was stolen! How much money do I lose? Truth In Lending Comparison on one offer to another. Protection of fraud. Displays cost of credit in terms of repayment. Presentation of credit terms Font and size of font • Boxed Ability to compare one to another What about debit cards? Electronic Funds Transfer Act Equal Credit Opportunity Act Prohibits discrimination. Fair Credit Reporting Act To insure: 1. confidentiality, 2. accuracy and 3. consumers right to know.
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Fair Credit Billing Act To correct mistakes and errors. Fair Debt Collections Practices Prohibits debt collectors from unfair or deceptive practices. Fair and Accurate Credit Transactions Act (2003) Requires Federal Trade Commission (FTC) to address identity theft concerns. Defines identity theft as FRAUD. Credit Clinics to fix your credit report? NO! Other credit issues • Blocking Good debt vs. bad debt Credit summary Buy assets. 2 - 3 cards MAX. Pay on time. Debt payments under 16% of monthly take home salary. Good debt.
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Questions on Credit Use Questions on Credit use 1. Now that I am married and using my
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