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 husband’s credit card, do the purchases
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This note was uploaded on 10/17/2011 for the course ECON 101 taught by Professor Thompson during the Spring '11 term at Michigan State University.

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Credit_laws__alternative_and_bank_F09 - Legal issues around...

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