Class 5 - Legal Issues around Credit - Electronic Funds...

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Legal Issues around Credit - Electronic Funds Transfer Act o Protects your responsibility and liability for the debit card use by the thief that took your wallet while you were on vacation. - Equal Credit Opportunity Act Prohibits discrimination o Prohibits your grandfather from being discriminated against when applying for a loan due to his age. - Fair Credit Reporting Act o Allows you to make corrections when there are errors on your credit report. This is important since the info on your credit report influences your FICO score. o To insure: 1. Confidentiality 2. Accuracy 3. Consumers right to know - Fair Debt Collections Practices Prohibits debt collectors from unfair or deceptive practices o Protects third-party agencies from calling you before 8 am or after 9 pm to ask about your overdue credit or loan payments - Truth In Lending o Protection of fraud o Displays cost of credit in terms of repayment o Protects your responsibility and liability for the credit card use by the thief that took your wallet while you were on vacation. Also requires lenders to
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This note was uploaded on 12/01/2011 for the course HDFS 238 taught by Professor Boyce during the Fall '10 term at Michigan State University.

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Class 5 - Legal Issues around Credit - Electronic Funds...

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