Lesson_10 - Credit Laws, Rules, and Regulations FSoS 1301:...

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1 Credit Laws, Rules, and Regulations FSoS 1301: Cash or Credit: You Need to Know Lesson 10 Required Readings for Lesson 10: Keown, A. (2010). Using credit cards: The role of open credit. In Olver, J.M., Lant, T.K., Plant, R., Higgins, C.A., Majeske, K.D., & Kursh, S.R. (Eds.), Personal Finance: Turning Money into Wealth (pp. 162-193). Upper Saddle River, NJ: Prentice Hall Business Publishing. Read pages 18-21. Federal Trade Commission (n.d.). A summary of your rights under the fair credit reporting act. Retrieved from http://www.ftc.gov/credit. Read pages 1-3. Federal Trade Commission (2009, February). Debt collection FAQs: A guide for consumers. Retrieved from http://www.ftc.gov/credit. Read pages 1-4. Federal Trade Commission (n.d.). Fair credit billing. Retrieved from http://www.ftc.gov/credit. Read pages 1-4. Springboard Nonprofit Consumer Credit Management (2008). The consumer guide to good credit. Retrieved May 1, 2010, from http://www.credit.org/resources/Materials . Read page 13. Optional Readings for Lesson 10: Connelly, E. (2011, May 18). Business credit cards not subject to regulations. Associated Press. Retrieved from http://www. msnbc .msn.com/id/43070427/ns/business-consumer_news/ Read article. Federal Trade Commission (2009, March). Using a credit card: Your rights and responsibilities. Retrieved from http://www. ftc .gov/bcp/edu/pubs/consumer/alerts/alt137.shtm Read article. Indiana Department of Financial Institutions. (n.d.). Summary of consumer credit laws. Retrieved from http://www.in.gov/dfi/2467.htm Explore website.
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2 Learning Objectives Know the rights and protections granted to individuals by the Fair Credit Reporting Act. Identify the changes resultant of the Fair and Accurate Credit Transaction Act of 2003. Be familiar with the regulations placed upon lenders by the Truth in Lending Act. Differentiate between the Fair Credit Billing Act and Fair Debt Collection Act. Recognize the changes resultant of the new Credit CARD Act of 2009. Lesson 10 By the end of this lesson, you should: Know the rights and protections granted to individuals by the Fair Credit Reporting Act. Identify the changes resultant of the Fair and Accurate Credit Transaction Act of 2003. Be familiar with the regulations placed upon lenders by the Truth in Lending Act. Differentiate between the Fair Credit Billing Act and Fair Debt Collection Act. Recognize the changes resultant of the new Credit CARD Act of 2009.
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3 Laws and Regulations Fair Credit Reporting Act (FCRA) Fair and Accurate Credit Transaction Act (FACTA) of 2003 Truth in Lending Act Fair Credit Billing Act Fair Debt Collection Practices Act Credit CARD Act Lesson 10 A number of laws have been put in place by the U.S. government to regulate credit use and potential misunderstandings and problems. It is of utmost importance that you understand your rights, so that you can use them to your benefit. Lesson 10 will cover only a fraction of the laws that have been implemented. However, the Federal
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This note was uploaded on 01/24/2012 for the course ECON 4751H taught by Professor Triece during the Fall '11 term at Minnesota.

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Lesson_10 - Credit Laws, Rules, and Regulations FSoS 1301:...

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