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MANAGING CREDIT TUTORIAL

The following is a summary of the federal consumer protection laws relating to credit. Your state may also have similar laws.

Equal Credit Opportunity Act		Prohibits discrimination related to credit because of your sex, race, color, marital status, religion, national origin or age Also prohibits discrimination related to credit if you are receiving public assistance or if you have exercised your rights under the Federal Consumer Credit Protection Act
Credit Practices Rule		Requires creditors to provide a written notice to potential co-signers about their liability if the other person fails to pay Prohibits late charges in some situations Prohibits creditors from using certain contract provisions that the government found to be unfair to consumers
Fair Debt Collection Practices Act		Prohibits debt collectors from using unfair or tricky practices to collect overdue bills that your creditor has forwarded for collection This does not apply to banks or other businesses collecting their own accounts, although some states have similar laws that do
Fair Credit Reporting Act		Gives you the right to know what information is being distributed about you by credit reporting agencies
FACT Act		Update to Fair Credit Reporting Act of 1971 Addresses problems of identity theft, consumer privacy and inaccuracies of the consumer credit reporting system Provides consumers the right to one free credit report each year Allows consumer to call one number to notify credit reporting agencies and credit card companies of identity theft Requires creditors to give you written disclosures of important terms of the credit agreement, such as: APR Total finance charge Monthly payment amount Payment due dates Total amount being financed Length of the credit agreement Any charges for late payment
Fair Credit Billing Act		Establishes the process for resolving billing errors on your credit card accounts
Consumer Leasing Act (CLA)		Requires the leasing company (for example, a dealership), to disclose certain information before a lease is signed, including: The total amount of the initial payment The number and amounts of monthly payments All fees charged The charges for default or late payments For vehicle leases, the lessor must also disclose: The annual mileage allowance Charges for excess mileage Whether the lease can be ended early Whether the leased vehicle can be purchased at the end of the lease The price to buy at the end of the lease Any extra payments that may be required at the end of the lease



Jump to:
1.	Introduction	11.	Purchasing a Credit Report
2.	Why You Need a Credit History?	12.	How to Correct a Credit Rating
3.	Consequences of Bad Credit	13.	How Creditors Rate You
4.	Glossary of Credit Terms	14.	4 Key Credit Tips
5.	Credit - The First Step	15.	3 Things you Don't Want to Do
6.	How Creditors Get Information	16.	How to Spot Bad Credit
7.	What Your Credit Report Says	17.	How to Get on the Right Track
8.	What's In Your Credit Report?	18.	Your Credit - An Overview
9.	Credit Report Exercise	19.	If You're Denied Credit
10.	Free Annual Credit Report	20.	Consumer Protection Laws
		21.	Credit Review

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Consumer Protection Laws