The federal acts that protect consumers
The Consumer Credit Protection Act was the first general federal consumer protection legislation. It basically was enacted as a protective mechanism for consumers. Now over the years it’s been modified and added to, to include protections in other areas–namely, the Truth in Lending Act, which requires a disclosure of significant credit terms to consumers; the Credit Repair Organizations Act, which pertains to credit repair organizations that provide services to individuals with debts resulting from consumer credit transactions—it prohibits certain types of deceptive practices; the Fair Credit Reporting Reform Act, which protects individuals from false, misleading, or obsolete credit information; and the Equal Credit Opportunity Act—now the purpose of this is to prohibit discrimination in credit transactions.
Categories: Bankruptcy & Debt, Debt Collection, Other Topics