The Equal Credit opportunity Act (ECOA) provides protection relating to discrimination, type of income considerations, and your right to be provided with the reason(s) for credit denial. Also, you cannot be denied credit because you have exercised a right under the Consumer Protection Act.
Each of the credit laws listed provides additional consumer protections. As stated, the Fair Credit Reporting Act provides the “right to know;” the Truth-in-Lending Act requires disclosure of the cost of credit and repayment terms; and the Fair Credit Billing Act establishes procedures for resolving billing errors.
The Fair debt Collection Practices Act regulates debt collectors and prohibits certain types of practices.
One of the primary sources for further information regarding credit regulations and consumer protection information is the Federal Trade Commission (FTC), as well as State Attorney Generals’ offices. For more information, you may wish to visit the FTC website at http://www.ftc.gov/. the site contains an enormous amount of information, including in-depth information on car leasing, children’s issues, investments, senior citizen issues, telemarketing, telephone services, and much, much more.
