Federal Laws Concerning Credit

The Fair Credit Reporting Act (FCRA)
Guarantees your rights regarding your credit file. If you are turned down for credit due to a credit report, you can learn the information in it from the credit bureau at no cost. Otherwise, disclosure of the information in your file by a credit bureau involves a fee. While correct information cannot be changed, you have the right to dispute incorrect information in a credit report.

The Equal Credit Opportunity Act
Requires that credit grantors extend credit fairly and without considering race, color, religion, national origin, sex, marital status, or age (with certain exceptions). If you are turned down for credit you are entitled to the specific reasons for the creditor's action.

The Fair Credit Billing Act
Says that if you receive a billing that you feel is incorrect and you notify the creditor within 60 days, the creditor must either correct the bill or send you an explanation within 90 days.

The Truth in Lending Act
Requires credit grantors to tell you what using credit really costs (like interest rates, minimum monthly payment, etc.).

The Fair Debt Collection Practices Act
Prohibits harassment by debt collectors and requires that they verify for you the amount owed. Your Liability for Fraudulent Credit Card, Debit Card or ATM Card charges is limited under certain circumstances, but continues until you notify the card issuer of your cards' loss or theft.