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Consumer Credit Laws

There are laws in place to protect consumers against unfair credit practices like billing statement errors, debt collection, credit repair, and credit reporting.

New Gift Card Rules for Expiration and Service Fees
The Federal Reserve proposed new gift card rules that keep gift cards from expiring within five years from purchase or last load of funds. The new gift card rules also limit the fees that can be charged on gift cards.

New Credit Card Rules for Young Adults
The Credit Card Accountability Responsibility and Disclosure Act of 2009 restricts credit card companies from giving credit cards to a consumer under 21 unless that person has the means to repay the balance or has a cosigner.

Top Credit and Debt Stories of 2008
This was a year of suprising moves from credit card issuers, big promises from politicians, Fed crackdowns, and more. Get the top news stories from 2008.

6 Drawbacks of New Credit Card Rules
The Federal Reserve took great strides in protecting the rights of consumers by approving new rules for the credit card industry. They didn't cover everything, though. Here are a few things the Feds overlooked.

10 Key Changes of the New Credit Card Rules
At last the government has decided to do something to stop credit card issuers from unfairly taking advantage of consumers. On December 18, 2008, the Federal Reserve approved a series of rules that make major changes to practices within the credit card industry. Here is a list of the 10 key changes of the new credit card rules. Note: the rules listed won't take effect until July 1, 2010.

The Fair and Accurate Transactions Act of 2003
The Fair and Accurate Transactions Act of 2003, or FACT Act, amended the Fair Credit Reporting Act to help consumers fight identity theft. The FACT Act gave consumers the right to a free credit report every year.

The Credit Cardholder's Bill of Rights Act
If passed, the Credit Cardholder's Bill of Rights Act of 2008 will make ban numerous predatory practices in the credit card industry, such as double cycle billing finance charges and interest rate increases on pre-existing balances.

The Credit Card Fair Fee Act of 2008
A bill proposed by Rep. John Conyers (D-Mich) and Rep. Chris Cannon (R-Utah) that would allow businesses to negotiate their credit card transaction fees.

FTC Lawsuit Against CompuCredit and Jefferson Capital
The Federal Trade Commission sues credit card marketer for deceptive marketing practices. On June 10, 2008 the suit was failed against CompuCredit and subsidiary, Jefferson Capital for false advertising.

Filing a Complaint Against a Credit Business
When your rights are violated by a business in the credit industry - whether it's bank, credit bureau, collection agency, or credit repair company - there are several legal entities you can complain to.

Reporting FDCPA Violations
The Fair Debt Collection Practices Act has strict guidelines about what debt collectors can and cannot do. As a consumer, it’s important that you’re aware of these guidelines, even if you don’t have any accounts that are currently in collections.

Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 introduced major changes to the way consumers filed bankruptcy.

Credit Repair Organizations Act Overview
The Credit Repair Organization Act was put in place to protect consumers from unscrupulous practices by organizations who claim to repair credit. The Act seeks to ensure that consumers who decide to use credit repair services are aware of their rights and are able to make an informed decision about choosing to pay a credit repair company.

How to Contact the FTC
When your rights under any of the several consumer credit laws have been violated, like a FDCPA violation, you should inform the FTC.

Debt Collection Laws
Debt collectors aren't free to take whatever means necessary to collect a debt. In fact, they are governed by federal laws. Being aware of these laws helps protect you from the unscrupulous practices of certain debt collectors.

Credit Card Accountability, Responsibility, and Disclosure Act of 2009
The Credit Card Accountability, Responsibility, and Disclosure Act of 2009 was signed into law by President Barack Obama on May 22, 2009. The new credit card law - the CARD Act - made significant changes to existing credit card law and created new protections for credit card users.

Free Credit Scores for Some With New Risk-Based Pricing Notices
As of January 1, 2011, many consumers may receive a free credit score when they make credit card or loan applications.

FTC Rules for Debt Relief Companies
The FTC has made a new rule for many for-profit debt relief companies including debt settlement, debt consolidation, and credit counseling agencies.

Credit Card Rights For Every Cardholder
Several laws exist that protect the rights of consumers with credit cards. Become familiar with your credit card rights. You never know when you’ll need to remind a credit card company to follow the law.

Your Rights With Credit Reports
Here is a list of rights you have under the Fair Credit Reporting Act.

Learn About the Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau is a federal agency that oversees consumer rights in the financial marketplace.

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