The Fair Credit Reporting Act (enacted 1970)

http://www.fdic.gov/regulations/laws/rules/6500-1100.html
The Fair Credit Reporting Act was created to regulate individual’s personal information (i.e. credit history) assembled by credit reporting agencies. This credit law primarily defends consumers by requiring credit reporting agencies to follow "reasonable procedures" to protect the confidentiality, accuracy, and relevance of credit information.

The Fair Credit Reporting Act has gone through significant changes since its creation. Consumer Credit Reporting Reform Act of 1996 added several amendments to the Fair Credit Reporting Act, regulating affiliate sharing of credit reports and "pre-screening" of credit reports (unsolicited offers of credit made to consumers). Recently, the Fair and Accurate Credit Transactions Act of 2003 amended The Fair Credit Reporting Act to protect consumers against identity theft, improve resolution of consumer disputes, improve the accuracy of consumer records, and further regulate the use of credit information.

Here are some common questions related to the Fair Credit Reporting Act:

Q. Can I see my credit report?
A. Yes. You have the right to receive a copy of your credit report.

Q. Do I have to pay for my credit report?
A. Under the Fair Credit Reporting Act, you have a right to a free credit report when your application for credit was denied because of the information supplied by the credit reporting agency. You must request your free credit report within 60 days of the denial of credit. Otherwise the credit reporting agency may charge you for a copy of your credit report.

Q. If I see a mistake on my credit report, what should I do?
A. You should report the mistake to the creditor in question and the credit reporting agency. Both the creditor and credit reporting agency are required to reinvestigate the matter to see if a mistake has been made.

The Equal Credit Opportunity Act (enacted 1974)

http://www.fdic.gov/regulations/laws/rules/6500-1200.html
The Equal Credit Opportunity Act prohibits creditors from discriminating against an individual on the basis of race, color, religion, national origin, sex marital status, age or enrollment in public assistance program. This credit law makes sure that everyone has an “equal” chance of receiving credit.

Here are some common questions related to the Equal Credit Opportunity Act:

Q. What should I do if I think a lendor discriminated against me?
A. Report the ECOA (Equal Credit Opportunity Act) violation to the appropriate government agency that supervises the lender:

• Federal Trade Commission (FTC) – Most retailers, finance companies and creditors are covered by this agency.
• Office of Thrift Supervision (OTS) – Federally chartered savings banks (have “Federal” or “F.S.B.” after name of the bank)
• Comptroller of Currency (OCC) – National banks (have “National or N.A.” after name of the bank)
• Federal Reserve Board (FRB) – Financial institutions that are members of FRB but are not national banks
• Federal Deposit Insurance Corporation (FDIC) – State chartered banks that are not members of FRB
• National Credit Union Association (NCUA) – Federal credit unions

The Fair Credit Billing Act (enacted 1974)

http://www.fdic.gov/regulations/laws/rules/6500-500.html
The Fair Credit Billing Act regulates how creditors bill individuals and sets up procedures for disputing bills. This credit law protects your credit report while you’re disputing billing errors, so creditors can’t threaten or report disputed items to your credit report.

Here are some common questions related to the Fair Credit Billing Act:

Q. What kind of credit accounts does The Fair Credit Billing Act apply to?
A. This credit law generally applies to “open end” credit accounts such as credit cards, revolving charge accounts (i.e. department store cards), and overdraft checking accounts.

Q. What kind of disputes are covered?
A. The Fair Credit Billing Act only applies to “billing errors” made by a creditor that include but are not limited to:

• Unauthorized Charges
• Charges with Wrong Date or Amount
• Goods and/or Services that were Never Delivered
• Accounting Errors
• Failure to Post Payments or Other Credits Due
• Failure to Send Bills to Current Address (must provide written proof that you notified a creditor of any address changes 20 days before billing period ended)
• Charges that you Requested Additional Explanation or Proof of Purchase because of a possible error.

If you have any more questions about your consumer credit rights, please Contact us online or call CreditGUARD of America at 1-800-500-6489 for more information on our non-profit credit counseling agency. Certified credit counselors are available Monday through Thursday 8:00 a.m. to 12:00 midnight; Friday 8:00 a.m. to 11:30 p.m.; Saturday 10:00 a.m. to 6:00 p.m. Eastern Time. For online service, 24/7, use the Credit Card Debt Analyzer to calculate your estimated interest and payment savings available, through our debt management program.