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Consumer Law Guide
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There were 20 articles found in this category:
 What are the new rules regarding overdraft fees on debit accounts?
On November 12, 2009, the Federal Reserve announced new rules that will prohibit banks from charging their customers overdraft fees unless the customer opts IN. This means that a consumer who does not opt in will be denied at the register if his account balance does not cover his debit card purc ...
- Do lawsuits go on your credit report?
Lawsuits used to go on your credit report, but not any longer. The fact that you’re being sued does not go on your credit report. Judgments and liens, however, will appear on your credit reports and will affect your credit scores. Not sure where you stand? Check your credit reports and sc ...
- What is the Credit Repair Organizations Act?
The Credit Repair Organizations Act (CROA) defines how credit repair organizations are allowed to operate. It is a myth that credit repair organizations are illegal. That is only true in Georgia where operating a credit repair organization is a misdemeanor. In every other state, it is perfectly ...
- What is the Fair Credit Reporting Act (FCRA)?
The Fair Credit Reporting Act (FCRA) is the federal law that regulates how consumer credit reporting agencies can use your credit information and what measures they must take to protect this information. It defines when they can disclose your credit information and under what circumstances. Read ...
- What is FACTA?
The Fair and Accurate Credit Transactions Act of 2003 (more commonly referred to as the FACT Act, or FACTA) ushered in important new protections for American consumers. Perhaps most importantly, under FACTA, consumers are entitled by law to at least one free credit report every twelve months fro ...
- What is an over limit fee?
Over-limit fees occur when you go over the limit on your credit card. Thanks to provisions in the CARD Act of 2009, credit card issuers can no longer charge over-limit fees unless you have given them permission to authorize purchases that put you over your limit. Additionally, issuers cannot cha ...
- How will the CARD Act affect young consumers?
According to provisions in the CARD Act of 2009, no credit card may be issued to a consumer under the age of 21, unless he or she has submitted a written application to the card issuer that meets the following requirements: The signature of a cosigner, including the parent, legal guardian, spou ...
- What CARD Act changes went into effect on August 20, 2009?
The first consumer protection provisions of the CARD Act went into effect August 20, 2009. Here is a summary of the new changes: Creditors must now provide written notice to consumers 45 days before the creditor increases an annual percentage rate on a credit card account or makes a significant ...
- Are there laws against identity theft?
Yes. In 1998, Congress passed the Identity Theft and Assumption Deterrence Act (918 U.S.C. §1028), which makes it a federal felony to use another person's identification with the intent to commit unlawful activity. Federal agencies such as the Secret Service, the FBI, and the U.S. Postal In ...
- What CARD Act changes will become effective in July 2010?
Effective July 1, 2010: If a borrower’s interest rate is increased due to being 60 days late on a credit card payment, the credit card issuer will have to revert back to the original rate after the borrower completes six months of on-time payments. New rules will limit fees on gift cards ...
- What rights do I have under the Fair Debt Collection Practices Act?
Your debt collection rights under the Fair Debt Collection Practices Act include the following: Collectors cannot call you repeatedly with the intent to annoy, abuse, or harass you and are NOT allowed to contact you before 8:00 a.m. or after 9:00 p.m. local time. If you notify a collector in wr ...
- With the CARD Act, will penalty rates get an early reprieve?
As of August 20th, 2009, creditors must provide written notice to consumers 45 days before the creditor increases an annual percentage rate on a credit card account or makes a significant change to the terms of a credit card account. They must also give consumers the right to opt out (reject) th ...
- Should I get all three of my free annual credit reports at the same time?
To get the most out of the free credit report provisions of the FACT Act, when you request your free credit reports from each of the three major credit reporting agencies, stagger them throughout the year rather than getting all three at once. This will give you a series of snapshots of your cre ...
- What are my rights under the Fair Credit Reporting Act (FCRA)?
The FCRA was designed to ensure that consumer reporting agencies, or CRAs, “furnish correct and complete information to businesses to use when evaluating your application.” To help ensure the information is correct and complete, the Act ensures that consumers can check their own repo ...
- What CARD Act changes become effective as of February 2010?
Effective February 22, 2010: Credit card issuers will not be able to increase interest rates on existing credit card balances unless the borrower is at least 60 days late on the account. This will eliminate the retroactive rate increases and the universal default clause where credit card issue ...
- How will consumers be affected if the CARD Act changes go into effect early?
It is possible that the CARD Act provisions that were supposed to take effect in February of 2010 will instead take effect in December of 2009. How will the proposed changes affect consumers? Consumers will begin enjoying CARD Act protections earlier than planned, which is marginally valuable co ...
- Is it true that the CARD Act changes may go into effect before February 2010?
Yes, it may be true, but only time will tell. In a move that shocked just about everyone, Congresswoman Carolyn Maloney announced in late September that she would push to have the CARD Act provisions that were set to take effect in February 2010 moved up to December 1, 2009. Stay tuned for updat ...
- How will the CARD Act change the regulations about credit card statement delivery and due date?
According to provisions of the CARD Act of 2009, credit card statements must be mailed or delivered to a consumer at least twenty-one days before the due date. Tip: If you did not receive your statement, there is a federal law that protects you, but make sure you know and follow the rules. If a ...
- In regards to student loans, what rights does the College Cost Reduction and Access Act give me?
The Department of Education's new Income-Based Repayment program (IBR) gives borrowers with limited incomes some relief from hefty student loan payments. As part of the College Cost Reduction and Access Act of 2007, IBR went into effect on July 1, 2009. Under the rules of the IBR program, the am ...
- Can you explain the following terms: "unwanted credit checks or inquiries" and "permissible purpose under the Fair Credit Reporting Act (FCRA)"?
The Fair Credit Reporting Act is the federal law that regulates how consumer credit reporting agencies can use your credit information. The section of the law that explains who is allowed to access your credit reports and why falls under section § 604. Permissible purposes of consumer repor ...
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