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FAIR CREDIT
REPORTING ACT
A federal law that regulates the collection of consumers' credit information and access to their credit reports. It was passed in 1970 to address the fairness, accuracy and privacy of the personal information contained in the files of the credit reporting agencies.
Under the Fair Credit Reporting Act (FCRA), consumers also have a right to see their own credit reports. By law, they are entitled to one free credit report every 12 months from each of the three major bureaus. They can request their reports at the official, government-authorized website for that purpose, AnnualCreditReport.com.
FAIR DEBT COLLECTION PRACTICES ACT
The Fair Debt Collection Practices Act (FDCPA) is a federal law that limits the behavior and actions of third-party debt collectors who are attempting to collect debts on behalf of another person or entity.
The law, amended in 2010, restricts the means and methods by which collectors can contact debtors, as well as the time of day and number of times contact can be made.
If the FDCPA is violated, a suit may be brought within one year against the debt collection company and the individual debt collector for damages and attorney fees.
TRUTH IN
LENDING ACT
This federal law was enacted in 1968 to help protect consumers in their dealings with lenders and creditors.
The TILA was implemented by the Federal Reserve Board through a series of regulations.
Some of the most important aspects of the act concern the information that must be disclosed to a borrower prior to extending credit, such as the annual percentage rate (APR), the term of the loan and the total costs to the borrower.
