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Chapter 9 Credit Problems and Laws

Chapter 9 Credit Problems and Laws. Consumer Protection Laws. Fair Credit Reporting Act Truth-in-Lending Act Credit Card Act of 2009. Fair Credit Billing Act Equal Credit Opportunity Act Fair Debt Collection Practices Act. 9-3 Consumer Protection Laws.

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Chapter 9 Credit Problems and Laws

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  1. Chapter 9 Credit Problems and Laws

  2. Consumer Protection Laws • Fair Credit Reporting Act • Truth-in-Lending Act • Credit Card Act of 2009 • Fair Credit Billing Act • Equal Credit Opportunity Act • Fair Debt Collection Practices Act 9-3 Consumer Protection Laws Slide 2

  3. Credit Card Company Error Correction Policy • Write description of the error. • Mail your letter as soon as possible. • Letter must be acknowledged in 30 days. Error must be corrected or explained in 90 days. • No collection letters will be sent or action taken while the charge is being disputed. • You are still responsible for other items on your bill. • You will not be charged a finance charge on disputed amount unless there is no error. 9-3 Consumer Protection Laws Slide 3

  4. What Methods Can Be Used to Resolve Credit Disputes? • Alternative dispute resolution (ADR) uses a neutral third party. • Negotiation • Mediation • Arbitration • Filing a lawsuit • Small claims court • Class action lawsuit 9-3 Consumer Protection Laws Slide 4

  5. How Can You Protect Against Credit Scams? • Credit repair scams occur when someone offers to “fix” your credit rating. • Identity theft occurs when someone uses your personal information to commit fraud or other crimes. 9-3 Consumer Protection Laws Slide 5

  6. Success Skills Dealing With Difficult People • Deal with the issues head-on. • Meet the person in a private setting. • Ask the person to explain his or her situation. • Listen to what the person is saying and repeat concerns. • Ask for suggestions about how the problem can be resolved. • Talk to others affected by the behavior. 9-3 Consumer Protection Laws Slide 6

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