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know your rights

know your rights, credit card debt

finlitgal
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know your rights

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  1. Know Your Rights and the Federal Laws • www.lifethenfinance.com

  2. Know your Rights: • All communication must be in writing •  45 days before raising your interest rate • How to agree or cancel the card due to new terms and conditions • Send a bill 21 days before payment is due • The interest rate can be raised if payment is over 30 days  • In case of a charge dispute, your dispute letter should be sent to the credit card company within 60 days of the billing error.

  3. Know your Rights: Cont.... • All communication must be in writing • 30 days for the credit card company to acknowledge receipt of your dispute letter. •  90 days to resolve your dispute. •  You can be held responsible for unauthorized charges if: • the charges were incurred before you reported the card stolen • You are not held responsible if unauthorized charges are made after you have reported your card stolen.

  4. Federal Laws You Should Know: • The Fair Debt Collection Practices Act (FDCPA) • prohibits debt collectors from engaging in unfair, deceptive, or abusive practices while collecting these debts.

  5. Federal Laws: Cont....  • Under the Fair Debt Collection Practices Act: • Debt Collectors:  • Can contact you only between 8 a.m. and 9 p.m • Must identify themselves to you on the phone. • Must stop contacting you if you ask them to do so in writing. • May not: • Contact you at work if they know your employer disapproves. • Harass, oppress, or abuse you. • Lie when collecting debts, such as falsely implying that you have committed a crime.

  6. Federal Laws: Cont....  • The Equal Credit Opportunity Act (1974) •  Prohibits discrimination in credit transactions base on certain personal characteristics, such as race, color, religion, national origin, sex, marital status, age, or receive public assistance • The Fair Credit Reporting Act (1970) • Protects you against inaccurate or misleading information in credit files maintained by credit reporting agencies.

  7. Federal Laws: Cont....  • The Fair Credit Billing Act (1974) •  Requires that a credit card company promptly credits your payments and corrects mistakes on your bill without damage to your credit score and also dispute errors on your credit card and withhold payment for damaged goods. • The Credit CARD Act (2009) • Provides many consumer credit protections. For example, your credit card company must tell you 45 days before increasing the interest rate. The Act also places new limits on fees and rate increases and requires consistency in payment dates and times. .  

  8. Federal Laws: Cont....  • The Truth in Lending Act (1968) • Requires that lenders use uniform methods for computing the cost of credit and for disclosing credit terms so you can tell how much it will cost to borrow money. • It also limits your liability to $50 if your credit card is lost, stolen, or used without your authorization, and it prohibits the unsolicited issuance of credit cards. • The Fair Credit Billing Act and the Fair Credit and Charge Card Disclosures Act were later additions to the Truth in Lending Act, as are many provisions of the Credit CARD Act.

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