Credit Repair Credit Cards

Equal Credit Opportunity Act

Admin — Sun, 12 Dec 2004 03:08:00 -0800

1. To find out the reasons for credit denial.

2. To receive credit in your own name.

3. To refuse to answer questions about childbearing plans or birth control practices.

4. To have equal consideration of all credit criteria, including income between the sexes, in determining creditworthyness.

5. To have alimony, child support, and separate maintenance considered as any other income.

Credit Laws: Truth in Lending Act

Admin — Sun, 28 Nov 2004 02:46:00 -0800

This mandates disclosure of information about the cost of credit. Both the finance charge (such as all charges to borrow money, including interest) and the annual percentage rate or APR (the percentage cost of credit on a yearly basis) must be displayed prominently on forms and statements used by creditors. The law provides criminal penalties for willful violators, as well as civil remedies. It also protects you against unauthorized use of your credit card. If your card is lost or stolen and you report it, the most you have to pay is $50..

Credit Laws: Equal Credit Opportunity Act

Admin — Sat, 27 Nov 2004 20:35:00 -0800

This ensures that individuals are given an equal chance to receive credit. It prohibits discrimination on the basis of sex, race, marital status, religion, national origin, age or receipt of public assistance. Lenders cannot ask about your plans for having children or refuse to consider consistently received alimony or child support payments as income. If you are denied credit, you have a legal right to know why.

Credit Laws: Fair Debt Collection Practices Act

Admin — Sat, 27 Nov 2004 20:31:00 -0800

Fair Credit Reporting Act (1971) -- This covers the reporting of debt repayment information. It establishes when a credit reporting agency may provide a report to someone; states that obsolete information must be taken off (after 7 or 10 years); gives you the right to know what is in your credit report; requires that both a credit bureau and an information provider (such as a department store) have an obligation to correct mistakes; gives you the right to dispute inaccurate information and add a 100-word statement to your report to explain accurate negative information; and gives you the right to know what credit bureau provided a report when you are turned down for credit.