CONSUMER CREDIT COST DISCLOSURE
The purpose of the Consumer Credit Cost Disclosure is to assure a meaningful disclosure of credit terms so that consumers will be able to compare more readily the various credit terms available to them and avoid the uninformed use of credit, and to protect consumers against inaccurate and unfair credit billing and credit card practices.
The purpose of the Restrictions on Garnishment is to place limitations on how and when creditors are allowed to garnish a consumer’s wages. The law also restricts an employer from discharging an employee due to garnishment or indebtedness.
CREDIT REPAIR ORGANIZATIONS ACT
The purpose of the Credit Repair Organizations Act (CROA) is to protect consumers from companies that claim they have secrets that can repair credit. For instance, CROA states that Credit Repair Organizations cannot charge fees before they perform services.
The purpose of the Credit Reporting Agencies Act is to regulate how Credit Reporting agencies including (TransUnion, Experian and Equifax) report consumers activity on credit reports. Credit Reporting Agencies Act states that all information reported must be accurate, complete and verifiable.
The purpose of the Equal Credit Opportunity Act is to eliminate discrimination in lending practices. Lenders cannot deny credit to consumers by basing the decision on race, color, religion, national origin, sex or marital status, or age.
FAIR DEBT COLLECTION PRACTICES ACT
The purpose of the Fair Debt Collections Practices Act (FDCPA) is to regulate third party collectors. The (FDCPA) defines the rules that collection agencies have to follow in order to perform collection services. It is common for collection agencies to violate this law. Common collection agency violations can be used as leverage to remove negative items off of credit reports.
The purpose of the Electronic Fund Transfers Act is to regulate how lenders transfer funds by using electronic means.