Credit Rights

Credit Cost Disclosure (The Truth-in-Lending Act)

You as a credit consumer are protected under the following credit rights

Part of your credit rights, Title I of the Consumer Credit Protection Act, or Regulation Z, is known as the Truth-in Lending Act. Primarily written to ensure that you comprehend how much credit will cost you before making a commitment. Under this credit right, all lenders must give specific information regarding the cost before credit is granted. This credit right will then inform you on the cost and allow you to compare costs from different credit sources before deciding.

The creditor must disclose the following important information: the total finance charge; the total annual percentage rate; the total payment total (amount financed and finance charge); and the total payment schedule (number, amount, and due dates of payments). The total price must be disclosed by the creditor including the down payment. The creditor, under this credit right, must reveal any rebate of any finance charge or whether there is a penalty for balance due on the credit account, or whether there is any late payment charge.

Credit Rights - Debit Card Rights

Under these credit rights, if you notify the credit card company within two business days after learning that your card or PIN has been misplaced, you are not liable for the unauthorized transaction up to $50. Also under this credit right, if you don't contact them before two business days, charges cannot exceed $500. If for some reason you do not respond within 60 days, you can face unlimited liabilities under this credit right.

If you find an error in your statement with the credit card institution, under this credit right, contact them before 60 days.. The credit card company has 45 days to investigate this credit card statement error. Usually if it takes longer than this, the credit card company will put the funds back into you account while the investigation is taking place. If for any reason there was an error, the credit card company must take care and fix the credit card problem under your credit rights.

A credit card may be sent to anyone as long as it is not valid and cannot be used.

Credit Rights - Lost or Stolen Credit Cards

Lost credit cards or stolen credit cards You can always receive a replacement credit card for an expiring credit card date, but can never be sent a credit card to use without your permission in any other circumstance. All credit card mompanies must give people a way to contact them (with telephone number or address) when a credit card has been lost or stolen.

Credit Rights - Protection Against Discrimination

You apply for credit and are refused. The credit right, the Equal Credit Opportunity Act was created to protect people from being denied a credit card for any discriminatory reason. Credit cannot be refused based on sex or marital status. A further amendment to this credit right prohibits discrimination on the basis of:

race
color
religion
national origin
age (except for minors

Credit cannot be refused if you are receiving income from an assistance organization.