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YOUR
DEBT RECOVERY RIGHTS
Understanding your debt recovery rights can help you build a better financial future for you and your family.
Truth In Lending Act
Mandates the disclosure of cost requirements for the annual
percentage rate and finance charges.
Requires loan terms and conditions to be disclosed.
Regulates how credit terms are advertised.
Prohibits sending unrequested credit cards by card issuers.
Limits the liability of unauthorized use to $50 per card for
the card holder.
Fair Credit Reporting Act
Requires the disclosure of the name and address of any consumer
reporting agency which provides credit reports used to deny
credit, insurance or employment.
Provides the consumer with the right to know what is in his/her
file, have incorrect information investigated, and allows the
consumer to include a 100-word statement in the file explaining
the financial situation.
Specifies that when an investigation or information request
is made of a credit file, the consumer be notified.
Limits the time credit information may be maintained in a file.
Equal Credit Opportunity Act
Prohibits creditors from discriminating against credit applications
based on sex, race, marital status, national origin, religion,
age, or the receipt of public assistance.
Prohibits the reapplication for existing credit because there
has been a change in marital status. |
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