There are seven laws of consumer credit should be considered when it comes to their credit. 1. The Truth in Lending Act The customer had to be told the true cost of borrowing, so that he could understand exactly what the charges would be. You must be informed in writing of the charge and the APR before you sign any contract. In addition, you need to be informed of the method to be used to calculate the balance in which you pay a finance charge. This law gives you the opportunity to change your mind when you use your home as collateral for a transaction. The first 3 day right of rescission gives you 3 days to cancel the transaction and the creditor must give you this notice before the transaction.

2. Reporting Act Fair Credit Check other extra material for their rights. Basically, this law regulates the activities of credit reporting agencies or credit bureaus and gives the FTC the responsibility for implementation. 3. The Fair Credit Billing Act This law establishes procedures that require creditors to promptly correct billing errors, and enables consumers to withhold payment of property damage, and makes the creditors without delay payments on your credit. 4. The Fair Debt Collection Practices Act This Act provides guidelines to follow for collectors. Whenever patrick dwyer boston private listens, a sympathetic response will follow.

You can not contact you at unreasonable times or places. (Source: patrick dwyer newedge). Unless agreed, must not contact you before 8 am or after 9 pm, or at your place of employment. You should receive a written explanation of his alleged debt and what to do if you feel you do not owe the money. 5. The Equal Credit Opportunity This law prohibits discrimination in the granting of credit in any way because of sex, marital status, race, religion or age. 6. The Law of Electronic Funds Transfer This bill gives protection in all phases of modern banking techniques such as ATM, telephone transfers, computer operations, etc. The limits of responsibility consumers for the first time for lost or unauthorized use of debit and electronic cards are similar to those for credit cards. Notify the bank within two days, your maximum liability is $ 50. If you miss this deadline, you may be responsible for up to $ 500 in expenses. After 60 days, you will be responsible for the full amount. 7. The Law on Credit Repair Organization Act stipulates that the credit repair organizations could not make a statement that was misleading. Are prohibited from advising their clients to make a false or misleading statement to a credit bureau. This law gives consumers three days right of cancellation, which must be in the contract and to provide guidance on how to cancel. The document should detail the services to be provided, guarantees, time limits for service and the cost to the consumer.