Archive for the ‘Legal Issues Of Lending’ Category

Credit Bill Of Rights

Your Credit Bill Of Rights According to the Fair Credit Reporting Act and other acts, you have the right to: 1. Obtain from a credit bureau a report of what’s in your credit file. 2. Know who has inquired into your credit file-stores, banks, employers, etc. 3. Request reverification by the credit bureau if information […]

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The Fair Debt Collection Practices Act

Main Concepts of The Fair Debt Collection Practices Act If you find yourself in financial difficulties, there are several specific steps you can take to protect your credit standing. Although creditors can always turn over your account to a collection agency, some prefer not to do so and would rather make an arrangement for repayment […]

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The Fair Credit Billing Act

Correction of Billing Errors and Other Rregulations of the Fair Credit Billing Act This important piece of legislation is designed to give consumers a method of dealing with the errors in — or disputes about — billing that are almost certain to occur from time to time in credit card accounts. The difficulties can arise […]

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Fair Credit Reporting

The Fair Credit Reporting Act When you apply for credit, the lender may ask a credit reporting agency for a summary of your financial history before deciding whether to grant the loan. This is standard procedure, particularly when substantial sums are involved, and every day, thousands of such credit reports are issued to lenders throughout […]

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The Truth in Lending Act

The Truth in Lending Act is a US Federal Law Protecting Consumers in Credit Transactions The primary purpose of this federal legislation, enacted in 1968, is to make the borrower aware of exactly how much a loan will cost. There was a time when lenders could simply advertise “8 percent interest.” Unless the borrower carefully […]

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Protections For Users of Credit

Legal Protection Of Borrowers Like millions of Americans, you probably make at least some of your purchases on credit. The practice of buying now and paying later, though vital to both individual and national economies, can be dangerous if abused. Each year hundreds of thousands of people find themselves over their heads in debt and […]

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The Perils of Cosigning

Bank Loan Cosigning Perils There may come a time when a friend or relative applies for a loan and the lending institution refuses unless the applicant can find a cosigner. If someone you know asks you to cosign a loan, consider the request very carefully before you agree. Chances are that the lender would not have […]

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