Consumer Information:
Protecting Your Credit

How do you protect your credit, and what do you do if there is a problem?

The information below is provided as a public service from Debt-Tips.com. All of the information comes from various organizations, U.S. government agencies and departments. As a consumer, you owe it to yourself to know as much as possible about debt, credit, taxes, mortgages, banking – and avoiding related scams.

The information on this page involves credit protection. With the use of credit becoming so widespread, individuals should know their rights - and responsibilities. The best time to become familiar with your credit is before you really need it.

The handbook below explains how the consumer credit laws can help you shop for credit, apply for it, maintain your credit standing, and, if needed, file a complaint:

Consumer Handbook To Credit Protection Laws

"The Consumer Credit Protection Act of 1968—which launched Truth in Lending disclosures—was landmark legislation. For the first time, creditors had to state the cost of borrowing in a common language so that you—the consumer—could figure out what the charges are, compare costs, and shop for the best credit deal.

Since 1968, credit protections have multiplied rapidly. The concepts of “fair” and “equal” credit have been written into laws that bar unfair discrimination in credit transactions, require that consumers be told the reason when credit is denied, let borrowers find out about their credit records, and set up a way for consumers to settle billing disputes.

Each law was meant to reduce the problems and confusion about consumer credit, which as it became more widely used in our economy, also grew more complex. Together, these laws set a standard for how individuals are to be treated in their financial dealings."

Do you need help understanding how credit laws work to protect you?

Visit the Federal Reserve Board's website: Consumer Handbook To Credit Protection Laws

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