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Know your writes

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Title: Know your writes


1
Know Your Rights and the Federal Laws
  • www.lifethenfinance.com

2
Know your Rights
  •  
  • All communication must be in writing
  •  
  •  45 days before raising your interest rate
  • How to agree or cancel the card due to new terms
    and conditions
  • Send a bill 21 days before payment is due
  • The interest rate can be raised if payment is
    over 30 days 
  • In case of a charge dispute, your dispute letter
    should be sent to the credit card company within
    60 days of the billing error.

3
Know your Rights Cont....
  •  
  •  
  • All communication must be in writing
  •  
  • 30 days for the credit card company to
    acknowledge receipt of your dispute letter.
  •  90 days to resolve your dispute.
  •  You can be held responsible for unauthorized
    charges if
  • the charges were incurred before you reported the
    card stolen
  • You are not held responsible if unauthorized
    charges are made after you have reported your
    card stolen.
  •  

4
Federal Laws You Should Know
  •  
  •  
  •  
  • The Fair Debt Collection Practices Act (FDCPA)
  • prohibits debt collectors from engaging in
    unfair, deceptive, or abusive practices while
    collecting these debts.

5
Federal Laws Cont.... 
  • Under the Fair Debt Collection Practices Act
  •  Debt Collectors 
  • Can contact you only between 8 a.m. and 9 p.m
  • Must identify themselves to you on the phone.
  • Must stop contacting you if you ask them to do so
    in writing.
  •  May not
  •  Contact you at work if they know your employer
    disapproves.
  • Harass, oppress, or abuse you.
  • Lie when collecting debts, such as falsely
    implying that you have committed a crime.

6
Federal Laws Cont.... 
  • The Equal Credit Opportunity Act (1974)
  •  
  •  Prohibits discrimination in credit transactions
    base on certain personal characteristics, such as
    race, color, religion, national origin, sex,
    marital status, age, or receive public assistance
  •  
  • The Fair Credit Reporting Act (1970)
  •  
  • Protects you against inaccurate or misleading
    information in credit files maintained by credit
    reporting agencies.
  •  

7
Federal Laws Cont.... 
  • The Fair Credit Billing Act (1974)
  •  Requires that a credit card company promptly
    credits your payments and corrects mistakes on
    your bill without damage to your credit score
    and also dispute errors on your credit card and
    withhold payment for damaged goods.
  •  
  • The Credit CARD Act (2009)
  •  Provides many consumer credit protections. For
    example, your credit card company must tell you
    45 days before increasing the interest rate. The
    Act also places new limits on fees and rate
    increases and requires consistency in payment
    dates and times. .  
  •  

8
Federal Laws Cont.... 
  • The Truth in Lending Act (1968)
  •  
  • Requires that lenders use uniform methods for
    computing the cost of credit and for disclosing
    credit terms so you can tell how much it will
    cost to borrow money.
  • It also limits your liability to 50 if your
    credit card is lost, stolen, or used without your
    authorization, and it prohibits the unsolicited
    issuance of credit cards.
  •  
  • The Fair Credit Billing Act and the Fair Credit
    and Charge Card Disclosures Act were later
    additions to the Truth in Lending Act, as are
    many provisions of the Credit CARD Act.
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