What consumer protection laws apply to credit?

Consumer Leasing disclosures are designed to help the consumer compare the terms and cost of one lease versus another, as well as determining the costs and terms of buying for cash or purchasing on credit. Truth in Lending laws require that a creditor gives you certain, basic information regarding the costs associated with purchasing on credit or loan fees. These disclosures can aid the consumer in determining where the best “deal” can be made. These laws also give the consumer three days to “change their mind” about certain credit transactions that use the consumer’s home as collateral. These same laws also limit consumer liability on lost or stolen credit cards. The Equal Credit Opportunity Act gives women the means to establish their own credit history and identity separate of their spouse. The Fair Credit Reporting Act establishes the procedure to correct mistakes on consumer credit reports. And the Fair Credit Billing Act requires creditors to promptly credit consumer payments, as well as correct billing mistakes, while extending the right to the consumer to withhold payment on defective goods.

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