The Fair Credit Billing Act (FCBA) helps fix credit card billing errors by providing for the prompt correction of errors on open-end credit accounts such as department store credit cards and protects consumers' credit ratings while they are settling … [Read more...]
The Consumer Financial Protection Bureau released comprehensive new rules on January 10, 2013, aimed at fixing the home lending market. The sweeping new standards stem from the 2010 Dodd-Frank Act and are designed to prevent a repeat of the 2008 … [Read more...]
It's been almost two years since a new federal regulation called the Risk-Based Pricing rule went into effect. Risk-based pricing is a common practice which determines interest rates and credit limits. Consumers who have credit histories which … [Read more...]
In January of 2011, federal regulations began to require lenders to send a Risk-Base Pricing Notice to consumers who have received less than favorable credit terms based upon their credit report and or their credit scores. Risk-based pricing is … [Read more...]
The Consumer Financial Protection Bureau (CFPB) was established in July 2010 as a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). The CFPB’s primary mission is to protect consumers and enforce … [Read more...]
The federal government opened the doors to the Consumer Financial Protection Bureau on Thursday, July 21, 2011. This new watchdog agency is designed to police consumer financial transactions in order to avoid another catastrophic financial … [Read more...]
Beginning July 21, 2011, the Federal Reserve Board’s credit score disclosure rules go into effect allowing consumers who are denied credit or offered credit at higher interest rates, to get their credit scores for free. Previously, consumers who … [Read more...]
A disclosure should be provided to consumers who are denied credit by a bank or lender. An adverse action occurs when a bank or lender utilizes a credit report or credit score in making a decision to deny credit, change credit terms, raise … [Read more...]
The Fair Debt Collection Practices Act (FDCPA) was instituted in 1978 by the federal government in order to provide guidelines for debt collectors on how they may collect debts from consumers. The FDCPA gives consumers protections against … [Read more...]
In recent financial news, it has been suggested good credit customers may get penalized under the Credit Card Act of 2009. The belief is new credit cards fees will be heaped upon good credit customers to replace the industries’ revenue loss from … [Read more...]
