Consumer Handbook to credit protection

Consumer Handbook to Credit Protection Laws Laws Contents Contents Contents INTRODUCTION

THE COST OF CREDIT Shopping Is the First Step What Laws Apply? The The Finance Charge and Annual Percentage Rate (APR) A Comparison Cost of Open-end Credit Leasing Costs and Terms Open-end Leases and Balloon Payments Costs of Settlement ement on a House APPLYING FOR CREDIT Discrimination What Law Applies? What Creditors Look Look For Information the Creditor Can't Use Special Rules Discrimination Against Women If You're Turned Down Down CREDIT HISTORIES AND RECORDS Building Up a Good Record What Laws Apply? Credit edit Histories for Women Keeping Up Credit Records OTHER ASPECTS OF USING CREDIT What Laws Apply? Billing Errors Defective Goods or s or Services Prompt Credit for Payments and Refunds for Credit Balances Cancelling a Mortgage Lost or Stolen Credit Cards Unsolicited Cards ards ELECTRONIC FUND TRANSFERS Instant Money EFT in Operation What Law Applies? ies? What Record Will I Have of My Transactions? How Easily Will I Be Able to Correct Errors? What About Loss or Theft What About Solicitations? Do I Have to Use EFT? Special Questions About Preauthorized Plans Plans COMPLAINING ABOUT CREDIT Complaining to Federal Enforcement Agencies Penalties ties Under the Laws GLOSSARY SUBJECT INDEX DIRECTORY OF FEDERAL AGENCIES FEDERAL RESERVE BANKS OTHER CONSUMER PAMPHLETS AVAILABLE INTRODUCTION

The Consumer Credit Protection Act of 1968--which launched nched Truth in Lending--was a landmark piece of legislation. For the first time, creditors had to state the cost of borrowing in a common language so that you--the customer--could figure out exactly what the charges would be, compare costs, and shop around for the credit deal best for you. Since 1968, credit protections have multiplied rapidly. The The concepts of "fair" and "equal" credit have been written into laws that outlaw 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 to settle billing disputes.