The right to full and accurate information

 

Perhaps the most important consumer credit right is the requirement that creditors provide you

with full and truthful information, written in clear simple language, including the true cost of consumer credit also known as the fine print.

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Lenders are required to provide you with full information related to all charges made to your account, and they must clearly explain any finance charges and how they are calculated. If you find an error on a bill, specific rules identify your

right to contest the bill. 

 

 

Curious on how to contest issues on the bill? 

 

Click here

The right to freedom from discrimination

 

Under the Equal Credit Opportunity Act, lenders can’t discriminate against you based on certain

protected characteristics—race, sex, marital status, religion, age, national origin, or receipt of public benefits.

 

However, it’s not against the law to

deny credit based on income and credit history. This is why we MUST keep our credit history clean and make good financial decisions.

 

 

 

 

Click here to view information on the Equal Credit Opportunity Act on the Federal Trade Commission website

The right to know your credit report and FICO score

 

Lenders evaluate your creditworthiness in part by checking your outstanding debt obligations and your history of making payments. This information is

reported by your creditors and compiled by companies called credit bureaus.

 

Your consumer credit rights under the Fair Credit Reporting Act of 1971 include the right to know what is contained in your credit report, to have information

reported fairly and accurately, and to dispute items on the report that you disagree with. To ensure that your credit report is correct, you need to take responsibility for regularly checking it for any errors.

 

Want to know more about credit bureaus and the FICO score?

 

Click here