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Consumer Protection Statutes

A number of consumer protection laws, acts and statutes have been created to ensure that you are protected against unfair and unlawful practices. We’ve included several of the most relevant consumer protection statutes below so you can be aware of your rights.

If you ever have any questions, don’t hesitate to contact our credit repair lawyers. SmithMarco, P.C., is here to help. Request your free case review today.

The Credit Repair Organizations Act

The Credit Repair Organizations Act (CROA) is part of the Consumer Credit Protection Act. Signed into law in 1996, it was created to make sure that credit repair organizations provide consumers with all relevant information to help them make a clear and informed choice. It prevents consumers from misleading advertising. Furthermore, the CROA clarifies that credit repair organizations can only receive payment after completing services. These measures are all in place to protect consumers.

Read the full Credit Repair Organizations Act here.

The Fair Credit Reporting Act

The Fair Credit Reporting Act (FCRA), enacted in 1970, is intended to foster the privacy, accuracy and fairness of consumer information when held in consumer reporting agencies. To prevent inaccurate credit reports, the FCRA handles all consumer information. It is part of the Fair Debt Collection Practices Act.

Read the full Fair Credit Reporting Act here.

The Electronic Fund Transfer Act

The Electronic Fund Transfer Act (EFTA) was passed in 1978 and is part of the Consumer Credit Protection Act. It clearly states that consumers have rights when they electronically transfer funds to and from their bank accounts. It also protects consumers from other entities electronically removing funds from a consumer’s bank account without his or her permission.

Read the full Electronic Fund Transfer Act here.

The Truth In Lending Act

The Truth in Lending Act (TILA) is a law that requires banks, credit card companies and lending organizations to provide consumers with all necessary information on the price and terms of credit.

Read the full Truth in Lending Act here. 

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