Many organizations and laws are dedicated to helping protect you from consumer fraud.
Summary
While organizations exist to protect you, it's important to remember that the law gives you rights as a consumer - rights to know the truth about the products you're buying, rights to honest and fair treatment, and rights to know what's being done with the information you give to businesses.
- FTC - The Federal Trade Commission protects consumers from unfair or deceptive business practices.
- FAIR CREDIT REPORTING ACT - The Fair Credit Reporting Act helps ensure that the information in consumer reporting files is fair, private and accurate. For instance, this act gives you the right to view your credit report and dispute incorrect information.
- FAIR DEBT COLLECTION PRACTICE ACT - The Fair Debt Collection Practices Act protects against abusive and deceptive debt collection practices. For example, it limits the hours that debt collectors may call a consumer.
- CFPB - The Consumer Financial Protect Bureau regulates financial products and services - like mortgages, credit cards and student loans - to help protect consumers.
- CREDIT CARD ACT OF 2009 - The Credit Card Accountability Act of 2009 establishes fair credit card practices. The act also aims to increase transparency, by requiring credit card companies to report certain information about credit card rates and fees to the consumer.
Summary
While organizations exist to protect you, it's important to remember that the law gives you rights as a consumer - rights to know the truth about the products you're buying, rights to honest and fair treatment, and rights to know what's being done with the information you give to businesses.