Consumer Credit Protection Act

The Consumer Credit Protection Act (CCPA) of 1968, which launched Truth in Lending disclosures, was landmark legislation. For the first time, creditors had to state the cost of borrowing in a common language so that you, the consumer, could figure out what the charges are, compare costs, and shop for the best credit deal.

Since 1968, credit protections have multiplied rapidly. The concepts of fair and equal credit have been written into laws that bar 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 for consumers to settle billing disputes.

Each law was meant to reduce the problems and confusion about consumer credit, which as it became more widely used in our economy, also grew more complex. Together, these laws set a standard for how individuals are to be treated in their financial dealings.

The laws say, for instance,

1) That you cannot be denied a credit card just because you are a single woman
2) That you can limit your risk if a credit card is lost or stolen
3) That you can resolve errors in your monthly bill without damage to your credit rating and
4) That you cannot have credit shut off just because you have reached age 62

Consumer Credit Protection Act (CCPA) protects employees from discharge by their employers because their wages have been garnished for any one debt, and limits the amount of an employee's earnings that may be garnished in any one week.

For more information on federal credit regulations and consumer rights visit the Federal Trade Commission (FTC) website at www.ftc.gov or www.federalreserve.gov
Some state laws may provide you with additional rights. For information go to the website of the National Association of Attorneys General (NAAG) at www.naag.org.

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Federal Laws
Major Laws That Govern Financial Institutions & Protect Individuals in Their Financial Dealings

Organizations

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Nellie Mae
Sallie Mae

Consumer Info

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Directory of Federal Agencies
Federal Trade Commission (FTC)
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Repair Your Bad Credit
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