Consumer Protection Laws We Use
In this section you will find consumer protection laws, many of which we utilize in our debt validation paperwork, plus others which can be invoked to protect your privacy.
A basic understanding of these laws will decrease any fear you may have of debt collectors, and empower you to speak with debt collectors, telemarketers, and more.
BFG paperwork utilizes the Accountability, Responsibility, and Disclosure Act (the Credit Card Act) of 2009, a federal statute signed by President Barack Obama on May 22, 2009 to act as a Credit Cardholders’ Bill of Rights. The act became effective on August 22, 2010, it is now operational law.
This most important of consumer protection acts was passed in order to amend the Consumer Credit Protection Act. it allows consumers to demand “verification” of the debts alleged against them by debt collectors. Following are the portions of the act as written. § 801. Short Title [15 USC 1601 note]
Unfair or deceptive trade practices by state-chartered banks are prohibited in section 5 of the Federal Trade Commission Act (“FTC Act” 15 U.S.C. § 45), it applies to all persons engaged in commerce, including most banks.
The Truth in Lending Act (TILA) is a United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
The Federal Fair Credit Reporting Act was enacted to ensure the accuracy, fairness and privacy of information in the files of consumer reporting agencies, also known as ‘credit bureaus” or ‘CRA’s”.
Required disclosures by creditors: Before opening any account under an open end consumer credit plan, the creditor shall disclose to the person to whom credit is to be extended each of the following items, to the extent applicable and the conditions under which a finance charge may be imposed.
The Foreign Corrupt Practices Act (FCPA) was passed by Congress and signed into law by President Jimmy Carter in 1977. This federal law has two parts, the first part deals with anti-bribery laws, the second part with accounting requirements of U.S. businesses. We use the accounting portion, not the anti-bribery.
The Federal Trade Commission (FTC), the nation’s consumer protection agency, enforces the Equal Credit Opportunity Act (ECOA), which prohibits credit discrimination on the basis of race, color, religion, national origin, sex, marital status, age, or because you get public assistance. Creditors may ask you for most of this information.