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Credit ProtectionLawsCredit Protection LawsThe government has established laws to protect not only your rightsas a consumer, but also your credit. You should be familiar with theselaws to ensure that you are being treated fairly.Equal Credit Opportunity ActThe Equal Credit Opportunity Act ensures that both businessesand consumers are given an equal chance to obtain credit. The law protectsyou when you deal with any creditor who regularly gives credit. Thelaw makes it illegal for banks and businesses to discriminate againstcredit applicants because of their sex, race, marital status, national origin,religion, age, or because they get public assistance income. The detailsof this law are set forth in Figure 22.4.Fair Credit Reporting ActThe Fair Credit Reporting Act prohibits the abuse of a valuableconsumer asset—credit. The act deals with unfavorable reports issuedby credit bureaus. These reports, which often contain much personaldata, character studies, and so on, are frequently issued to banks, insurancecompanies, businesses, and prospective employers.You have the right to know all personal information that is in a consumerreporting agency’s files and the sources of the information. Creditreports can be ordered on the Internet or from the following sources:l Equifax, P. O. Box 740256, Atlanta, GA 30374, (800) 685-1111l Trans Union, P. O. Box 1000, Chester, PA 19022, (800) 916-8800l Experian, P. O. Box 949, Allen, TX, 75013, (888) 322-5583You may be charged a fee of up to $9.00 for the request. You alsohave the right to be told the name of anyone who received a copyof your credit report in the past year (and in the past two years if thecredit report relates to a job application). You may correct errors in thereport. If the credit reporting agency retains information that you believeis inaccurate, your version of the facts must be inserted inthe file.l How to identify anddescribe creditprotection lawsl How to explain yourrights and duties undercredit protection lawsKnowing about creditprotection laws will helpyou be a smarterconsumer.l Equal CreditOpportunity Actl Fair CreditReporting Actl Fair Credit Billing Actl Fair Debt CollectionPractices ActFair Credit Billing ActWhen errors are made in bills sent by credit card companies andbusinesses that give credit, the Fair Credit Billing Act can help you.If you believe an error has been made on a bill, notify the creditor inChapter 22: Borrowing Money and Buying on Credit 493