Featured credit fraud and protection articles

Additional information you should know about credit fraud.

The Electronic Funds Transfer Act is a federal law that gives you certain rights in the event that mistakes occur on your ATM or bank statements or if your ATM card is lost or stolen. Generally, you have a duty to report the mistake or lost card--and the sooner the better. If you notify the bank in a timely manner, it is under a duty to rectify the mistake or not charge you for withdrawals made by someone else with your card. If you delay in reporting your card lost or stolen, however, you can be liable for up to $500, or an unlimited amount if you don't report the problem for more than 60 days.

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The Equal Credit Opportunity Act, 15 U.S.C. 1691 et seq. prohibits creditors from discriminating against credit applicants on the basis of race, color, religion, national origin, sex, marital status, age, or because an applicant receives income from a public assistance program.

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The Fair Credit Billing Act was enacted to help consumers with credit billing issues. Credit billing errors do occur and can be resolved if you know how to use the Fair Credit Billing Act (FCBA). The FCBA generally applies only to open end credit accounts. Open-end accounts include credit cards, revolving charge accounts (such as department store accounts), and overdraft checking. The periodic bills or billing statements you receive (usually monthly) for such accounts are covered by the FCBA. The Act does not apply to a loan or credit sales, which is paid according to a fixed schedule until the entire amount is paid back.

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The Fair Credit Reporting Act is a federal law which regulates the activities of credit reporting bureaus. Private credit reporting bureaus, such as TRW Information Services, Equifax Credit Information Services and Trans Union Credit Information Company, maintain records of financial payment histories, public record data (such as unlawful detainer actions taken against you, or money judgments entered against you), along with personal identification information. Credit reporting bureaus sell the information that they have to creditors so that they can make decisions as to whether or not credit should be offered to you.

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The Fair Debt Collection Practices Act is federal law which regulates the activities of those who regularly collect debts from others. Many states have adopted similar laws regulating the practices of debt collectors.

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The Federal Deposit Insurance Corporation Improvement Act of 1991 directs the Commission to prescribe the manner and content of certain disclosures that must be used by depository institutions that do not have federal deposit insurance. The Commission seeks comment on these proposed disclosure rules for non-federally insured depository institutions.

Click here for more information on the Federal Deposit Insurance Corporation Improvement Act of 1991

If you're refinancing your mortgage or applying for a home equity installment loan, you should know about the Home Ownership and Equity Protection Act of 1994. The law addresses certain deceptive and unfair practices in home equity lending. It amends the Truth in Lending Act (TILA) and establishes requirements for certain loans with high rates and/or high fees. The rules for these loans are contained in Section 32 of Regulation Z, which implements the TILA, so the loans also are called "Section 32 Mortgages."

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The Identity Theft and Assumption Deterrence Act was enacted by Congress in October 1998 and is the federal law directed at identity theft. The Act makes it a federal crime when someone: "knowingly transfers or uses, without lawful authority, a means of identification of another person with the intent to commit, or to aid or abet, any unlawful activity that constitutes a violation of federal law, or that constitutes a felony under any applicable state or local law."

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The Truth in Lending Act is federal law which sets minimum standards for the information which a creditor must provide in an installment credit contract. The amount being financed, the amount of the required minimum monthly payment, the total number of monthly payments, and the APR must all be provided to the debtor prior to entering into the consumer credit contract.

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