Stimulus checks: What consumers should consider doing with the money
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The Consumer Credit Protection Act is a key protection for consumers. Bankrate explains it.
The Consumer Credit Protection Act (CCPA) is a piece of federal legislation that puts in place consumer protections against lenders. Passed in 1968, the law requires lenders to explain the actual cost of borrowing money in terms the consumer understands. The CCPA includes several important laws, including the Truth in Lending Act, Fair Credit Reporting Act, and Fair Debt Collection Practices Act.
The CCPA was the first federal consumer protection legislation, and it contains several laws regulating specific aspects of the lending industry. Title I of the act outlines how lenders explain loan terms to borrowers. Title III provides federal guidelines for wage garnishments. Title VI contains guidelines for credit reporting agencies.
These rights include the following:
The FCRA also specifies protections for victims of identity theft and active-duty military personnel. These protections include the right to ask for fraud alerts on files that let creditors know of a potential identity theft, the right to a free copy of all the information contained in the credit file plus any documents relating to fraudulent transactions, and the right to ask reporting agencies to remove information related to fraudulent transactions.
Borrowers see one of the effects of the CCPA each time they apply for a loan. The lender must give them a Federal Truth in Lending Disclosure Statement that clearly states the annual percentage rate for the loan, the finance charge, the amount financed with the loan, and the total amount that the borrower pays at the end of the loan. This disclosure also shows the exact amount of the monthly payments for the duration of the loan.
Are you taking advantage of your rights under the CCPA and comparing different lenders’ mortgage loan terms? Use Bankrate’s mortgage calculators to check your options and find the right loan for your financial situation.