More For Your Money - University of Illinois Extension
http://MoreForYourMoney.extension.uiuc.edu
Creditor Guidelines
Under the law, there are certain things that a potential creditor may and may not ask. A creditor may not:
- Ask about childbearing intentions.
- Ask about race, creed, color, national origin, or sex, except when it is required to do so by a government agency.
- Discourage applicants from applying for credit because of sex or marital status.
- Discourage women from applying for their own individual accounts.
A creditor may request information about a spouse only if:
- A couple is jointly applying for credit or the spouse will be an authorized buyer on the account.
- The applicant is relying on community property or a spouse’s income for credit worthiness.
All creditors are required by the Truth-in-Lending Act to state the cost of their credit to consumers.
To learn more about the credit protection laws, explore these websites:
- Equal Credit Opportunity Act - All consumers must be given an equal chance to obtain credit.
http://www.ftc.gov/bcp/conline/pubs/credit/ecoa.htm
- Fair Debt Collection Practices Act –Debt collectors must treat you fairly and limits how they can collect the debt.
http://www.ftc.gov/bcp/conline/pubs/credit/fdc.htm
- Truth in Lending Act- Lenders must tell you the cost of credit.
- Fair Credit Billing Act – Sets rules for fixing mistakes on credit bills and electronic fund transfer account statements.
