It’s always best to stay educated and informed.
Brush up on your credit law education using the resources below.

Federal Trade Commission’s guide to the Sherman Act, Federal Trade Commission Act, Clayton Act, and the Robinson-Patman Act (pdf)

  • The Sherman Act of 1890 was designed to prevent monopolies and unfair restraints of trade.
  • The Clayton Act of 1914 was designed to amend the Sherman Act and fix its broad language.
  • The Robinson-Patman Act of 1936 forbids price discrimination where the effect of such price discrimination is to substantially reduce competition or to create a monopoly.

Fair Credit Reporting Act (pdf)

The purpose of this act is to require consumer reporting agencies to adopt reasonable procedures for meeting the needs of    consumer credit, personnel (employment), insurance and other information that is fair and equitable to consumers.

Fair Debt Collection Practices Act

This is more commonly known as FDCPA, the Act was created to make fair laws for the benefit of debtors when a creditor attempts to recover debts.

Common FDCPA Prohibititions include:

  • Misrepresenting the character or amount of a debt
  • Threatening to take action prohibited by law
  • Threatening to take action that is not intended to be taken
  • Using profane, obscene or abusive language
  • Making repeated calls for the purpose of harassment
  • Reporting a disputed debt to a credit bureau without disclosing that it is disputed
  • Reporting a “stale” debt to a credit bureau
  • Suing or threatening to file suit on a time-barred debt
  • Communicating improperly with a third party
  • Communicating with a consumer who is known to be represented by an attorney
  • Communicating with a consumer at improper hours or at a time or place known to be inconvenient
  • Filing suit in an improper venue
  • Using any sort of false representations or deceptive means to collect a debt

Truth in Lending Act (TILA)

In an effort to protect and educate consumer, this Act and its companion Regulation Z, mandate sellers of credit to disclose certain information when offering credit.  Such information allows consumers to know exactly what interest rates, finance charges and fees will apply before accepting such credit.

Equal Credit Opportunity Act (ECOA)(pdf)

The purpose of this regulation is to promote the availabilty of credit  to all creditworthy applicants without regard to race, color, religion, national origin, sex, marital status or age (provided the applicant has the capacity to contract); to the fact that all or part of the applicant’s income derives from a public assistance program or to the fact that the applicant has, in good faith, exercised any right under the Consumer Credit Protection Act.

E-Sign Act (pdf)

Effective October 1, 2000, this act permits a party to accept an e-signature to form a binding contract.  An e-signature is an electronic or digital signature created through fingerprint readers, stylus pads or encrypted smart cards.

Unclaimed Property Law (Escheatment)

Unclaimed property is tangible or intangible property owed to a person or entity (“owner”), yet held by another (“holder”).