We use credit today to have the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future. With credit cards comes laws that must be followed through so that the opportunity of a credit card is not taken advantage of. The two main credit laws are the Equal Credit Opportunity Act and Fair Credit Reporting Act.
EQUAL CREDIT OPPORTUNITY ACT:
The Equal Opportunity Act was developed so that anyone is entitled to credit and cannot be discriminated based on the basis of race, color, religion, national origin, sex, marital status, or age. It is an excellent way to allow anyone to have the privilege of having money at their own convenience. The only reason someone would not be allowed to obtain credit is if they were known to have a bad history in their previous credit history.
FAIR CREDIT REPORTING ACT:
To create the base of peoples credit card rights, the Fair Credit Reporting Act was created to do just that. This was made so that people are entitled to argue that any information that may be misleading on their credit information can be corrected or discarded immediately. Its intention is to protect consumers as well as help them to stay on track of all their transactions made with the card. And so the ability is not abused, people are given one free report of their credit every year.
Sources:
http://en.wikipedia.org/wiki/Fair_Credit_Reporting_Act
http://en.wikipedia.org/wiki/Equal_Credit_Opportunity_Act
WATCH THE VIDEO BELOW TO KNOW MORE ABOUT "PLASTIC MONEY"
EQUAL CREDIT OPPORTUNITY ACT:
The Equal Opportunity Act was developed so that anyone is entitled to credit and cannot be discriminated based on the basis of race, color, religion, national origin, sex, marital status, or age. It is an excellent way to allow anyone to have the privilege of having money at their own convenience. The only reason someone would not be allowed to obtain credit is if they were known to have a bad history in their previous credit history.
FAIR CREDIT REPORTING ACT:
To create the base of peoples credit card rights, the Fair Credit Reporting Act was created to do just that. This was made so that people are entitled to argue that any information that may be misleading on their credit information can be corrected or discarded immediately. Its intention is to protect consumers as well as help them to stay on track of all their transactions made with the card. And so the ability is not abused, people are given one free report of their credit every year.
Sources:
http://en.wikipedia.org/wiki/Fair_Credit_Reporting_Act
http://en.wikipedia.org/wiki/Equal_Credit_Opportunity_Act
WATCH THE VIDEO BELOW TO KNOW MORE ABOUT "PLASTIC MONEY"