Federal and State laws grant you and enforce some basic rights when applying for Credit and Loans. Read below for our top 11 list of things every consumer should know

• You have the right to shop for the best loan available to you and compare the charges of different lenders.

• You have the right to be informed about the total cost of your loan, including the interest rate and other fees.

• You have the right to have a clear understanding of the terms and total cost of credit. Disclosures setting forth the key credit terms must be provided to you in a form you can keep before you are bound to a credit transaction.

• You have the right not to be discriminated against in connection with a credit transaction-either refused credit or charged more for credit–based on race, color, religion, national origin, gender, marital status, or age; because your income derives from any public assistance program; or because you have exercised in good faith your rights under any title of the federal Consumer Credit Protection Act. The Consumer Credit Protection Act includes the Truth in Lending Act, Consumer Leasing Act, Fair Credit Reporting Act, Equal Credit Opportunity Act, Fair Debt Collection Practices Act, and Credit Repair Organizations Act.

• You have the right to have your performance on credit obligations reported accurately by credit bureaus if it is reported at all. Contrary to popular belief, there is no legal requirement that creditors report to credit bureaus unless they promise you to do so in a contract.

• You have the right to be informed if the information in your credit file has been used against you, to either deny credit or insurance or increase the cost of credit or insurance. This is done by means of what is generally called an adverse-action notice.

• You have the right to know what is in your credit file and to receive a free credit report from each consumer-reporting agency (credit bureau) once per year.

• You have the right to ask for your credit score.

• You have the right to dispute incomplete, inaccurate, or obsolete information in your credit file.

• You have the right to have your credit file used only for specified” permissible purposes,” such as to review or collect an account or to evaluate a request for credit. (Although the written permission of the subject of the report is a permissible purpose, it is- contrary to popular belief-not necessary to obtain written permission if another permissible purpose exists, such as a request for credit.)

• You have the right not to be subject to deceptive marketing, servicing, and collection tactics regarding credit.

Contact us any time for a free consultation if you have any questions or would like more information.

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