To help you understand these laws, we’ve read through the words of our founding (credit) fathers to pull together your rights, thematically, as a bill of credit rights.
Read on for an overview of your rights under current credit card law.
Thanks to these laws, everyone has the right to one free credit report from each of the three main credit bureaus each year through Annual Credit
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Creditors can also ask about public assistance if that’s part of how an applicant will repay their credit.
Once you know that you can open a line of credit, the question becomes how to know which credit card to choose.
This deters people from always paying the minimum and racking up debt.
Once you’ve chosen your card using accurate information and you have it in hand, the next right you might need is assurance you won’t be penalized for billing mistakes.
Fixing billing errors has an immediate impact on one’s wallet, but similar mistakes can really damage your credit.
The Fair Credit Reporting Act (1970) and its amendment, the Fair and Accurate Credit Transactions Act (2003), give consumers the right to accurate credit reports and provide a pathway to fixing one’s credit reports.Because of the prevalence of identity theft, protections have recently been extended further to allow consumers to freeze their credit for free.These laws also limit how long a credit mistake can stay on your credit reports.You also have the right to dispute the application decision after you receive the reason.It’s worth noting that issuers can still ask questions about your age, marital status and other information. For example, creditors can ask the applicant’s age to determine if they are old enough to open a credit account.We’ve written about the history of credit cards and credit history, but now we’re diving into your credit card rights.