Know your rights

Lady justice

Understanding the four major laws are your key weapons against unfair creditors and collectors. That way, if any of the credit bureaus or creditors start getting cute, you can set them straight fast. The good news is you don't have to go to law school to get a handle on these regulations. Here is a rundown of the four most important consumer credit protection laws and how to use them.

The Fair Credit Reporting Act

The Fair Credit Reporting Act is designed to help ensure that credit bureaus furnish correct and complete information to businesses to use when evaluating your application.

Your rights under the Fair Credit Reporting Act:


Equal Credit Opportunity Act




Your rights under the Equal Credit Opportunity Act:


The Fair Credit Billing Act



  • Charges or electronic fund transfers that you - or anyone you have authorized to use your account - have not made.
  • Computation or similar errors.


The Fair Debt Collection Practices Act

You are responsible for your debts. If you fall behind in paying your creditors or an error is made on your account, you may be contacted by a "debt collector." A debt collector is any person, other than the creditor, who regularly collects debts owed to others. This includes lawyers who collect debts on a regular basis. You have the right to be treated fairly by debt collectors.


Your rights under the Fair Debt Collection Practices Act:

  • Debt collectors must identify themselves to you on the phone.
  • Debt collectors must stop contacting you if you ask them to in writing.


These four laws (and others) were passed in order to protect you and your good name. Even if you technically owe the money, if the creditor doesn't play by the rules, you can use these laws to get them off your back. Take a little time to review how these laws work in your favor and let your creditor know that you know. If that doesn't get them to back off, you may want to use the assistance of experienced professionals that know exactly what to do in these situations.

Estimate your FICO Score range


740 - 790
Estimate for Free
