Thursday, August 6, 2009

Borrowers Protection Laws Part III

As a continuation from the past two weeks, I would like to add more Borrower Protection Laws.

Here are three:

The Fair Credit Reporting Act
The Fair Credit Reporting Act (FCRA) is a major piece of legislation first enacted by Congress in 1970, and has been amended on numerous occasions. The law is designed to protect consumers against inaccurate or misleading information reported to and maintained by credit reporting agencies. It requires credit reporting agencies to provide consumers with an opportunity to correct errors on their credit reports.

The Fair Debt Collection Practices Act
The FDCPA prohibits abusive debt-collection practices employed by third party debt collectors, such as collection agencies, and imposes significant penalties against violators.

The Fair Housing Act

This 1968 law prohibits discrimination in the extension of credit for housing, such as mortgages, on the basis of race, color, religion, national origin, sex, handicap, or family status.