What consumer protection laws are available at the federal level?
At the federal level, there are several consumer protection laws that protect against fraud and other illegal acts. The most important of these laws is the Federal Trade Commission Act of 1914. This law gives the Federal Trade Commission (FTC) authority to investigate complaints of unfair or deceptive practices, such as false advertising. The Fair Credit Reporting Act of 1970 provides consumers with the right to access a credit report and dispute information it contains that they believe to be inaccurate. The FTC enforces this law. The Fair Debt Collection Practices Act of 1977 prohibits debt collectors from engaging in abusive or deceptive tactics when they are trying to collect a debt. This law also requires debt collectors to provide a detailed description of the debt and allows consumers to dispute a debt and request verification. The Fair Credit Billing Act of 1974 requires creditors to correct billing errors such as mistakes in the amount billed, incorrect dates, or unauthorized charges. Consumers need to notify the creditor within 60 days of receiving the billing error. The Truth in Lending Act of 1968 requires creditors to give borrowers certain information about their loan, such as the total cost and the Annual Percentage Rate (APR). This information helps borrowers to compare loan offers from different creditors and also allows them to challenge charges they believe to be incorrect. All of these consumer protection laws work together to protect consumers from fraud and unfair practices. They help to ensure that consumers are provided with accurate information and treated fairly by businesses.
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