Types

• The major pieces of legislation that have become laws relating to consumer credit have been: Fair Credit Reporting Act and the Fair Credit Billing Act, as well as the Fair Debt Collections Act.
  
  

Function

• These acts outline what goes into your credit report and who has a right to see it, the rights you have when it comes to debt collectors seeking your credit debt, and the rules and regulations pertaining to credit card and loan billing.
  
  

Significance

• These laws have significantly changed the consumer credit landscape by giving credit card companies and loan agencies accountability for the practices and protection to the consumer.
  
  

Effects

• The effects of a credit card or loan agency breaking any of these consumer credit acts include: opening them up for civil litigation by the clients as well as fines and an investigation by the Federal Trade Commission.
  
  

Considerations

• These are important laws that every consumer should be familiar with before making a complaint against a credit agency or loan organization. They spell out your rights as a consumer and what you can do if those rights are violated.