Consumer Protection Laws Flashcards
6 cards from real FICEP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Consumer Protection Laws flashcards as text
Under the Fair Debt Collection Practices Act, which action by a debt collector is prohibited?
Answer: Contacting a debtor at their workplace after being told not to
The FDCPA prohibits debt collectors from contacting debtors at their workplace if the collector knows the employer disapproves.
What does the Truth in Lending Act primarily require lenders to disclose?
Answer: The annual percentage rate and total cost of credit
TILA requires lenders to clearly disclose the APR, finance charges, and total cost of credit.
How long does a consumer have to dispute a credit report error under the Fair Credit Reporting Act?
Answer: There is no time limit for filing disputes
The FCRA does not impose a deadline on consumers for disputing inaccurate information on their credit reports.
Which federal law gives consumers the right to one free credit report annually from each major bureau?
Answer: Fair and Accurate Credit Transactions Act
FACTA amended the FCRA to give consumers the right to one free credit report per year from each of the three major bureaus.
Under the Equal Credit Opportunity Act, which factor can a lender NOT use to deny credit?
Answer: Applicant's marital status
ECOA prohibits discrimination based on marital status, along with race, color, religion, national origin, sex, and age.
What remedy does the Fair Credit Billing Act provide for unauthorized credit card charges?
Answer: The consumer can dispute and liability is limited to $50 for unauthorized use
The Fair Credit Billing Act limits consumer liability for unauthorized credit card charges to $50.