As a consumer, it can feel like the companies you interact with on a daily basis run the world, which can leave you frustrated. However, it’s important to understand that there are several laws and protections in place to shield you from unfair business practices. As such, understanding the laws in place is critical to ensure you can fight against any violations that occur. The following blog explores some of the most important consumer protection laws in place as well as the importance of working with an Arroyo Grande consumer lawyer if you are subject to violations or other prohibited behavior by a business.
What Are the Major Consumer Protection Laws In Place?
Generally, one of the most important consumer protection laws in place affects the credit reports of all consumers. The Fair Credit Reporting Act (FCRA) mandates accuracy and privacy when it comes to consumer credit reports. As such, reporting agencies and credit furnishers must provide correct information and allow consumers to dispute any errors or inaccuracies in the reports. Additionally, this law limits who can access your report to protect your financial history.
Additionally, the Truth in Lending Act (TILA) was created as a means of ensuring that consumers receive full transparency regarding loans. Unfortunately, many lenders were utilizing deceptive and unfair business practices to trick consumers into paying hidden fees and higher annual percentage rates than what was advertised. As such, this law requires lenders to provide an overview of all the important information regarding the loan, as well as the right to cancel the agreement within 72 hours without penalty. This act gives consumers the right to shop for loans, promoting a stable economy.
One of the most important consumer protection laws in place, however, applies to those who are in debt. Unfortunately, many debtors assume there are no protections in place for them, which is far from the truth. In reality, the Fair Debt Collection Practices Act (FDCPA) regulates how third-party collectors can interact with those who owe a debt. This prohibits collectors from engaging in unfair, abusive, harassing, or manipulative behaviors.
What Can I Do if My Rights Are Violated?
If your rights as a consumer are violated, it’s important to understand that you have rights. Generally, when your rights are violated, the most important thing you can do is document the violation. For example, if you discover that you were charged hidden fees that were not disclosed in your loan agreement, you should obtain a copy of the bill showing the fees as well as your loan agreement. If you are being harassed by a collector, you can take a screenshot of your call log showing several repeated calls in a short period.
Next, you can file a complaint with the agency responsible for enforcing the laws. Typically, this is either the Consumer Financial Protection Bureau or the Federal Trade Commission.
Finally, you should consider connecting with an experienced consumer defense attorney. Unfortunately, many are unaware of the financial impact that violations of these laws can have. You may be denied loans, experience increased interest rates, and even face non-economic damages like humiliation or mental anguish as a result. If your rights were violated by a company, you should discuss your legal options with an experienced attorney from Loker Law, APC. Our dedicated legal team understands the impacts of these matters, which is why we will do everything in our power to help you fight for the justice you deserve. When you need help, contact us today to learn how we can fight for you.
