consumer credit protection act的意思|示意

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Consumer Credit Protection Act

The Consumer Credit Protection Act (CCPA) is a federal law that was enacted in 1968. The law was created to protect consumers from deceptive and unauthorized practices associated with credit cards and other forms of credit.

The act sets limits on how much of an individual’s wages can be garnished in order to pay down debt. It also sets limits on when creditors can take action against consumers. In addition, it protects consumers from any form of discrimination based on race, religion, national origin, sex, marital status, or age. It also protects consumers from abusive practices such as excessive interest rates or hidden fees.

The CCPA also gives consumers the right to be informed about their credit rating. This means that creditors must provide information about how an individual's credit record affects their ability to obtain credit. The law also requires creditors to provide an explanation of any negative information that is reported to credit bureaus.

Finally, the law requires creditors to provide consumers with a written disclosure of the terms and conditions of any loan or credit card agreement. The disclosure must include the full cost of the loan, the annual percentage rate, and any fees or penalties associated with the loan.

The Consumer Credit Protection Act is an important piece of legislation that was created to ensure that consumers have access to fair and responsible credit. By understanding the law, individuals can ensure that they are protected from any unfair or deceptive practices while they are applying for, and using, credit.