Your credit card rights

In today’s economic environment, you may find it more difficult to obtain credit or to work with your credit card lender if you get behind on payments. It’s important to remember that there are several laws that protect consumers when it comes to their credit card accounts.

If a lender denies your request for a credit card, they must indicate you specifically why you were turned down or tell you how to get this information. When the denial is based on information in your credit report, you're entitled to a free copy of the report from the credit bureau that issued it. Be sure to get the report and look for errors. If you find errors, dispute them. Then contact the lender to let them know about the mistakes.

The Fair Credit Reporting Act (FCRA) protects your right to know what information is in your credit report and sets up procedures to make sure that credit reporting agencies or credit bureaus provide correct information about your financial situation. The Equal Credit Opportunity Act (ECOA) enforces guides to make sure you won't be discriminated against because of your gender, race, marital status, or age when you apply for credit.

The Fair Credit Billing Act (FCBA) offers protection against billing errors. It also helps limit your liability for goods or services purchased if your card is stolen. The law also can help you reverse the charges of inferior products or services you bought with your credit card. The Fair Debt Collection Practices Act (FDCPA) outlines what tactics collection agents may and may not use to collect a debt Be sure to review these laws to make sure that your credit card company is following them.

If you think your rights as a consumer have been violated, try to work it out with your creditor first. If that is impossible, file a complaint with the Federal Trade Commission (FTC), or contact the attorney general’s office in your state.