Course Description
It’s important to understand your rights and responsibilities regarding credit whether you’re the consumer or the lender. This course provides you an overview of the Consumer Credit Protection Act, which was passed by Congress in 1968 to outline the rights and responsibilities of consumers and of credit reporting agencies. By the time you finish this course, you’ll know the history of the Credit Consumer Protection Act. You’ll also understand your rights under federal law as a consumer and how to defend yourself against added charges and fees. Finally, you’ll know the federal laws regulating credit reporting with which lending institutions must comply.
Learning Objectives
- Identify your rights and responsibilities as a consumer or as an employee of a lending institution
- Understand how and why federal credit laws are enforced
- Learn how to defend your credit when needed
- Know the basics of the individual acts that make up the Consumer Credit Protection Act
- Define the federal laws with which lending institutions must comply
Skills You Will Learn
- Client Education
- Consumer Debt
- Consumer Lending
- Consumer Protection
- Credit Counseling
- Credit Enhancement
What You'll Learn
- Identify your rights and responsibilities as a consumer or as an employee of a lending institution
- Understand how and why federal credit laws are enforced
- Defend your credit when needed, including against added charges and fees
- Explain the individual acts that make up the Consumer Credit Protection Act, such as the Truth in Lending Act, Fair Credit Billing Act, Fair Credit Reporting Act, Equal Credit Opportunity Act, and Fair Debt Collection Practices Act
- Define the federal laws with which lending institutions must comply
- Describe the history of the Consumer Credit Protection Act
Key Takeaways
- The Consumer Credit Protection Act was passed by Congress in 1968 to outline the rights and responsibilities of consumers and of credit reporting agencies.
- Understanding your rights and responsibilities regarding credit matters whether you are the consumer or the lender.
- Federal law gives consumers rights, including the ability to defend themselves against added charges and fees.
- Lending institutions must comply with federal laws that regulate credit reporting.
- The Consumer Credit Protection Act is made up of individual acts covering lending, billing, credit reporting, credit opportunity, debt collection, and credit card disclosure.
Frequently Asked Questions
Who is this course for?
It is designed for both consumers and employees of lending institutions who want to understand their rights and responsibilities regarding credit.
What does the Consumer Credit Protection Act Series cover?
It provides an overview of the Consumer Credit Protection Act, its history since being passed by Congress in 1968, consumer rights under federal law, how to defend against added charges and fees, and the federal credit-reporting laws lending institutions must comply with.
Which individual laws are covered in this course?
Lessons cover the Truth in Lending Act, Fair Credit Billing Act, Fair Credit Reporting Act, Equal Credit Opportunity Act, Fair Debt Collection Practices Act, and the Credit Card Accountability, Responsibility, and Disclosure Act, among other topics.
What skills will I gain?
The course builds skills in client education, consumer debt, consumer lending, consumer protection, credit counseling, and credit enhancement.
How is the course structured?
It is organized into lessons that begin with a Welcome and CCPA Overview, progress through enforcement and the individual acts, include several Test Your Knowledge checkpoints, and end with a Conclusion.
