Glossary

Glossary definitions provided in part by the Jump$tart Coalition for Personal Financial Literacy.

Fair and Accurate Credit Transactions Act (FACT Act): A federal law that gives consumers more ways to recover their credit reputations after they have been victims of identity theft, and allows consumers to request one free copy of their credit reports from the major credit reporting agencies each year.

Fair Credit and Charge Card Disclosure Act: A part of the Truth in Lending Act that mandates a description of key features and costs- such as APR, grace period, balance calculation, annual fees, and penalty fees-on credit card applications.

Fair Credit and Charge Card Disclosure Act (1989): A part of the Truth in Lending Act that mandates a box on a credit card applications that describes key features and costs (i.e., APR, grace period for purchases, minimum finance charge, balance calculation method, annual fees, transaction fees for cash advances, and penalty fees such as over the limit fees and late payment fees.)

Fair Credit Billing Act: A federal law that addresses billing problems with open-end credit accounts by requiring, for example, that consumers send a written error notice within 60 days of receiving the first bill containing the error, and preventing creditors from damaging a consumer's credit rating during a pending dispute.

Fair Credit Billing Act (1975): Federal law that covers credit card billing problems. It applies to all open-end credit accounts (e.g., credit cards, overdraft checking). States those consumers should send a written billing error notice to the creditor within 60 days (after receipt of first bill containing an error); creditor must acknowledge in 30 days; creditor must investigate; and creditor may not damage a consumer's credit rating while a dispute is pending.

Fair Credit Reporting Act: A federal law that covers the reporting of debt repayment information, requiring, for example, the removal of certain information after seven or ten years, and giving consumers the right to know what is in their credit reports, to dispute inaccurate information, and to add a brief statement explaining accurate negative information.

Fair Credit Reporting Act (1971): Federal law that covers the reporting of debt repayment information. It establishes when a credit reporting agency may provide a report to someone; states that obsolete information must be taken off (7 to 10 years); gives consumers the right to know what is in their credit report; requires that both a credit bureau and information provider (e.g., department store) have an obligation to correct incorrect information; gives consumers the right to dispute inaccurate information and add a 100-word statement to their report to explain accurate negative information; and gives consumers the right to know what credit bureau provided a report when they are turned down for credit.

Fair Debt Collection Practices Act: A federal law that prohibits debt collectors from engaging in unfair, deceptive, or abusive practices, such as calling consumers at work after being told not to.

Fair Debt Collection Practices Act (1978): Federal law that prohibits debt collectors from engaging in unfair, deceptive, or abusive practices when collecting debts. Collectors must send a written notice telling the amount owed and name of the creditor; collector may not contact consumer if he or she disputes in writing within 30 days (unless collector furnished proof of the debt); collectors must identify themselves on the phone and can call only between 8 a.m. and 9 p.m. unless a consumer agrees to another time; and collectors cannot call consumers at work if they are told not to.

Federal Deposit Insurance Corporation (FDIC): A federal agency that insures deposits in banks.

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