Your Credit Rights

Accel Members Financial Counseling Article

Do you know your credit rights? Here are three:

Truth in Lending Act

  • Mandates the disclosure of cost requirements for the annual percentage rate and the finance charges
  • Requires that loan terms and conditions are clearly communicated
  • Regulates how credit terms are advertised
  • Prohibits sending un-requested credit cards by card issuers

Fair Credit Reporting Act

  • Requires the disclosure of the name and address of any consumer reporting agency that provides credit reports used to deny credit, insurance, or employment
  • Provides the consumer with the right to know what is in his/her file, have incorrect information investigated, and allows the consumer to include a 100 word statement in the file explaining the financial situation
  • Specifies the consumer be notified when an investigation or information request is made of their credit file
  • Limits the time credit information may be maintained in a file

Equal Credit Opportunity Act

  • Prohibits creditors from discriminating against credit applicants based on sex, race, marital status, national origin, religion, age, or the receipt of public assistance
  • Prohibits requiring re-application for existing credit due to a change in marital status

As a member of Coastal, you can take advantage of the Accel program, a free financial education and counseling program. Accel counselors are available Monday through Thursday 8 a.m. to 10 p.m. (EST), Friday 8 a.m. to 7 p.m. and Saturday from 9 a.m. to 1 p.m. To use this new service, simply call (877) 33ACCEL (332-2235) or visit them on the web at www.accelservices.org .

Coastal Federal Credit Union — Simply Brighter.