The Federal Trade Commission has jurisdiction to enforce many laws which regulate credit cards, including the following:
- The Fair Credit Reporting Act, which ensures the accuracy and privacy of information kept by credit bureaus and other consumer reporting agencies, and gives consumers the right to know what information these entities are distributing about them to creditors, insurance companies and employers;
- The Gramm-Leach-Bliley Act, which requires financial institutions to provide notice to consumers about their information practices, and to give consumers an opportunity to direct that their personal information not be shared with non-affiliated third parties;
- The Truth in Lending Act, which requires creditors to disclose in writing certain cost information, such as the annual percentage rate (APR), before consumers enter into credit transactions;
- The Fair Debt Collection Practices Act, which prohibits debt collectors from engaging in unfair, deceptive or abusive practices, including over-charging, harassment and disclosing consumers’ debt to third parties; and
- The Equal Credit Opportunity Act, which ensures that all consumers are given an equal chance to obtain credit.
For more information, or to file a complaint, go to http://www.ftc.gov/bcp/consumer.shtm.