Notes

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As a culture, we have become so used to being online that we often give little thought to the people who created the sites we visit. Well, you may not be thinking about site security and personal safety, but others are thinking about it. There are always going to be upstanding, quality online retailers who place a value on your security and safety. Unfortunately, there are many cyber thieves who will happily try and take advantage of you. Review the following resources for ways to shop safely online.

Read the following Acts and be able to identify basic information for each.

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1. Truth in Lending Act

The Truth In Lending Act (TILA) is federal law that sets minimum standards for the information that a creditor must provide in a consumer credit transaction.

The amount being financed.
The amount of the required minimum monthly payment.
The total number of monthly payments.
The APR (annual percentage rate) must all be provided to the debtor prior to entering into the consumer credit contract.
The Truth in Lending Act also regulates the advertising of credit, except for statements made by a salesperson or clerk trying to make the sale (i.e. a used car salesman). This enables you to make accurate comparisons of credit offered.

2. Fair Credit Reporting Act (1970)

The Fair Credit Reporting Act (FCRA) outlines your personal credit report rights.

It requires credit bureaus to report information accurately and to remove or correct credit report information that is outdated or inaccurate.
Under the Fair Credit Reporting Act (FCRA),
you have the right to see the credit history maintained by a credit bureau about you (i.e. seeing your credit report)
under certain conditions they must provide you with a copy of your report free of charge.
3. Fair Credit Billing Act (1974)

The Fair Credit Billing Act (FCBA) is a federal law passed to help customers in resolving disputes with credit card issuers.

The FCBA says a consumer cannot be held liable for more than $50 of fraudulent charges made to your credit card.
However, to be protected, the consumer must dispute the error within 60 days of the date on the bill.
4. Magnuson-Moss Warranty Act

The Magnuson-Moss Warranty Act is a federal law that governs consumer product warranties. Passed by Congress in 1975, the Act requires manufacturers and sellers of consumer products to provide consumers with detailed information about warranty coverage. This way consumers have a way of learning what warranty coverage is offered on a product before they buy it. In addition, it affects both the rights of consumers and the obligations of warrantors under written warranties.

5. Truth in Leasing Act (1992)

The Truth in Leasing Act, also known as Regulation M, sets specific guidelines dealing with leases.

This act applies to all persons who lease "personal property" (movable items, such as automobiles, televisions, etc.) under consumer leases.
The Truth in Leasing Act is designed to ensure that lessees (the person doing the leasing) of personal property receive accurate disclosures of lease terms that enable them to compare lease terms with other leases, and, where appropriate, with credit transactions.
6. Equal Opportunity Act

This Act does not allow race, age or sex to be a factor in granting equal opportunity whether it is housing, credit opportunities or employment.


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Tips for Results

Be sure you identify the problem and a fair way to solve the problem.

Have back-up materials such as a canceled check, warranty, or sales ticket.

Go back to the place you purchased the item and tell them what is wrong and how you want it resolved.

If you do not get results, ask for the supervisor or store manager.

If that does not work, write a letter.

Imagine that you have purchased a new car that is having serious valve problems. You have had the valve problem fixed four times and the car still has the same problem. You have complained, but you have not received any resolution to your problem. To understand your rights as a consumer, follow the instructions below.

Click the link to read a summary of the "State Lemon Law."

Check this URL for further information.

Armed with the above information, the next step would be to write a formal letter of complaint about your car problems including all the pertinent information necessary to ensure your positive resolution of the situation. Read a sample letter. Look over the sample letter carefully. Writing a formal complaint letter will be one of the requirements for your online assessment.