TAILIEUCHUNG - Consumer Credit Law & Practice in the U.S.

Tham khảo tài liệu 'consumer credit law & practice in the .', tài chính - ngân hàng, ngân hàng - tín dụng phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | United States of America Federal Trade Commission Compiled by M. Greg Braswell y Elizabeth Chernow . Federal Trade Commission Consumer Credit Law Practice in the 1. Introduction Consumer credit is an important element of the United States economy. A consumer s ability to borrow money easily allows a well-managed economy to function more efficiently and stimulates economic growth. This presentation will discuss some of the features of the . consumer credit system as well as some of the laws which protect consumers in the market for credit. 2. What is Consumer Credit A consumer credit system allows consumers to borrow money or incur debt and to defer repayment of that money over time. Having credit enables consumers to buy goods or assets without having to pay for them in cash at the time of purchase. Having a good credit record means that a person has an established history of paying back 100 of his her debts on time. A person with good credit will be able to borrow money more easily in the future and will be able to borrow money at better terms. On the other hand having a bad credit record means that a person has had difficulty in the past with paying back all of the money he she owes or with making payments on time. Lenders are less likely to loan more money to a person with bad credit making it difficult for that person to buy a car a house or obtain a credit card. Access to credit is a valuable benefit which a person should protect and manage wisely. 3. History of Credit Bureaus Credit Reporting Until World War II most consumer credit was offered by retailers directly to consumers. A retailer s credit relationships were often based on personal familiarity with its customers. There were many small regional credit rating bureaus because consumers were not as mobile and there was less of a need for a nationwide rating system. . credit reporting bureaus started as associations of retailers who shared their customers credit information with each other.

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