Getting the most out of your hard-earned money involves knowing your rights as a consumer.
You must understand what you’re entitled to and what to do if those rights are violated. That means familiarizing yourself with consumer protection laws in the United States.
Here’s a look at five of the most vital consumer protection laws on the books.
1. Consumer Warranties
When buying a big-ticket item, you should focus on the warranty as much as the features and price point. Don’t assume that all warranties are more or less the same. They can differ in duration and what they cover. For instance, some warranties cover labor and parts, while others might cover parts but not labor. So, read the fine print before signing on the bottom line.
On the one hand, you need to know about express warranties. They are automatic upon purchasing a product. Specifically, express warranties stipulate that the product will function as intended. On the other hand, you need to know about implied warranties. They state that the product will work well if used as intended. Case in point: A dishwashing machine will, based on this kind of warranty, function well for washing dishes, pots, and cutlery. But the warranty won’t apply if you use a dishwasher to, for instance, wash sneakers or bed linens.
2. Dodd-Frank Act
The Dodd-Frank Act relates to how banks and financial institutions treat their customers. It was a firm response to the 2008 financial crisis, which was a horrible period by all accounts. Banks that are too big to fail can be broken up at the discretion of the Financial Stability Oversight Council.
Due to the Dodd-Frank Act, the Consumer Financial Protection Bureau regulates, among other things, subprime mortgages. So, this law affords many vital protections for consumers.
3. Fair Credit Reporting Act
Another consumer protection law to know about is the Fair Credit Reporting Act, which became law in 1970. It safeguards the data collected by consumer reporting bodies, tenant screening companies, or medical information entities. While the Fair Credit Reporting Act is often used to set rates for lending or mortgages, it prevents lenders from disseminating outdated and wrong data. It also governs who can and can’t access consumer credit history information. As a consumer, you can access your own credit reports and dispute inaccurate data.
4. The Fair Debt Collection Practices Act
If you’ve ever faced abusive debt collection agencies, you know how unpleasant the encounters can be. The Fair Debt Collection Practices Act provides a code of conduct governing how debt collection companies treat the people they’re seeking to collect debts from. Debt collection bodies can’t use abusive, dishonest, or unfair measures to collect debts. For instance, they can’t contact you before 8 am or after 9 pm.
5. The CAN-SPAM Act
The Controlling the Assault of Non-Solicited Pornography And Marketing Act of 2003 is legislation that covers email communication. People sending commercial emails must avoid erroneous or misleading subject lines and provide information to opt out of getting more messages. There are penalties for breaching the rules to protect your rights as a consumer.
These are some of the consumer protection laws that you should be aware of as a consumer. While these laws are there to safeguard your rights, they are sometimes violated. If that’s the case in your situation and you’re having trouble getting anyone to help you, it might be time to speak with a lawyer at a consumer protection law firm. A legal professional will consider the facts concerning your case, recommend a course of action, and help you get a favorable outcome.
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