Considering that there are about 30.2 million small businesses in the United States, how many do you think actually have solid and legal practices? While we want to assume the best about others, that’s not always the case, especially in business.
What do you do if there’s a lie or something isn’t right in a business? As a consumer, you need and deserve certain protections. Read on to explore the benefits of consumer protection laws today.
1. Why Is Consumer Protection Important?
When it comes to protecting yourself such as using the Financial Justice Now cash app theft, they’re in a place in order for you to receive unbiased and accurate information. This means that a business can’t mislead or mistreat you for their gain. Consumer protection acts are there to protect you as the consumer and hold businesses accountable.
2. Consumer Warranties
When it comes to the consumer protection agency, there are service and warranty protection. Under warranties, there are a couple of different types.
There’s first the implied warranty. These warranties are for the sale of used and new goods. Retailers are promising that the item that you buy will be of good quality and will work for its intended purpose.
An express warranty is a promise from the seller that can be in an ad, oral, written, etc. It’s when an item or service is supposed to perform an action for a specified period of time. Not all items fall under an express warranty.
When you buy an item, it’s a good idea to receive the specifics in writing. Find out what’s included in the warranty.
If it needs to be repaired, find out if you’ll need to pay a service fee. Find out how long the warranty is good for as well. The time period that the warranty can last varies from state to state.
3. Scam Protection
In order to avoid scams, it’s a good idea to use credit cards instead of debit cards. This is because debit cards don’t offer as many protections when it comes to online shopping. Companies might be able to see your savings or checking account with this information.
If there’s an issue with a purchase, you can contact the creditor regarding the item. Reach out to your card company if you think that there has been a fraudulent purchase.
It’s a good idea to use a separate email account for your online shopping. This is an added protection against spam. Don’t click on emails asking you to confirm transactions either.
Remember that you have protections that fall under the Fair Credit Billing Act. If there’s a dispute, that means that you have the right to withhold the payment.
In order to enact this, there must be a notification and explanation to the card issuer within 2 months of the bill in writing. The credit card issuer needs to state that they receive it within a month to resolve the issue within a few months.
4. Fair Credit Reporting Act
If you’re refused credit because of information that appears in a credit bureau report, you have to be given a summary of the information. It’ll include the recipients and sources of the information. You also need to be given the option to correct any errors.
If there’s a credit investigation, they need to let you know about that as well. You also need to be supplied with the names of the people who will receive the report.
For information that’s misleading or inaccurate, it has to be removed from the credit report. You also have the right to add a statement regarding this.
5. Debt Collection Protection
You have protections against the unfair treatment by debt collectors. They’re not allowed to contact 3rd parties about the payment of the debt.
They also can’t contact you after a notice that you’re refusing to pay. Debt collectors can’t use intimidating or harassing behavior toward you either.
Unusual or inconvenient times aren’t allowed either. If you have an attorney then they can’t reach out to you.
6. Identity Protection
Protecting yourself mostly falls under your responsibility. In order to protect yourself, never click on links in emails.
Use security software and virus protection on your computer. Don’t type in private information on a public computer. Place your information on the National Do Not Call Registry in order to limit how many phone calls you receive that are spam.
7. Online Protection Laws
There’s the Restore Online Shoppers’ Confidence Act. They can’t sell your data by 3rd party payment processors.
They also can’t use negative option contracts. This is where inaction is taken as an intention to pay for a service. While they can’t prohibit it, they do require that you have informed consent in this process.
8. Mortgage Lending Protection
The consumer protection bureau will protect you against predatory and discriminating lending practices. They can’t discriminate against you in regards to sex, religion, national origin, race, and other categories. It protects you for every aspect of the mortgage application process.
Exploring the Benefits of Consumer Protection Laws
After exploring this guide, you should have a better idea of the benefits of consumer protection laws. If you’re not sure whether or not you’re protected, look up the different laws in your area to see how you’re protected.
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