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Congress passed the Consumer Protection Act in part to regulate the consumer credit industry. It requires creditors to disclose credit terms to consumers. The Consumer Protection Act also protects consumers from loan sharks, restricts the garnishing of wages, and established the National Commission on Consumer Finance to investigate the consumer finance industry. Credit card companies and credit reporting agencies are also regulated by the Act. The Act prohibits discrimination based on sex or marital status in the extending of credit. The Act also regulates certain debt collectors.

The Fair Credit Reporting Act is a federal statute, enacted in 1970 to protect the rights of consumers, and regulate the practices of those who provide information to the credit reporting agencies, the agencies themselves and credit report users. The FCRA states that a consumer can make a legal claim against, and sue the credit reporting agencies, creditors and debt collectors who report information that is wrong. The Fair Credit Reporting Act offers specific consumer protections if you have been victimized by the crime of identity theft.


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