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Consumer News & Articles & Sample Forms For Consumers

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Some Common Questions Consumers Ask

What do the 2010 Credit CARD Act Rules mean for me?

Some of the primary changes include:

  • Credit card companies can no longer jack up the interest rate of your existing balance unless you have a variable rate, a promotional rate, or are more than 60 days late. (Note, this does not apply to new purchases)
  • You now have to opt-in for credit card companies to be permitted to charge over the limit fees. And even then, the number of over the limit fees are limited.
  • In most cases, when you pay more than the minimum due, the credit card company must apply the excess to the highest balance first.
  • Protection for consumers under 21 years old, by requiring a co-signor or information that shows they are able to repay on their own.

Is there a place to get a free copy of my credit report, that is actually free?

Yes! Federal law requires that the major credit bureaus (Experian, Equifax, and Trans Union) provide you with a FREE copy of your credit report one each year. The place to go is www.annualcreditreport.com. Ignore all the pop-ads and go right to your report. Attorney Jamison highly suggests that you obtain your free report by mail. Yes, it will take a little longer, but if you ultimately have to pursue legal recourse, it is the preferred method amongst consumer advocates.

Review your report carefully for any errors that may prevent your access to favorable credit terms, employment or insurance. If you find any errors, contact our office for a consultation to learn steps that you may take to fix the error.

Please bookmark the JAMISON LAW site and continue to check back as JAMISON LAW updates this page. If you have a question you would like see answered on our site, please contact JAMISON LAW.

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