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WHAT DOES TALE RIS CREDIT UNION DO WITH YOUR PERSONAL INFORMATION? Revised 08/19/2019Why? Financial companies choose how they share your personal information. Federal law gives consumers the right
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Federal laws that give consumers rights typically include statutes like the Truth in Lending Act, the Fair Credit Reporting Act, and the Fair Debt Collection Practices Act, which aim to protect consumers in their transactions and interactions with financial institutions and creditors.
Entities such as lenders, credit reporting agencies, and debt collectors are required to comply with these federal laws by providing necessary disclosures and ensuring fair practices.
To comply with federal consumer laws, entities must provide accurate and clear disclosures, follow prescribed formats for documents, and ensure that all required information is presented to consumers in an understandable manner.
The purpose of these laws is to protect consumers from unfair, deceptive, or abusive practices related to credit, lending, and financial transactions, ensuring they have access to essential information and fair treatment.
Entities must report information such as loan terms, interest rates, fees, the consumer's credit history, and any other relevant details that affect the consumer’s financial obligations and rights.
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