By: Akanksha A. Panicker
Consumer protection laws are set up just to prevent the consumer from having their rights infringed upon. In an age where information about any individual is open to the internet sphere, the ability of creditors to gather financial data about a consumer is a worrying idea to contemplate.
Credit protection- as one of the many forms of consumer protection- is thus extremely important. The credit protection efforts mostly work to shield consumers from any practice that might harm a consumer’s ability to obtain future credit, typically by preventing practices that might unfairly result in an adverse impact on the consumer’s credit score. Federal laws restrict the information that can be used to determine a consumer’s creditworthiness, and it can be traced back to the Consumer Credit Protection Act of 1968.