Article Abstract:
Solutions to credit-related issues that could be the subjects of future legislation can be achieved through consumer education and reforms in the credit industry. One such issue is the marketing of credits to the high school age group. Educating this young-age sector on the proper usage and management of credit will easily erase anxieties about the possible negative effects of targeting the group. One way of imparting education to the consumers is by disclosing loan terms in cardholder agreements. On the issue of debt collection, education and industry reforms are again required to ensure that ethical standards are not violated through unscrupulous methods and that customers voluntarily pay their loans on the set schedule. The credit industry must avoid costly legislative debates, as what happened during sessions on the issue of credit reporting, by cooperating with consumer advocates and other concerned groups.
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Article Abstract:
Congress faces two important pieces of credit legislation during the second session of the 100th Congress. The Senate's S1201 and the House's HR458, both of which would restrict the activities of 'credit repair organizations'. These organizations attempt to help consumers with bad credit histories or poor ratings by 'cleaning up' their files. These efforts are often futile and cost consumers time and money. Both pieces of legislation seek to prohibit credit repair shops from making false or misleading representations about what they can do and to provide consumers with the right to sue. Members of the International Credit Assn strongly support this legislation.
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Article Abstract:
A review is presented of nine bills being considered by the US House of Representatives that affect consumer law. The bills include the Credit Repair Organizations Act; the Fair Credit Reporting Amendments of 1989; the Telemarketing Fraud Prevention Act of 1989; and the Automated Telephone Solicitation Protection Act of 1989.
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