Future Business Leaders of America (FBLA) Personal Finance Practice Test

Which of the following is NOT a Consumer Credit Protection Law?

1. Truth in Lending Act

2. Equal Credit Billing and Reporting Act

3. Fair Credit Reporting Act

4. Credit Card Accountability Act

The correct answer is: Equal Credit Billing and Reporting Act

The Equal Credit Billing and Reporting Act is, in fact, a consumer credit protection law designed to promote fairness and accuracy in billing and credit reporting. It ensures that consumers receive accurate and timely information regarding their credit and billing statements, allowing them to dispute any inaccuracies and protect their rights in credit transactions. On the other hand, the Truth in Lending Act, the Fair Credit Reporting Act, and the Credit Card Accountability Act are all legislations aimed at safeguarding consumer rights regarding credit. The Truth in Lending Act requires clear disclosure of credit terms and costs, the Fair Credit Reporting Act promotes the accuracy of credit information and the right of consumers to access their credit reports, and the Credit Card Accountability Act establishes rules to protect consumers from unfair credit card practices. Understanding the distinctions among these laws is crucial for recognizing how they serve to protect consumers in their financial dealings.