Financial Education at a Glance
What to Expect from the Credit Card Act of 2009
| The Credit Card Act of 2009 officially took effect in August of last year, however, the bulk of the new rules for credit card companies will take effect this February. Here are some changes you can expect to see from your creditors.
· Creditors will now be required to mail statements and bills at least 21 days before their due date, previously only 14 days was required. · Creditors will also be required to extend a 45 day advance notice to consumers regarding any interest rate or fees changes., previously only a 15 day notice was required. · Similarly, credit card companies will not be allowed to increase interest rates or fees without warning if a consumer misses a payment or |
· exceeds their credit limit. More disclosure rules and regulations will take effect this July. Consumers should vigilantly check their creditor statements to be aware of any changes that may affect their accounts. Consumers should also check to see that statements and bills are arriving at least 21 days before their due date.
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Special Announcement!
Credit and Debt Assistance Center is holding two educational seminars in February and March! Each seminar will cover topics such as budgeting, credit cards, and savings and retirement planning.
When: February 27, 10am-12 March 3, 7pm-9 Where: Las Positas Community College Chabot Community College The seminars are part of the community education programs sponsored by the Chabot-Las Positas Community College District. If you would like to attend or
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Tips For Monitoring Your Credit Score and Credit Report
| Here are a few things you can do to make sure your credit report and credit score are fair and accurate.
· Request your free credit report once a year from www.annualcreditreport.com, avoid websites like freecreditreport.com. · You are entitled to one free credit report each year from each of the |
three credit reporting agencies, Equifax, TransUnion, and Experian.
· Higher credit scores mean lower interest rates. · Many employers will take a credit report into consideration when deciding whether or not to hire a job candidate. · Be sure to report any |
· errors you find on your credit report to the agency you received the credit report from. |
