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Once you have debt, the next important question becomes how payment can be collected.

Early on, Congress realized that allowing lenders to collect payment directly from consumers’ employers encouraged predatory lending. The Consumer Credit Protection Act provides protections against these issues in Title II — Extortionate Credit Collections and Title III — Restrictions on Garnishment.

Creditors can also ask about public assistance if that’s part of how an applicant will repay their credit.

Once you know that you can open a line of credit, the question becomes how to know which credit card to choose.

To help you understand these laws, we’ve read through the words of our founding (credit) fathers to pull together your rights, thematically, as a bill of credit rights.

Read on for an overview of your rights under current credit card law.

Most negative credit events, like late payments, are removed after 7 years.

Discrimination, unfortunately, has a long history of blocking equal access to all kinds of goods and services. In addition to those protections, an applicant cannot be discriminated against for receiving public assistance or for exercising their rights under the Consumer Credit Protection Act. For now, just know that you can’t be penalized for calling out illegal policies.You also have the right to dispute the application decision after you receive the reason.It’s worth noting that issuers can still ask questions about your age, marital status and other information. For example, creditors can ask the applicant’s age to determine if they are old enough to open a credit account.For example, TILA requires that several details about the credit arrangement be disclosed — such as loan amount, APR payment schedule and other fees — and ultimately requires that many of these details be presented in a standardized “Schumer box.” Schumer boxes make it easier to directly compare different credit cards’ terms.Many offers require extra clarification under TILA.

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