Credit Card Act of 2009 Changes Rules for Credit Card Disclosures

In May of 2009, President Barack Obama signed the Credit Card Act of 2009, also known as the Credit Card Accountability, Responsibility, and Disclosure Act. This legislation, which took effect in February 2010, is intended to protect consumers from unethical practices by major banks and credit card companies.

The principles set forth in this long-term credit card industry reform include:

• That credit card disclosures and statements must be written in plain language that is in plain sight
• That there will be no unfair rate increases or unfair "fee traps"
• That people can shop for a credit card without the fear of being taken advantage of
• That there is accountability for both credit card issuers and regulators in order to prevent unfair practices and to enforce protections

If when reviewing your credit card disclosures you find that any of these principles have been violated, you may have cause for legal recourse. You should first call the credit card company to clarify any confusion, and if you still feel that something is wrong, you can contact an attorney to find out if your rights as a consumer have been violated.

To learn more about what to watch for when looking at your credit card disclosure, read our article, Pay Close Attention to Your Credit Card Disclosures.

The attorneys at Phillips & Garcia will fight for your rights in your credit card class action lawsuit. We are committed to protecting your best interests and helping you collect the damages you need and deserve to move on with your life. If you have been treated unfairly by your credit card company, contact Phillips & Garcia today to schedule your FREE legal consultation - (877) 892-5620.