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The Consumer Credit Protection Act of 1968 (CCPA) requires creditors to state the cost of borrowing in a common language so that average consumers can figure out what the charges are, compare costs, and shop for the best credit deal.
Since 1968, credit protections have multiplied. Generally, the Act:
The CCPA is currently divided into six subchapters:
Employers will want to focus on Subchapters II and III.
Wage garnishment
Subchapter II of the Act:
Subchapter II applies to all employers and individuals who receive earnings for personal services, including:
Tips are ordinarily not included.
Consumer reports
Subchapter III of the Act, also known as the Fair Credit Reporting Act (FCRA), protects individuals by requiring consumer reporting agencies providing information to adopt procedures that promote:
Subchapter III affects employers and consumer reporting agencies.
The Consumer Credit Protection Act of 1968 (CCPA) requires creditors to state the cost of borrowing in a common language so that average consumers can figure out what the charges are, compare costs, and shop for the best credit deal.
Since 1968, credit protections have multiplied. Generally, the Act:
The CCPA is currently divided into six subchapters:
Employers will want to focus on Subchapters II and III.
Wage garnishment
Subchapter II of the Act:
Subchapter II applies to all employers and individuals who receive earnings for personal services, including:
Tips are ordinarily not included.
Consumer reports
Subchapter III of the Act, also known as the Fair Credit Reporting Act (FCRA), protects individuals by requiring consumer reporting agencies providing information to adopt procedures that promote:
Subchapter III affects employers and consumer reporting agencies.