If there arises a problem on the credit card deal you make, it's better to first try to settle it addressing directly to the bank or creditor you cooperate with. There are, however, difficult cases when you cannot do without extra help and that's when you can file a written complaint with federal agencies that impose consumer credit protection laws.

Settle the credit card deal affair with Federal Enforcement Agencies

What is the Federal Reserve System? You may not have even heard of it if you've never experienced any problems with the bank or other financial institution you applied to for credit. However, when there appears a misunderstanding and the bank ignores your anxiety, you're allowed to file a complaint with the Federal Reserve System which is an organization in charge of the state-chartered banks that are members of the System.

There is a certain procedure of investigating your case against the bank you have problems with and a credit card consumer needs to know every peculiarity of the process. So, when you question the new credit card deal you make, send your written complaint to the Federal Reserve or right to the to the appropriate federal agency. Remember, however that such agencies are not authorized to settle an individual complaint but they can really help you to work the information about your credit experiences to your advantage, thus helping you to enforce the credit laws.

When filing a complaint to the Federal Reserve, be sure you present all the information in writing to the Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. A credit card deal investigation is so serious and urgent that you are required to provide all the information possibly demanded by the Federal Reserve to make the whole inquiry easier and faster. Thus, they may ask you your complete name and address of the bank, a brief description of your complaint, and any documentation that may help investigate your complaint. It is not necessary to send original documents, only copies but with the signature and a date on your letter. On sending this information to the Federal Reserve you have to wait for 15 business days to know whether the Federal Reserve Bank will investigate your complaint.

Threw might be some cases when the controversy on the credit card deal is beyond the competence of Federal Reserve Bank and your complaint will be forwarded to another federal agency for attention.

The Federal Reserve will investigate your complaint to find out whether or not there was the abuse of the credit card deals regulations imposed by the law. If the violation does have place, the Federal Reserve will inform you of that and of the corrective action to be taken by the bank.

Mind it that the Federal Reserve is only effective with regard to credit card deals inaccuracies, staying out of action when such types of problems are concerned as contractual or factual disputes or disagreements about bank policies or procedures.

It might, however, be possible when you can settle the affair with your bank without the interference of the Federal Reserve, but if you cant cope with the matter, the Federal Reserve will always be of great help.

What you can gain from the credit card deal investigation

If you win the lawsuit connected with the credit card deal regulations abuse, there certain penalties that the creditor must be imposed upon.

Truth in Lending and Consumer Leasing Acts:
If the creditor really appears to be guilty in the violation of the law and unable to provide the information required under the acts or fails to comply with the credit card deal essentials, you can sue the credit card company and demand the compensation for actual damages and any money loss you suffer. In case you win, the least you can count on from the court is $100, and the most is $1,000. What's more, if you win, you are entitled to reimbursement for court costs and attorney's fees. If you know someone with similar credit card deal troubles, you can unite with them and undertake a class action suit. Combining similar claims, you acquire more power against your creditor's word.

Equal Credit Opportunity Act:
In case you are sure your creditor has discriminated against you for any reason, you can make use of the Equal Credit Opportunity Act and sue for actual damages plus punitive damages in other words, damages for the fact that the law has been violated of up to $10,000.
If you happen to prove your case, the court will award you court costs and a reasonable amount for attorney's fees. Do not forget that you are also allowed to file class action complaint that is in fact easier to win.

Fair Credit Billing Act:
A creditor is subject to the loss of any finance charges on the item in question if he ignores or breaks the rules for the correction of billing errors. As an individual, you may also sue for actual damages plus twice the amount of any finance charges.
In any case you are entitled to no less than $100 and no more than $1,000. You are also entitled to court costs and attorney's fees in a successful lawsuit. Class action suits are also permitted.

Fair Credit Reporting Act:
Sometimes, when you ask for a credit report to know whether you can be approved for a new credit card deal, you might detect some inaccuracies there or disclose unauthorized provision for another person to see it. In both the cases, the credit-reporting agency or the creditor can be sued for breaking the rules on credit card deals.
Just as in the cases mentioned above, if you are a success in the lawsuit, you are entitled to actual damages, plus punitive damages that the court may allow if the violation does have place to be. In any successful lawsuit, you will also be awarded court costs and attorney's fees. Both the persons, the one who allows the unauthorized access to the credit file and the one who profits by it, are to be fined up to $5,000 or imprisoned for one year or both.

Electronic Fund Transfer Act:
If the credit card company ignores your personal instruction to make an electronic fund transfer or to stop payment of a preauthorized transfer, that is when it doesn't follow the provisions of the EFT Act, you may sue for actual damages plus punitive damages of not less than $100 and no more than $1,000. Sometimes when the financial institution fails to correct the error or recredit the account, you can be compensated three times actual damages.
As a rule, you are also entitled to court costs and attorney's fees in a successful lawsuit. Class action suits are also a common case on this type of credit card deal investigation.

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