Know the laws. If you must grant credit directly to consumers, familiarize yourself with both federal and state consumer credit statutes.
Tell the truth. The Truth in Lending Act requires you to disclose exact credit terms, such as the monthly finance charge and annual interest rate.
Follow correct procedures for handling billing mistakes. If you don’t, you may have to give the customer a $50 credit even if your billing was right.
Don’t discriminate on the basis of race, color, religion, national origin, age, sex or marital status when granting credit.
For detailed information on consumer credit laws, visit www.nolo.com, a Web site specializing in legal matters.
Thursday, September 9, 2010
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