Know the consumer's rights to financial information Make it a priority to understand the Truth in Lending Act, which enforces a consumer's right to certain details regarding their personal financial information on consumer credit with your company.

I recommend:  Study a Truth in Lending disclosure form provided by Indiana's Department of Financial Institutions. Be aware of Regulation Z, an extensive set of qualifications further defining the Act. You are required to disclose your financing terms up-front.

Establish fair billing with all your customers The Fair Credit Billing Act deals with your right to collect payment while protecting the rights of the consumer.

I recommend:  Follow fair credit billing practices by responding to a billing inquiry within 30 days and suspending collection and fees on the account, as set forth in the Fair Credit Billing Act. In addition, you are obliged to notify customers about their rights by mail periodically.

Get your money, but follow the law Collecting a debt owed isn't a cut and dried matter. The law forbids you to use practices deemed abusive to consumers. In addition, consumer credit counseling agencies may contact you on behalf of a debtor to negotiate an amicable settlement. This may involve accepting less than you are owed in exchange for removing negative information from the consumer's credit reports and wiping the debt from your books.

I recommend:  Read the Fair Debt Collection Practices Act (FDCPA) to understand what is harassing, abusive or misleading when collecting a debt. Consumer credit counselors have the right to contact you in order to settle a consumer's debt. Some charge a fee for this service.

Use caution when denying credit to anyone Consumer credit card services and other businesses may not deny credit to an applicant based upon race or other discriminatory factors deemed unlawful. However, you may refuse to grant credit on legitimate credit rating standards or financial records.

I recommend:  Adhere strictly to the regulations set forth in the Equal Credit Opportunity Act (ECOA) when considering applicants for credit. If a disgruntled consumer sues you for discrimination, hire a good business defense attorney with experience in successfully defending clients against fraudulent ECOA claims.