Fair Debt Collection Practices Act Terms Defined. What is “Credit”?

The Fair Debt Collection Practices Act (FDCA) does not specifically define the term Credit.  However as with many other terms used in the FDCA, the Act relies on the definitions contained in the Equal Credit Opportunity Act (ECOA).

Under the ECOA “Credit” is defined as either:

• The right to defer payment of a debt; or,
•  The right to incur debt and then defer payment.

Related posts:

1. Fair Debt Collection Practices Act Terms Defined. What is “Adverse Action”?

Tagged as: credit, ECOA, Equal Credit Opportunity Act, Fair Debt Collection Practices Act, FDCA