FINANCIAL LITERACY is encouraged to increase the consumers understanding of credit choices, saving, and investing:

FACTS OF THE DAY !

The Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from engaging in unfair, deceptive, or abusive practices while collecting these debts. The FDCPA applies to personal, family and household debts.

There are certain rights as a consumer that protect you under the Fair Debt Collection Practices Act (FDCPA). For example, debt collectors may contact you only between 8 a.m. and 9 p.m. Debt collectors may not contact you at work if they know your employer disapproves. Debt collectors may not harass, oppress, or abuse you. Debt collectors may not lie when collecting debts, such as falsely implying that you have committed a crime. Debt collectors must also stop contacting you if you ask them to in writing.

For more information, please contact: Public Information and Educational Team at the South Carolina Department of Consumer Affairs at 803 734-4200 or 1-800-922-1594 (Toll-Free in SC) or on our website www.scconsumer.gov and click on Live Help.

Columbia's First Shred Day

The South Carolina Department of Consumer Affairs (SCDCA), in partnership with Global Paper Shredding Inc. and Confidential Solutions Unlimited Inc. (CSU), will host it’s first free “Shred Day” on Thursday, June 1, 2006 at the following three (3) locations:

• State House (South Steps), from 10:00A.M. -12:00 P.M. (Noon)
• South Carolina Department of Consumer Affairs (parking lot), located at 3600 Forest Drive, from 1:00 P.M. -3:00 P.M.
• Wal-Mart (parking lot), located at I-77 and Forest Drive, from 3:00P.M. – 5:00P.M.

“Shred Day” will provide consumers and businesses the opportunity to have their confidential documents shredded, free of charge.

Consumers and businesses are invited to bring confidential documents, including check stubs, bank statements, credit card offers, floppy disks, CDs and pill bottles to have them shredded. Please do not bring magazines, newspapers, laminated documents, aluminum or glass products. Assistance will be available to help unload boxes. Staff from the shredding companies will handle the documents and will shred them while the participants watch. The mobile on-site document destruction process is efficient and quick. What could take 10 hours to shred at home, can be shred on-site in 15 minutes or less. The shredded material goes directly to the company’s recycling facilities where it is baled and delivered to recycling mills.

Educational information on ID Theft will be available at the event. For more information, contact SCDCA at (803) 734-4200 or 1-800-922-1594 on visit us on our website www.scconsumer.gov and click on Live Help.

FINANCIAL LITERACY is encouraged to increase the consumers understanding of credit choices, saving, and investing:

FACT OF THE DAY !

The Equal Credit Opportunity Act (ECOA) prohibits credit discrimination on the basis of sex, race, marital status, religion, national origin, age, or receipt of public assistance. Creditors may ask for this information (except religion) in certain situations, but may use it to discriminate when deciding whether to grant you credit.

For more information, please contact: Public Information and Educational Team at South Carolina Department of Consumer Affairs at 803-734-4200 or 1-800-922-1594 (Toll-Free in SC) or on our website www.scconsumer.gov and click on Live Help.

FINANCIAL LITERACY is encouraged to increase the consumers understanding of credit choices, saving, and investing:

FACT OF THE DAY !

Checking Accounts Provide Convenience And Teach Skills.

It is usually a good idea to open a checking account in an area convenient to where you will be spending most of your time. Try to locate a bank that offers free or low-fee checking and has several convenient ATM locations to reduce out-of-network ATM fees.

Everyone should know how to balance a checkbook. It is a tedious job, but it is cheaper than bouncing a check.

For more information, please contact: Public Information and Educational Team at the South Carolina Department of Consumer Affairs at 1-803-734-4200 or 1-800-922-1594 (Toll-Free in SC) or on our website www.scconsumer.gov and click on Live Help.

Financial literacy: Cooling-off rule

FACT OF THE DAY !

The COOLING-OFF RULE allows consumers three days to cancel purchases of $25 or more that are made in their home or at a location that is not the seller’s regular place of business. Under the rule, your opportunity to cancel for a full refund extends until midnight of the third business day following the sale.

For more information, please contact: Public Information and Educational Team at 803 734-4200 or 1-800-922-1594 (Toll-Free in SC) or on our website at www.scconsumer.gov and click on Live Help

Media Alert From The South Carolina Department of Consumer Affairs

The South Carolina Department of Consumer Affairs will present “CREDIT REPORT: AFTER HOURS”, a seminar designed to enlighten consumers on credit reporting and it’s impact on their lives.

The public is invited to come and learn how to get a free credit report, how to dispute incorrect information and how to repair your own credit file. The session will be held on Tuesday, May 16th at 5:45 p.m. on the first floor of the South Carolina Department of Consumer Affairs located at 3600 Forest Drive, Columbia, S. C. 29204.

It is imperative that consumers are equipped to understand and evaluate their own credit credentials as they navigate through the consumer marketplace. Businesses use this information to evaluate applications for credit, insurance, employment and other purposes, it is important that consumers review their credit reports for completeness and accuracy.

For more information on credit or other consumer issues, contact the SCDCA at 803 734-4200 or 1-800-922-1594 (toll-free in SC) or visit our Website at www.scconsumer.gov

Financial literacy: Grace periods

FACT OF THE DAY !

A GRACE PERIOD is the number of days you have before a credit card company starts charging you interest on your new purchases.

For more information, please contact: Public Information and Educational Team at 803 734-4200 or 1-800-922-1594 (Toll-Free in SC) or on our website at www.scconsumer.gov & click on Live Help.

Financial literacy: Debit cards

FACT OF THE DAY !

A DEBIT CARD allows the merchant to immediately withdraw funds from your account when you make a purchase.

For more information, please contact: Public Information and Educational Team at the South Carolina Department of Consumer Affairs at 803 734-4200 or 1-800-922-1594 (Toll-Free in SC) or on our website www.scconsumer.gov and click on Live Help.

FINANCIAL LITERACY is encouraged to increase the consumers understanding of credit choices, saving, and investing:

FACT OF THE DAY !

Annual Percentage Rate (APR) – A measure of the cost of credit, expressed as a yearly percentage. Most credit card plans apply different APRs for different types of credit. For example, one APR will be applied to purchases, while typically higher APRs are applied to cash advances. Many banks increase the APR if a payment is late.

For more information, please contact: Public Information and Educational Team at the South Carolina Department of Consumer Affairs at 803 734-4200 or 1-800-922-1594 (Toll-Free in SC) or on our website www.scconsumer.gov and click on Live Help.

FINANCIAL LITERACY is encouraged to increase the consumers understanding of credit choices, saving, and investing:

FACT OF THE DAY !

A CREDIT SCORE is a numeric value that is given to you by a lending institution or a credit reporting agency. The score is calculated from your credit history and helps lenders determine what level of risk they will assume if they lend to you.

For more information, please contact: Public Information and Educational Team at the South Carolina Department of Consumer Affairs 803-734-4200 or 1-800-922-1954 (Toll-Free in SC) or on our website www.scconsumer.gov & click on Live Help.