There are many services and professionals who can help you as you try to get your finances under control. But there are also many bad actors who will try to cheat you out of your money or take advantage of your needs.

That’s why the Federal Trade Commission (FTC) has a variety of tools to help prohibit unfair or deceptive business practices. The FTC has authority over non-bank companies dealing with mortgages/loans, credit cards, debt collection and other financial services.

In 2010, Congress also established the Consumer Financial Protection Bureau (CFPB) to oversee consumer finance services and the products they offer. The FTC and CFPB work together to protect consumers.

Here are some services offered by non-bank financial institutions:

Auto loans: When you are buying a car, you can apply for financing through your auto seller. You should always compare the rates and rules to a loan from your bank or credit union to see which will be best for you.

Credit cards: Credit cards can make it so much easier to buy the things you need and want, but be careful when you get calls or emails offering you extra low rates or new perks. Con artists will try to get you to share your info and either steal your identity or make unauthorized purchases on your card.

Credit reports and scores: Credit reports and credit scores are two different things – and both are important to understanding your financial health. A credit report lists your credit activity, payment history, and status of your accounts. Credit scores are calculated based on your credit report to give you a number that provides a snapshot of your financial health.

Debt collection: When you are past due on payments on a loan or credit card, your creditor may hire a debt collection company to try to get their money from you. The CFPB’s Debt Collection Rule lays out how debt collectors can communicate with you and what information they need to provide to you.

Payday loans: People who can’t get credit cards or bank loans due to bad credit may turn to payday loans. These loans often have high interest rates and aggressive collection tactics.

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