A Borrower's Bill of Rights

1. A borrower has the right to clear and forthright explanations of the terms and conditions of a loan.

2. A borrower has the right to timely and truthful disclosures regarding the rates and costs of the loan.

3. A borrower has the right to accurate disclosure of final annual percentage rate and amount of regular payments at the time of loan closing/settlement.

4. A borrower has the right not to be subject to deceptive marketing tactics.

5. A borrower has the right to obtain credit counseling prior to closing on the loan.

6. A borrower has the right to have a lender consider a borrower's ability to repay the loan before such credit is extended.

7. A borrower should receive an identifiable benefit when charged a fee or a higher interest rate to refinance a loan.

8. A borrower has the right to not be subject to a requirement that he or she finance any portion of points or fees.

9. A borrower has the right to decline credit insurance in connection with a loan.

10. A borrower has the right to a fair and equitable resolution to any disputes related to their loan.

11. A borrower has the right to have favorable information reported to credit bureaus on a timely basis.

The Citizen's Rights Center and CRC website are in the early stages of development, but we are coming, so please be patient!

for more information, to share information, or to participate, contact us.

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CRC staff, 1.16.2007