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Do you believe that every store is required to gibe you a refund a purchase? This is definitely a myth. The Federal Trade Commission doesn’t require a store to offer you any refund. The good news is that most retailers will let you return an item as a way to keep their customers happy. However, there is an exception to this called the "cooling-off" rule. It states that if you purchase something in your home or in a location that is not a retailer's primary place of business and costs more than $25, you have three days to return it.
Merchants, manufacturers and retailers all tend to have different return policies and even a different policy on different kinds of merchandise. As an example of this, a return policy on electronics may not necessarily apply to clothing. Fortunately, if you are unable to return an item that’s defective there are federal laws that could help. What you would need to do is write the Federal Trade Commission and make a complaint. You may also get help from your local Better Business Bureau. Do keep in mind that retailers often have exceptions, explicit policies on returns and definite time limits.
Return policies can be confusing. It's also sometimes tough to know your consumer rights. When you’re shopping a new store it’s best to spend a few minutes getting information regarding its policies. Before you pay for a purchase, make sure you read the fine print on any contract or financial statement and don't be afraid to get legal advice if necessary. Before you make that purchase be sure you understand what the store’s policies cover. Some states do require retailers to post their return policies but not all do.
Will you soon get your credit score free?
If you have a Discover card you may have recently been pleasantly surprised to see that your statements now include your credit score. This may soon be true for all credit cards, as the Consumer Financial Protection Bureau has asked the major credit card providers to give their consumers free scores to help them improve their credit.
Lenders are now required to provide your credit score only if they deny you credit, give you interest rates that are less favorable than what you had applied for or when they increase their rates. This is despite the fact that your credit history and credit score determine nearly every aspect of your life – from getting a job to the interest rates you pay on your car insurance and mortgages. As it stands now if you want to learn your financial standing, you must buy your credit score online through a company like FICO or get some version of your score online free.
The problem is that these free scores are not the same ones that lenders use to decide about extending you credit. Also, since it's been found that 20% of all consumers have mistakes on their credit reports it's possible that a lot of these people are being denied credit because of these inaccuracies and this is impacting their credit scores. As CFPB director Richard Cordray recently pointed out, many consumers don't learn how important their credit standing is until it's too late – after their identity has been stolen or they have been denied credit. However, this may change and you may soon be seeing your credit score on all of your credit card statements. This way you will know exactly how you stand before you apply for that new loan, credit card or mortgage.