The new law would help consumers figure out what is affecting their chances to get a home loan (Reality Times 1). For once, consumers will not have to wonder why a bank denied their loan.
However, there are also laws protecting consumers, "[w] hen [consumers] borrow money from a bank or deposit [their] money in a bank account, federal laws say [consumers] have a right to clear information on all terms and conditions. And if [consumers] are cheated, [they] have the right to seek damages" (Simon 3). Without this law, banks would have the freedom to change or keep a consumer's financial information with no consequence. Consumers applying for a home loan do not realize that they might pay thousands of dollars extra in mortgage interest (Showley 2). However, that is only if they.
Simultaneously signed up for a department store credit card to get ten percent off one purchase (Showley 2). .
Second, the majority of consumers know their rights concerning the service they receive. However, many consumers think they have rights they do not really have. Not many consumers know that they have the right to communicate with healthcare providers in confidence and to have the secrecy of their individual healthcare information protected ("Health Information" 53). If more consumers knew they had that right many of them would not have their personal information exposed to whoever requests it. Consumers also have the right to look over and copy their own medical records and to request for their healthcare providers to make changes ("Health Information" 53). This is right is one that can be classified as either a privacy right or a healthcare right, but it protects both.
Consumers might think that the courtesy they get from a business is just a privilege. However, the reason behind that kind, polite attitude is that it is actually the law. Consumers have the right to considerate, respectful care at all times and under all circumstances ("Respect" 45).
