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Financial Literacy: Consumer Rights

Terms

Complaint

an expression of dissatisfaction or a formal charge that someone has done something wrong

He submitted a complaint about his contractor to the Better Business Bureau.

Consumer

a person who buys goods or services

A smart consumer compares prices and shops for bargains.

Deceptive

likely to be something that is not true

Some companies use deceptive advertising to get people to buy their product.

Dispute

an opposing view or claim or a disagreement

The financial dispute was settled in court.

Enforcement

the act of ensuring obedience to a law or decision

The police department is responsible for law enforcement.

File

to put on record or submit a document in an official way

The customer had to file a claim against the store for illegal selling practices.

Initiate

to originate or begin

The couple had to initiate a claim against their plumber when the leaks were not fixed.

Intervention

interference in the affairs of others

The intervention of a consumer affairs advocate helped her restore her credit.

Regulation

a rule or law that governs conduct or a legal principle

If you sell merchandise to consumers you are subject to trade regulation.

Rights

legal guarantees or moral principals

One of your rights is to receive a copy of your credit report if you are turned down for credit.

Statute

a law enacted by a legislative body in a formal document

The policies were created to comply with the new statute.