On March 15 of each year, World Consumer Rights Day is celebrated, as a way of remembering that all citizens, regardless of their economic status, age or sex, have fundamental rights that must be respected by absolutely all brands.

On a day-to-day basis, this is not always true, since we constantly hear about the abuse suffered by customers by some entities. The only way to change the landscape is to inform yourself about the rights one has as a consumer. To help you remember them, these are four things that financial institutions must respect:

Vehicle credit: They cannot force you to take out certain insurance

Vehicle credit: They cannot force you to take out certain insurance

When looking for a vehicle loan, financial institutions ask you to purchase insurance for your car, in this way they ensure that the property will be protected until you cancel the credit. However, you are free to choose the insurer you want and you do not necessarily have to choose the one they can suggest at the bank. Take into consideration that, in general, this option offered to us is not the most economical and you can opt for another option and endorse it on credit.

Tied products: The contracting of one product should not be conditioned to that of another
Sometimes promotions appear in which they offer you a credit, if you first obtain a card, or they offer you a card that does or does come with insurance, etc. In many countries the hiring of tied products goes against the law, since you must be free to choose which product you want, without having to ‘charge’ with an additional.

All products: They cannot deny you information

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Before hiring a product, it is 100% advisable to inform you of the smallest. In this sense, financial institutions are obliged to provide you with all the information you request and that help you decide. Withholding information, refusing to repeat it or not explaining it clearly, violates your rights as a consumer.

They cannot alter the conditions of a contract

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Suppose you hired a loan at an annual interest rate of 10%, if it was under the fixed rate modality, this is the rate that will remain in effect until the end of the contract. Regardless of whether new promotions appear or the financial landscape changes, banks and other entities cannot change the conditions of the contract you once signed.

Remember that enforcing your rights as a consumer is your duty, and that is why it is important to always compare alternatives and meet new options, in order to choose responsible companies.

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