There are several ongoing efforts to make the American credit market a little fairer for borrowers: regulating the market to prevent predatory practices, informing consumers so that they can make better decisions, and other similar approaches. One of the crucial organizations in this crusade is Americans for Fairness in Lending. AFFIL is a non-profit organization dedicated to bringing regulation to the American lending industry. They’ve been in action since 2004 and been successful in bringing a number of credit issues to the attention of both government and consumers.

As a part of AFFIL’s mission, the organization provides a number of resources for consumers, such as helping prospective home buyers learn the signs of a predatory mortgage — the type that lenders don’t expect a borrower to ever be able to pay off but that a lender will make anyway in an effort to make some money.

AFFIL suggests the following to help home buyers avoid taking on a predatory mortgage:

• Use the basic rule of thumb: if it seems to good to be true, it is.
• Always shop around for a mortgage — the first numbers you see probably won’t be the best.
• Ask questions about the terms of the mortgage, and if you don’t understand them, ask for help from someone you trust (and who isn’t connected to the mortgage broker).
• Double check that, if your mortgage will have an adjustable rate, you will be able to afford an increase in payments.
• If an ad says “No Credit? No Problem!,” you should say “No Deal!”
• Walk out on any lender trying to use high-pressure sale tactics to get you to sign now.
• Never ever sign a document that is not completely filled in. If a lender says that he’ll fill something out later, run.

If you’re looking at buying a home, take the time to educate yourself about the terms that a predatory lender might offer you. In 2001 alone, predatory lending practices cost homeowners over $9.1 billion — and nobody’s been able to run the numbers on the subprime mortgage crash yet. Even if it takes you a little more time, finding a mortgage with no strings will pay off for you in the long term.

AFFIL also offers a free mortgage shopping guide (PDF). The organization also provides extensive information about lenders beyond those who offer mortgages, including credit cards, payday loans and student loans. And while AFFIL can’t do much for someone already in a credit jam, the organization maintains a list of ‘allies’ — organizations and individuals who specialize in specific issues. Other resources include help reporting debt collection abuses and a glossary of terms — an absolute necessity if you’re just starting to try to figure out your finances.