The Truth of Lending Act, which has also become known as TILA, was created in 1968 to help protect the consumer as credit cards become more prevalent in the financial arena.
The Act worked to make it legal that all the terms, costs and conditions of the credit agreement were easily spelled out and relatively simple for the consumer to understand.
The Truth of Lending Act also worked to give out certain rights, such as the right to cancel any credit transactions that might result in a lien against a consumer’s home, regulation of some of the credit card practices and provided a blueprint for fair resolution in any disputes over credit card billing.
Click for the full glossary of credit card terms.
Similar Articles:
- Regulation Z
- Fair Credit Reporting Act
- Regulation E
- DD (Regulation DD)
- Arbitration
- Fair Credit Billing Act
- Consumer Credit File
