ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Equal Credit Opportunity Act
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Truth in Lending Act
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Fair Credit Reporting Act
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Fair Credit Billing Act
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Detailed explanation-1: -The Truth in Lending Act (TILA) was signed into law in 1968 as a means to protect consumers from unfair and predatory lending practices. It requires lenders and creditors to supply borrowers with clear and visible key information about the credit extended.
Detailed explanation-2: -The Truth in Lending Act (TILA) of 1968 is a Federal law designed to promote the informed use of consumer credit. It requires disclosures about the terms and cost of loans to standardize how borrowing costs are calculated and disclosed.
Detailed explanation-3: -The Truth in Lending Act started as Title I of the Consumer Credit Protection Act. This act was introduced in the United States Senate by Senator William Proxmire (D) in 1967. The Senate voted to approve the bill 92-0 in July 1967.
Detailed explanation-4: -Regulation Z is part of the Truth in Lending Act (TILA), which Congress passed in 1968. Many people use the two terms interchangeably. It’s designed to protect consumers against misleading lending practices.