ECONOMICS
CREDIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Have a credit history that can help you obtain a job, or a loan.
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State the monthly finance charge and the Annual Percentage Rate on the monthly statement
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pay the complete balance each month.
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None of the above
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Detailed explanation-1: -The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans.
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 requires disclosure of the “finance charge, ” the cost of consumer credit expressed as a dollar amount. The uniform disclosure of financing costs is designed to assist consumers in shopping for credit products. The cost of credit under the act is also expressed as an annual percentage rate.
Detailed explanation-4: -Overview. The Truth in Lending Act, or TILA, also known as regulation Z, requires lenders to disclose information about all charges and fees associated with a loan. This 1968 federal law was created to promote honesty and clarity by requiring lenders to disclose terms and costs of consumer credit.