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April 11, 2012


Applying for Credit

What is the Truth in Lending Act?

The Truth in Lending Act (TILA) is a federal law that requires that all creditors provide information that will help you decide whether to buy on credit or borrow, and if so, which credit offer is the best for you. Creditors include banks, department stores, credit card issuers, finance companies, and so on.

>>What is the Truth in Lending Act?
>>How does knowing the Annual Percentage Rate help?
>>What other laws protect consumers?
>>When I apply for credit, may a credit grantor ask my age?
>>Does my gender or marital status affect whether I am worthy of credit?
>>May married people open credit accounts that are not also in their spouses' names?
>>If my marital status changes, may a credit grantor force me to reapply for credit?

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