CREDIT/TRUTH-IN LENDING

Encyclopedia of Everyday Law, October, 2005

CONSUMER ISSUES CREDIT/TRUTH-IN LENDING

Sections within this essay:

Background Types of Credit Same as Cash Credit Installment Credit Revolving Credit Interest Truth in Lending Act FTC Litigation Equal Credit Opportunity Act Fair Credit Reporting Act Credit Reports Credit Report Errors Accurate Negative Information Fair Debt Collection Practices Act Additional Resources Background

Credit is money granted by a CREDITOR or lender to a DEBTOR or borrower, who defers payment of the debt. In exchange for the credit, the lender gets back the money, usually paid on a monthly basis, plus finance charges or interest.

Types of Credit Same as Cash Credit

Same as cash or noninstallment credit is the simplest form of credit. Same as cash credit is usually...