Truth in Lending

By: Blake Heimmermann and Garrett Benton

Summary

Truth in Lending is a federal law which was made to promote the informed use of consumer credit.


Truth in Lending Act (TILA) gives consumers the right to cancel certain credit transactions that involve a lien on a consumer's principal dwelling. It regulates certain credit card practices, and provides a mean for fair and timely resolution of credit billing disputes.

History of Act

The act was passes in 1968, but has never had a name change.

What Happened Before

People were being ripped off by hackers, crackers, and creditors. They were taking too much money from consumers and easily giving money away to hackers. Hackers would take the identity or information of a consumer and take their money. Also, people who gave out credit could control how much money you owe, and could steal money from you. Now, people can control their credit to stop being overpaid and being able to stop their credit.
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Who is Impacted?

People that were impacted were consumers and hackers. It stopped hackers from spending a lot of money and helped consumers by being able to control their credit. It also stopped creditors from stealing a lot of money.
Truth In Lending