Consumer Credit Protection Act

The Consumer Credit Protection Act, enacted in 1968, aims to safeguard consumers in credit transactions. It requires lenders to provide clear information about loan terms, interest rates, and potential costs, helping borrowers make informed decisions. Key provisions include the Truth in Lending Act, which mandates transparency in credit agreements, and the Fair Credit Reporting Act, which ensures the accuracy of credit reports. Overall, the Act empowers consumers by promoting honest practices in lending and enhancing their ability to understand and manage credit effectively.