A primary purpose of the Consumer Credit Protection Act is to:
A)require creditors to specify how finance charges are computed.
B)grant certain rights to credit applicants regarding credit reports.
C)inform consumers about all forms of credit available to them.
D)specify what information a customer's employer can release about him/her.

Question

Quizplus · Accepted Answer

The primary purpose of the Consumer Credit Protection Act is to regulate and ensure that creditors disclose the cost of credit, including finance charges. It requires creditors to specify how finance charges are computed so that consumers can make informed decisions about credit. The act also includes provisions for other consumer rights, but the main purpose is to protect consumers from hidden costs and unfair lending practices.

A Primary Purpose of the Consumer Credit Protection Act Is