Standardization of credit figures (total finance charge in dollars and the annual percentage rate of interest) is required by the
A)Fair Credit Reporting Act.
B)Truth in Lending Act.
C)Fair Credit Billing Act.
D)Equal Credit Opportunity Act.

Question

Quizplus · Accepted Answer

The Truth in Lending Act (TILA) requires the standardized disclosure of credit terms, including the total finance charge in dollars and the annual percentage rate of interest. This ensures that consumers have the necessary information to compare credit offers from different lenders and make informed decisions about borrowing.

Standardization of Credit Figures (Total Finance Charge in Dollars and the Annual