Truth in Lending Act (TILA)

Truth in Lending Act (TILA, 1968)

1) Link to the Text of the Act
Read the statute (15 U.S.C. § 1601 et seq.)

2) Why It Was Done
TILA was enacted to ensure consumers receive clear and accurate information about the costs of credit, preventing deceptive practices and enabling informed borrowing decisions.

3) Pre-existing Law or Constitutional Rights
Before TILA, credit terms were often hidden or misleading, with no standardized disclosure requirements. State laws varied widely, creating confusion and abuse.

Acts

Fair Credit Reporting Act (FCRA)

Fair Credit Reporting Act (FCRA, 1970)

1) Link to the Text of the Act
Read the statute (15 U.S.C. § 1681 et seq.)

2) Why It Was Done
The FCRA was enacted to promote accuracy, fairness, and privacy in consumer credit reporting. It regulates how consumer information is collected, used, and shared.

3) Pre-existing Law or Constitutional Rights
Before 1970, credit bureaus operated with little oversight, often compiling inaccurate or secret files on consumers. FCRA established federal rights to transparency and correction.