The Truth in Lending Act requires that open-end creditors explain how they calculate the finance charge.

Question

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The Truth in Lending Act (TILA) does require that open-end creditors disclose how they calculate the finance charge. This is intended to help consumers understand the true cost of credit and compare different credit offers. TILA also requires other disclosures, such as the annual percentage rate (APR), the total amount financed, and the total payments required.

The Truth in Lending Act Requires That Open-End Creditors Explain