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Released: April 24, 2012
Help Desk FAQ
Credit Cards
What is the Truth in Lending Act and how does it protect me?
The Truth in Lending Act (TILA) is a federal law that requires creditors to make specific written disclosures about the cost of credit and to present the information in a clear, easy-to-read-and-compare format.
TILA also limits your liability for unauthorized charges that occur if your credit card is lost, stolen or otherwise used without your permission to $50. And it prohibits unsolicited issuance of credit cards.
The Federal Reserve offers more information about TILA and other consumer credit protection laws.
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