Paper Topic:
law
Law Law The Truth in Lending Act Over 4 decades ago , the Truth in Lending Act was introduced in an effort to make consumers fully aware of the terms and conditions of loans , lines of credit , and other such transactions in an effort to protect consumers from unfair lending practices . While the Act has certainly kept lenders to a certain level of honesty , there is still a long way to go before the Act fully protects all consumers . As has been seen in the recent mortgage collapse as well as the
problems faced by millions of people due to increases in credit card fees and rates clearly there is a communication gap that still exists between lenders and borrowers , which must be bridged somehow . It would seem that the law could be improved , for example , by requiring lenders to replace the endless pages of fine print in lending agreements with simple , easy to read and understand language and to make available to borrowers the opportunity to speak with lending resources which could verbally explain terms and conditions in easy language
Fair Credit Reporting Act
The Fair Credit Reporting Act is another piece of federal legislation designed to protect consumers by giving them certain rights and responsibilities in terms of the reporting of accurate records of their credit /payment history with lenders . While it is a good law in terms of putting in place basic guidelines to protect borrowers from inaccurate information and lenders from delinquent payees , it could be improved...
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