What actions did the TILA and CARD Act laws mandate that allow customers to more easily comparison shop between credit cards? Select the two correct answers.(1 point)

Question

Responses

Forcing lending companies to give customers the option between fixed-rate and adjustable-rate loans.
Forcing lending companies to give customers the option between fixed-rate and adjustable-rate loans.

Clarifying the confusing language found on credit card applications.
Clarifying the confusing language found on credit card applications.

Forcing lending companies to print the length of time it would take to pay off the credit card if only the minimum payment was made.
Forcing lending companies to print the length of time it would take to pay off the credit card if only the minimum payment was made.

Forcing lending companies to disclose interest rates and hidden fees.
Forcing lending companies to disclose interest rates and hidden fees.

Forcing lending companies to show competitors’ rates and fees during the application process.

Answer 1

The two actions mandated by the TILA (Truth in Lending Act) and the CARD (Credit Card Accountability Responsibility and Disclosure) Act laws that allow customers to more easily comparison shop between credit cards are:

1. Clarifying the confusing language found on credit card applications.
2. Forcing lending companies to disclose interest rates and hidden fees.

These regulations help consumers understand the terms and costs associated with credit cards, making it easier to compare different credit card offers.