Credit Account Statement Disclosure?
Greetings! Here is a secured loan question I found when I was looking at Yahoo.
I have a simple interest personal loan that I receive a monthly statement. I questioned the interest from one month. Isn’t there a law or regulation that mandates information be disclosed? Like interest rate, days in the billing cycle, etc…..Truth in Lending or REG Z??? Were these repealed?
Didn’t you enjoy that? I did. I think I may add my own answer to that secured loan question. How about you?
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November 30th, -0001 at 12:00 am
In my opinion, the banks should disclose the type of information referred to by you.
You may make a complaint in this regard to the Head Office of the bank. If no satisfactory reply is received, you may complain to Banking Ombudsman/Banking Regulatory Authority.
The Act referred to you(Truth in Lending Act) seems to be in operation even now:
“The Truth in Lending Act (TILA) of 1968 is United States federal law designed to promote the informed use of consumer credit, by requiring disclosures about its terms and cost to standardize the manner in which costs associated with borrowing are calculated and disclosed.
TILA also gives consumers the right to cancel certain credit transactions that involve a lien on a consumer’s principal dwelling, regulates certain credit card practices, and provides a means for fair and timely resolution of credit billing disputes.
With the exception of certain high-cost mortgage loans, TILA does not regulate the charges that may be imposed for consumer credit. Rather, it requires uniform or standardized disclosure of costs and charges so that consumers can shop.
It also imposes limitations on home equity plans that are subject to the requirements of Sec. 226.5b and certain higher-cost mortgages that are subject to the requirements of Sec. 226.32. The regulation prohibits certain acts or practices in connection with credit secured by a consumer’s principal dwelling.”
http://en.wikipedia.org/wiki/Truth_in_Le…