What rights do I have under the Truth in Lending Act?

If you are a Virginia resident, you have legal rights under the federal Truth in Lending Act (TILA). This law is designed to protect consumers from deceptive practices in the credit card industry, particularly the act of raising interest rates without prior notice. TILA requires that credit card companies disclose all applicable fees, APR (Annual Percentage Rate), when applicable, and certain other information. It also requires that consumers be given the opportunity to dispute any charges they consider to be incorrect. Additionally, TILA provides that consumers have the right to receive a detailed bill each month that is easy to understand. Furthermore, TILA allows consumers to cancel, without penalty, any credit card transaction within three business days of the transaction, including cash advances. This is known as the “Right of Rescission”. TILA also requires a 45-day notice prior to any increase in an APR. In addition, TILA allows consumers to dispute any charges they believe are inaccurate or incorrect. To do this, a consumer must file a written dispute with the credit card company within 60 days of the charge. The credit card company must then investigate the dispute and resolve it within a reasonable time frame. By understanding your rights under the Truth in Lending Act, you can protect yourself from unfair practices in the credit card industry.

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What rights do I have under the Truth in Lending Act?

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