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Consumer Credit Protection Act: Congress passed these laws to protect you — the FCRA, FDCPA, CROA, ECOA and TILA are all part of it.
FCRA § 611: You have the right to dispute inaccurate or incomplete information, and the credit bureau generally must investigate within 30 days — free of charge.
FCRA § 605: Most negative information must come off your report after 7 years. Most bankruptcies: 10 years.
FCRA § 605B: Identity theft victims can have fraudulent accounts blocked from their credit reports.
FCRA § 612: You are entitled to free copies of your credit reports at AnnualCreditReport.com.
FCRA § 615: If you are denied credit because of your report, you must be told and told which bureau was used.
FDCPA § 809: Dispute a debt in writing within 30 days and the collector must stop collecting until it verifies the debt.
FDCPA § 805: You can tell a debt collector in writing to stop contacting you.
FDCPA § 806–807: Debt collectors may not harass you, threaten you or lie to you.
CROA § 404: No credit repair company may charge you before its services are fully performed.
CROA § 407: You have 3 business days to cancel a credit repair contract without penalty.
ECOA: Creditors may not discriminate against you for race, color, religion, national origin, sex, marital status, age, or receiving public assistance.
TILA: Lenders must clearly disclose the true cost of credit — including the APR — before you sign.
SCRA: Active-duty servicemembers can cap interest at 6% on many debts taken on before service.

Consumer Credit Protection Act: Congress passed these laws to protect you — the FCRA, FDCPA, CROA, ECOA and TILA are all part of it.
FCRA § 611: You have the right to dispute inaccurate or incomplete information, and the credit bureau generally must investigate within 30 days — free of charge.
FCRA § 605: Most negative information must come off your report after 7 years. Most bankruptcies: 10 years.
FCRA § 605B: Identity theft victims can have fraudulent accounts blocked from their credit reports.
FCRA § 612: You are entitled to free copies of your credit reports at AnnualCreditReport.com.
FCRA § 615: If you are denied credit because of your report, you must be told and told which bureau was used.
FDCPA § 809: Dispute a debt in writing within 30 days and the collector must stop collecting until it verifies the debt.
FDCPA § 805: You can tell a debt collector in writing to stop contacting you.
FDCPA § 806–807: Debt collectors may not harass you, threaten you or lie to you.
CROA § 404: No credit repair company may charge you before its services are fully performed.
CROA § 407: You have 3 business days to cancel a credit repair contract without penalty.
ECOA: Creditors may not discriminate against you for race, color, religion, national origin, sex, marital status, age, or receiving public assistance.
TILA: Lenders must clearly disclose the true cost of credit — including the APR — before you sign.
SCRA: Active-duty servicemembers can cap interest at 6% on many debts taken on before service.

Consumer Law Library

Truth in Lending Act (TILA)

Before you borrow, you have the right to know what it will truly cost.

By Richie Barrett · Published September 26, 2026

What TILA requires

The Truth in Lending Act (15 U.S.C. § 1601 et seq.), Title I of the Consumer Credit Protection Act, and the CFPB’s Regulation Z require lenders to disclose the key terms and costs of credit clearly — including the annual percentage rate (APR), the finance charge, the amount financed and the total of payments — so you can compare offers.

Right of rescission

For certain loans secured by your principal home — such as refinances with a new lender and home equity loans, but not the loan used to buy the home — you have the right to cancel until midnight of the third business day after closing, delivery of the required notice, or delivery of the material disclosures, whichever is last. If the required disclosures or notice were never properly given, the right can last up to three years.

Credit card billing errors (Fair Credit Billing Act)

If you find a billing error on a credit card statement, send written notice to the card issuer’s billing-error address within 60 days after the statement was sent. The issuer must acknowledge it within 30 days and resolve it within two billing cycles (no more than 90 days). While it investigates, it can’t report the disputed amount as delinquent or try to collect it.

Credit CARD Act protections

The Credit CARD Act of 2009 added protections such as 45 days’ notice of significant changes, limits on raising rates on existing balances, and rules about how payments above the minimum are applied.

Remedies

TILA allows recovery of actual damages, statutory damages and attorney’s fees for many violations. Many claims must be filed within one year.

Sources: Truth in Lending Act, 15 U.S.C. §§ 1601–1667f, including §§ 1635, 1640, 1666; Regulation Z, 12 C.F.R. part 1026.

Put the law to work for your credit

Our free assessment shows you which of these protections apply to your reports.

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Common questions

Can I cancel my car loan under TILA?

The right of rescission applies only to certain loans secured by your principal home, not to car loans.

Know where to go — the credit bureaus and the agencies that protect you

Links go to each organization’s official website. Kaironeek Financial is not affiliated with or endorsed by any of them.