Credit Protection Act of 2007

Summary

Credit Protection Act of 2007 - Amends the Truth in Lending Act to prohibit a creditor from using adverse information concerning any consumer, including information in any consumer report or any change in the consumer's credit score, as the basis for increasing the annual percentage rate of interest (APR) or introductory APR applicable to a credit card account under an open end consumer credit plan for reasons other than actions or omissions of the consumer that are directly related to such account. Requires conspicuous payment disclosures on a creditor's billing cycle statement, including: (1) the minimum monthly payment on the outstanding balance; (2) the number of months that it would take to pay the entire amount of the outstanding balance at the current APR if only the required minimum monthly payment is paid; and (3) the total cost to the consumer to pay the remaining balance.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 3 August 2007

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• Introduced in House (PDF)

  Introduced in House · EN · 3 August 2007

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 3 August 2007

  Open at official source

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