H.R. 3421 would amend the Truth in Lending Act to prohibit universal defaults on credit card accounts and to require minimum payment disclosures for accounts under an open end consumer credit plan.

== Detailed Summary ==

<summary>
(LogCredit Protection Act of 2007 - Amends the Truth in Lending Act to editprohibit a creditor from using adverse information concerning any consumer, including information in any consumer report or any change in the wiki and beconsumer's credit score, as the firstbasis for increasing the annual percentage rate of interest (APR) or introductory APR applicable to provide a detailed summarycredit card account under an open end consumer credit plan for reasons other than actions or omissions of the bill!)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.
</summary>

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== Status of the Legislation ==

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Latest Major Action: 9/5/2007: Referred to House subcommittee. Status: Referred to the Subcommittee on Financial Institutions and Consumer Credit.
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== Points in Favor ==

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== Points Against ==

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