CREDIT APPLICATION & AGREEMENT Berks Products Form

Instructions and help about CREDIT APPLICATION & AGREEMENT Berks Products

Hi! I’m Zixta Martinez, and I'm part of the outreach team at the Consumer Financial Protection Bureau Implementation Team. We’ve received a number of e-mails suggesting that "legal speak" be removed from contracts, in order to make these agreements simpler and easier to understand. We couldn’t agree more. We believe credit agreements are too long and full of legalese. This makes it hard for people to understand the costs, risks, and benefits of these products. Unfortunately, too much of the competition in the consumer credit market has been based on who can make the fine print the finest, loading it up with tricks and traps. That sort of competition destabilizes families’ financial situations. As we saw in the run-up to the recent crisis, it could also destabilize the whole economy. Instead, a well-functioning market should be based on who can offer the least expensive and most useful products. That’s why it will be a major goal of the CFPB to increase transparency in credit