In Brief: Consumer Guide Lays Out Basics of Borrowing

LAGUNA NIGUEL, Calif. - Everything customers need to know about borrowing money from a bank is in a new pamphlet titled "Your Right to Know."

The guidebook was created by Credit Compliance Services, a consulting firm here. The goal is to help banks educate the public about credit cards, personal loans, and mortgages.

Daniel J. Nicastri, compliance director at Credit Compliance Services, suggests that banks use the pamphlets as branch handouts, as part of a loan closing package, or as direct mail inserts.

The guide starts with a glossary, including terms like annual percentage rate, creditworthiness, and grace period. A fold-out chart gives a thumbnail description of the major consumer credit laws and shows which products each law covers.

Mr. Nicastri said the company is working on a second guidebook explaining the various deposit accounts that banks offer.

Banks interested in the booklets can call Mr. Nicastri at 714-249-2261.

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