Starting Feb. 22, lenders must comply with changes in Regulation Z, part of the Credit CARD Act of 2009. This regulation is designed to promote the informed use of consumer credit by requiring disclosures about its terms and cost. It also regulates certain credit card practices and provides a means for fair and timely resolution of credit billing disputes.

To meet the new guidelines, lenders need to consider and assess a consumer's ability to pay as well as income data. In order to get an accurate assessment of this, lenders must take into account several different criteria.

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