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  1. I think you may be referring to the implementation of TILA encoded in Regulation Z. Here is section 226.5( The wording is a little confusing, but the purpose is for creditors to keep consumers informed of any charges for as long as the account is collectible and to stop creditors from disclosing information if they fail to make the required disclosures to the consumer. Imagine there is a $5,000 charge on your account and you are never billed for it, but everybody who gets a copy of your credit report knows that you have this debt, which is probably late because you had no idea about it so yo
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