What is the purpose of the Fair Credit and Charge Card Disclosure Act?

The Fair Credit and Charge Card Disclosure Act is primarily aimed at ensuring that consumers receive clear and accurate information regarding credit card terms and conditions before they apply for a card. The act mandates that lenders provide specific disclosures that help consumers understand interest rates, fees, and the terms of credit, which empowers them to make informed decisions. By providing this transparency, the Act aims to promote fair lending practices and help consumers avoid unexpected charges, thus facilitating a more equitable credit environment.

In contrast, while regulating lending practices pertains to the broader framework of consumer credit laws, it is not the primary focus of this specific Act. Additionally, ensuring accurate billing and protecting consumer information are critical aspects of consumer protection laws, but they fall under different regulations rather than the Fair Credit and Charge Card Disclosure Act. Therefore, the emphasis on providing disclosures for credit applications aligns directly with the Act's purpose, making it the correct answer.