What must sellers and lenders disclose according to the Truth in Lending Act?

The Truth in Lending Act (TILA) requires sellers and lenders to disclose specific credit or loan terms to consumers to promote informed borrowing decisions. This includes vital details such as the annual percentage rate (APR), the total cost of credit, and the terms of repayment. By requiring this information, TILA aims to ensure that consumers understand the full implications of their financial commitments, helping them compare loans and make choices that suit their financial situations.

The other options, while important in their own contexts, do not fall under the specific disclosure requirements outlined by TILA. Market competition analysis pertains to broader market strategies rather than individual loan disclosures. Customer demographic data is relevant for marketing and customer service but does not impact the specific lending terms that TILA addresses. Product quality ratings are typically associated with consumer goods and services rather than financial products, making them outside the scope of TILA's focus on loan transparency.