Credit Transaction Law and Legal Definition
According to 15 USCS Appx 12 CFR § 202.2 (m), [Title 15. Commerce and Trade; Chapter 41. Consumer Credit Protection; Equal Credit Opportunity. (Regulation B)] the term credit transaction means “every aspect of an applicant's dealings with a creditor regarding an application for credit or an existing extension of credit (including, but not limited to, information requirements; investigation procedures; standards of creditworthiness; terms of credit; furnishing of credit information; revocation, alteration, or termination of credit; and collection procedures).”
