Schumer Box

What is a Schumer Box?

A Schumer Box is an information box that appears prominently on credit application forms that shows clearly the costs of credit and in particular, any fees charged for late payments, bounced cheques, duplicate statements and other aspects.

They are more commonly called summary boxes, but have also been called transparency boxes, consumer boxes, clarity boxes and honesty boxes.

Schumer Boxes have been compulsory in the US since 1989 but they weren’t made a requirement in the UK until 2004.


Q: Where does it get its name from?

A: Schumer boxes take their name from Charles Schumer, the US Congressman who made its inclusion a legal requirement on advertisements for credit in the States in 1988.

Q: What information is included?

A: Any information that discloses how much you may liable for when taking out the credit agreement is included in the box. This includes the representative APR, any annual fees, grace periods and other relevant fees.

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