We the People of the United States of America hereby declare that our government shall amend the Credit CARD Act to prohibit credit card companies from opening new accounts immediately upon credit approval. Customers must explicitly agree to the terms via a form of "opt-in" to open a new account.
If applying electronically (such as at point-of-sale), applicants must be immediately notified of approval status, & if approved, the terms, rates, fees, & conditions of the account. If applying through non-electronic means, the response can be via mail or other acceptable means. No account shall be opened until a customer is informed of and then opts-in to their credit line, rate, & fees on the account. Creditors may not report applications to credit bureaus if the consumer declines the offer.