Bus 101 CH 17
A written statement issued by a credit bureau that contains important credit facts about a consumer. A credit report B credit history C credit subscription D credit vision
A
One who pays dues to a credit bureau. A subscriber B debt collector C creditor D debtor
A
Rating given if you often miss bill payments. A poor B good C credit D excellent
A
Treating people differently based on prejudice rather than on individual merit A discrimination B character C intimidation D popularity
A
In case of error or inquiries about a bill, you A should write a note on the bill, B should not write on the bill, C do not have to pay any part of the bill, D must pay finance charges on any disputed amount that is discovered to be the store's error
B
One hired to collect balances due on accounts. A subscriber B debt collector C creditor D debtor
B
Paying your bills on the day due or a few days late will earn you what type of credit rating? A excellent, B good or fair, C poor, D there's no way to tell.
B
Rating given if you always pay within the grace period... A poor B good C credit D excellent
B
The complete record of your credit performance. A credit report B credit history C credit subscription D credit vision
B
Under the Consumer Credit Protection Act, if you report your credit card lost or stolen, your liability is limited to A $25, B $50, C $100, D 200
B
An act giving you access to your credit file A consumer credit protection act B discrimination act C fair credit reporting act D fair credit billing act
C
The fee a debt collector charges to creditors is often what percentage of the disputed amount? A 10, B 25, C 50, D 100
C
The financial ability to repay a loan with present income is A capital, B character, C capacity, D collateral.
C
The financial ability to repay a loan. A debt B consumer credit protection act C capacity D subscriber
C
What legislation requires creditors to resolve billing errors within a specified period of time? A Fair Credit Reporting Act, B Equal Credit Opportunity Act, C Credit Billing Act, D Fair Debt Collection Practices Act.
C
Your FICO score is based on all but which of the following categories? A payment history, B amounts owed, C gender and marital status, D amount of current debt.
C
A credit freeze requires credit bureaus to deny all access to a consumer's credit file - T - F
T
A good way to get started with credit is to open a savings account. - T - F
T
An excellent credit rating means you pay your bills early and do not miss any payments. - T - F
T
Credit bureaus gather information from subscribers. - T - F
T
Credit bureaus gather, store, and sell credit information to business subscribers. - T -F
T
Divorces and bankruptcies are examples of information found in public records. - T -F
T
Everybody's credit file is widely accessible because of data gathered and stored by the Big Three. - T - F
T
If you are involved in a court legal action, it will probably show up in your credit file - T - F
T
Lawful uses for credit report information include investigations for credit and employment applications and insurance matters. - T - F
T
You have a right to know what is in your credit file and who has seen your file for credit purposes - T - F
T
Your credit history reveals your ability to pay debts based on past experience. - True -False
True
An act giving rules for handling billing errors. A consumer credit protection act B discrimination act C fair credit reporting act D fair credit billing act
D
It is illegal to discriminate on the basis of which of the following in granting or denying credit? A bank affiliations, B occupation, C type of residence, D marital status.
D
It is lawful for creditors to ask you for A your name, B a list of assets, C your employment history, D all of these.
D
Which of the following is not information that can be obtained through public records? A marriage license applications, B bankruptcies, C lawsuits, D medical records.
D
A complaint about an error on a billing statement must be in writing and mailed within 90 days after you receive the statement. - T - F
F
A cosigner is responsible to pay a debt even if the borrower is paying as agreed. - T - F
F
A point system generally is based on adding up points for such things as gender, marital status, residence, length of employment, and amount of income. - T - F
F
Credit bureaus use information from private records, such as income tax records and Social Security records. - T - F
F
Credit guard services are always free. -T -F
F
Debt collectors legally may call or visit your place of employment at any time. -T -F
F
Establishing a good credit record happens quickly and easily. - T - F
F
You may see your credit file at no charge within 60 days of a credit denial. - T - F
F
Your FICO score is based on your job history and has little effect on credit - T -F
F
