DQR 100

Expect suggest That you spend no more than percent of your net Income on credit purchase

20

Most of the information in your credit file may be reported for only years.

7

A loan officer is examining your income and the amount of your existing debt payments in deciding whether to make a loan to you today. Which aspect of the 5Cs of lending is the loan officer most likely looking at?

Capacity

What should you do if your identity is stolen?

Contact the fraud departments of each of the 3 major credit bureaus.

The debit card

Debits your account at the moment you buy good or service

Although credits permits more immediate satisfaction of needs And desires It

Does not increase total purchasing power

Maryann Lawrence wants to get a loan in just her name. She knows the creditor cannot:

Refuse her credit if she is creditworthy

Another name for open end credit Is

Revolving Credit

Which of the following is an advantage of using credit?

The use of credit allows for the purchase of goods even when funds are low

Which federal consumer credit law regulates the advertising of credit terms?

Truth in Lending Act

What should you do when you shop on-line using your credit card?

Use a secure browser

If you co-sign a loan

You'll have to pay up to the full amount of the debt If the borrower does not pay

If your credit application is denied, you:

are entitled to know the specific reason you were denied credit.

A term that refers to the borrower's assets or net worth is called:

capital.

A bank that is looking at your past payment records on your loans is most likely examining which aspect of the 5Cs of lending?

character

If you have incorrect information in your credit file:

there are legal remedies available to you.