fin 1050 ch 6

If you have declared personal bankruptcy, that fact may be reported to credit bureaus for: ____________ years.

10

The credit bureau cannot charge you a disclosure fee if you ask for a copy of your credit report within ______ days of being notified of a denial based on a credit report.

60

Which of the following agencies assembles credit and other information about about consumers?

Credit Bureau

Which federal consumer credit law starts all credit applicants off on the same footing?

Equal Credit Opportunity Act

Which of the following is a credit bureau?

Experian

Which consumer credit law prohibits abusive, deceptive, and unfair practices by debt collectors?

Fair Debt Collection Practices Act

Which of the following is a disadvantage of using credit?

The use of credit is the temptation to overspend

Which federal law limits a cardholder's liability for unauthorized use of a card to $50?

Truth in Lending Act

Which federal credit law protects you against an unauthorized use of your credit card to $50?

Truth in Lending Act.

Mortgage loans, automobile loans, and installment loans for purchasing furniture or appliances are examples of:

closed-end credit.

A valuable asset pledged to ensure loan payments, and may be repossessed upon default, is called:

collateral

Paul Carter is applying for a loan from a bank. The bank is concerned because Paul is an airline pilot for United Airlines. The bank thinks that Paul may be laid off in the near future. Which of the 5Cs of credit is the bank concerned with?

conditions

If you have incorrect information in your credit file:

contact both the credit reporting agency and the company that provided the information to the credit bureau.

Consumer credit:

dates back to colonial times.

The debit card:

debits your account at the moment you buy goods or services.

Although credit allows more immediate satisfaction of needs and desires, it:

does not increase total purchasing power.

If you have a problem with your creditor, the best solution is to:

first try to deal directly with the creditor.

Which federal law regulates the use of credit reports and gives consumers the right to know what is in their files?

the Fair Credit Reporting Act of 1971

If there is incorrect information in your credit file:

the credit bureau must reinvestigate and modify or remove inaccurate data.

If you cosign a loan & the borrower misses a payment:

the lender can collection the entire debt from you immediately without pursuing the borrower first.