Chapter 17-credit Records And Laws

Question 0

Answers questions about how bills have been paid, how many bills you have had and what type, how much total credit you have been given, and how much credit appears to be outstanding now

Answer 0

Credit history

Question 1

A responsible attitude toward paying bills and meeting obligations on time

Answer 1

Character

Question 2

A credit bureau issues a written statement which itemizes accumulated information about a person through subscribers and public records

Answer 2

Credit reports

Question 3

The Consumer Credit Protection Act of 1968

Answer 3

Truth-in-lending law

Question 4

The ability to repay a loan or make payments on a debt out of current debts

Answer 4

Capacity

Question 5

A business that accumulates, stores, and distributes credit information to its members

Answer 5

Credit bureau

Question 6

A person hired to collect the balance due

Answer 6

Debt collector

Question 7

The act of treating people differently based on prejudice rather than individual merit

Answer 7

Discrimination

Question 8

A measure of credit worthiness based on analysis of the consumer’s financial history

Answer 8

Credit rating

Question 9

A numb assigned by FICO indicating person’s credit worthiness

Answer 9

FICO score

Question 10

Your credit history is an important record of your past experiences with credit, and you have the right and responsibility for its accuracy

Answer 10

True

Question 11

A credit bureau is a non profit organization established by members for the benefit of members

Answer 11

False

Question 12

Most large credit bureaus are computerized clearing houses that search for and retrieve information to make reports

Answer 12

True

Question 13

If you are denied credit based on credit report, inaccurate information in your file may be the cause

Answer 13

True

Question 14

A debt collector is allowed to make calls any time in order to collect overdue balances

Answer 14

False

Question 15

The Consumer Credit Protection Act prevents discrimination in the judgement of credit worthiness

Answer 15

False

Question 16

Information gathered for credit reports may come from credit applications when you apply for credit

Answer 16

True

Question 17

A point system of credit rating is based on assigning value to such things as employment, amount of income, amount of current debt, or number of late payments

Answer 17

True

Question 18

An excellent credit rating results when you pay your bills on the due date every month and never miss a payment

Answer 18

False

Question 19

A person who is considered a good credit risk usually meets five basic qualifications, called the five Cs of credit

Answer 19

True

Question 20

It is lawful for creditors to ask you for personal information, such as employment and residence history, in order to determine your creditworthiness

Answer 20

True

Question 21

If you believe your bill contains an error, there is no hurry in resolving the problem

Answer 21

False

Question 22

What is an unlawful purpose for a credit report

Answer 22

Mailing list

Question 23

The act that allows you to see your credit file at no charge within 30 days of credit denial

Answer 23

Fair credit reporting act

Question 24

If you believe there is an error in your statement, your complaint must be written and mailed within....days after receiving it

Answer 24

60

Question 25

Your letter of complaint must be acknowledged in....days

Answer 25

30

Question 26

The creditor must correct the error or explain why it is correct within....days of receiving complaint

Answer 26

90

Question 27

What is not a five C of credit

Answer 27

Challenge

Question 28

The Truth-in-Lending Act limits your liability when credit card is lost or stolen to the first...unless it reported lost or stolen before it can be used

Answer 28

$50

Question 29

To pay your bills on the due date or soon after gets a....rating

Answer 29

Good

Question 30

What might not be included in a credit report

Answer 30

Medical history

Question 31

Credit reports are issued by

Answer 31

Credit bureaus

Question 32

Credit files are updated....by computers and search procedures

Answer 32

Daily

Question 33

What is a good first step toward starting with credit

Answer 33

Opening a savings account

Question 34

What could be apart of a credit record

Answer 34

Lawsuit, divorce, and bankruptcy

Question 35

The act known for its provisions requiring full disclosure of all charges in a credit transaction

Answer 35

Truth-in-Lending Act

Question 36

To see credit report without cost would be

Answer 36

Once per year from each

Question 37

In many cases, people with poor credit rating have

Answer 37

Missed monthly payments, failed to pay back debt, and have filed for bankruptcy

Question 38

Debt collectors are required to

Answer 38

Give consumers the chance to clarify and dispute bills

Question 39

FICO score is between what and what, and what is the best place to be

Answer 39

300-850;760+

Question 40

Existing debts, stability of employment, and personal factors that determine a person's ability to meet financial obligations

Answer 40

Conditions

Question 41

A member of a credit bureau who pays fees for use of the bureau's service in collecting information and issuing reports

Answer 41

Subscriber

Question 42

Type of rating used by credit bureau's in determining a person's credit worthiness

Answer 42

Credit rating

Question 43

What is unlawful purpose for a credit report

Answer 43

Mailing list information