Chapter 6 vocab Flashcards

1
Q

A legal procedure for dealing with debt problems of individuals and businesses

A

Bankruptcy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

A private firm that maintains consumer credit data files and provides credit information to authorized user for a fee

A

Credit bureau

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

A report on ones credit that includes identifying information, credit cards, late payments, bankruptcies and savings balances

A

Credit report

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Liquidation of the debtors assists in order to repay creditors

A

Chapter 7 bankruptcy

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Income that is available to you for spending or saving

A

Disposable income

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Collector harassment is not legal. Collectors can only call between 8 am and 9 pm

A

FFDCPA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Requires a credit bureau to remove all inaccuracies within 30 days of notification of such inaccuracies

A

FFCRA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Someone who tries to steal the identity of another

A

Fraud

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

A court ordered attachment that allows a lender to take monies owed directly from a borrowers paycheck

A

Garnishment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Things one has bought

A

Necessities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Your total debt each creditor represents

A

Pro Rata

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

An updated version of the 1977 Federal Fair Credit Reporting Act

A

FFCRA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

What is the best way to pay debt

A

With a plan

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Federal Debt Collection Practices Act

A

FFDCPA

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Process by which the holder of a mortgage sells the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract

A

Foreclosure

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Think of the “Repe man”. This Is taking something back for failure to make payments

A

Repossessions

17
Q

In a bankruptcy proceeding, a debtor can give up property to the creditor in exchange for a clean slate

A

Surrender of collateral

18
Q

Broadly refers to a borrower not being current on his or her payments

A

Delinquency

19
Q

Credit bureaus information is removed from your credit report ___ year’s after the last activity on the account, except for a chapter 7 bankruptcy, which status in for ___ years

20
Q

What percent of credit reports contain mistakes of some sort and what percent of them contained errors serios enough to result in the denial of credit

21
Q

What percent of the credit reports contained credit accounts that had been closed by the consumer but incorrectly remained listed as open

22
Q

What percent listed the same mortgage or loan twice

23
Q

How often should you check your credit report

24
Q

FFCRA requires a credit bureau to remove all inaccuracies within ___ days of notification of such inaccuracies

25
FFDCPA allows you to demand a creditor cease calling you at ____. You should request this in writing by ____ ____ with return receipt requested
Work Certified mail
26
To insist that a creditor stop all contact except to notify you of lawsuit proceedings
Cease and desist letter
27
When should you use the pro rata plan
When you are unable to pay the minimum payments
28
Typically, lawsuits for under ____ are filed in general session court
10,000
29
Before you are sued, you will be served by the local sheriffs department and typically given___ days notice of the court date
10
30
Gives creditors a “fair share”
Pro rata
31
I love debt score
FICO score
32
Using another persons information to obtain goods or services
Identity theft
33
TransUnion
Credit bureau
34
Court order allowing a lender to take money directly from the debtors paycheck
Garnishment
35
Trained salespeople or telemarketers
Collectors
36
Food, shelter, clothing, transportation
Four walls