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Dave Ramsey Course > Chapter 6 vocab > Flashcards

Chapter 6 vocab Flashcards

1
Q

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

A

Bankruptcy

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2
Q

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

A

Credit bureau

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3
Q

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

A

Credit report

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4
Q

Liquidation of the debtors assists in order to repay creditors

A

Chapter 7 bankruptcy

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5
Q

Income that is available to you for spending or saving

A

Disposable income

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6
Q

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

A

FFDCPA

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7
Q

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

A

FFCRA

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8
Q

Someone who tries to steal the identity of another

A

Fraud

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9
Q

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

A

Garnishment

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10
Q

Things one has bought

A

Necessities

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11
Q

Your total debt each creditor represents

A

Pro Rata

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12
Q

An updated version of the 1977 Federal Fair Credit Reporting Act

A

FFCRA

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13
Q

What is the best way to pay debt

A

With a plan

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14
Q

Federal Debt Collection Practices Act

A

FFDCPA

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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

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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

A

7

10

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

A

79%

25%

21
Q

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

A

30%

22
Q

What percent listed the same mortgage or loan twice

A

20%

23
Q

How often should you check your credit report

A

Annually

24
Q

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

A

30

25
Q

FFDCPA allows you to demand a creditor cease calling you at ____. You should request this in writing by ____ ____ with return receipt requested

A

Work

Certified mail

26
Q

To insist that a creditor stop all contact except to notify you of lawsuit proceedings

A

Cease and desist letter

27
Q

When should you use the pro rata plan

A

When you are unable to pay the minimum payments

28
Q

Typically, lawsuits for under ____ are filed in general session court

A

10,000

29
Q

Before you are sued, you will be served by the local sheriffs department and typically given___ days notice of the court date

A

10

30
Q

Gives creditors a “fair share”

A

Pro rata

31
Q

I love debt score

A

FICO score

32
Q

Using another persons information to obtain goods or services

A

Identity theft

33
Q

TransUnion

A

Credit bureau

34
Q

Court order allowing a lender to take money directly from the debtors paycheck

A

Garnishment

35
Q

Trained salespeople or telemarketers

A

Collectors

36
Q

Food, shelter, clothing, transportation

A

Four walls

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