Credit History

Question 1

__________ – your
personal information

Answer 1

Consumer Information

Question 2

__________ – message you have submitted

Answer 2

Consumer Statement

Question 3

__________ – payment history and account type

Answer 3

Summary Information

Question 4

__________ – detailed breakdown of accounts

Answer 4

Account History

Question 5

__________ – legal matters publicly available

Answer 5

Public Record

Question 6

__________ – inquiries made into your report

Answer 6

Inquiries

Question 7

Lending agencies report to 3 credit bureaus:
1.
2.
3.

Answer 7

Equifax, Transunion, Experian

Question 8

Credit scores range from …

Answer 8

300 – 850

Question 9

(How long will the negative
information stay on your report?)
Bankruptcy – Ch. 7 =

Answer 9

10 years

Question 10

(How long will the negative
information stay on your report?)
Bankruptcy – Ch. 13 =

Answer 10

7 years

Question 11

(How long will the negative
information stay on your report?)
Charge offs / Collections =

Answer 11

7 years

Question 12

(How long will the negative
information stay on your report?)
Foreclosures / Judgments =

Answer 12

7 years

Question 13

(How long will the negative
information stay on your report?)
Inquiries =

Answer 13

2 years

Question 14

(Important Laws)
____________:
The only way to deny credit is due to credit

Answer 14

Equal Credit Opportunity Act

Question 15

(Important Laws)
____________:
Ability to challenge errors on credit data

Answer 15

Fair Credit Reporting Act

Question 16

(Important Laws)
____________:
Prohibits unfair debt collection practices (call at odd hours, call employer, make threats or false claims, etc)

Answer 16

Fair Debt Collection Practices Act

Question 17

(Important Laws)
____________:
1. Comparison of offers
2. Protects credit fraud

Answer 17

Truth in Lending

Question 18

(Important Laws)
____________:
1. Correct errors on bank information
2. Limits liabilities for loss in bank fraud (includes debit cards)

Answer 18

Electronic Funds Transfer Act

Question 19

(Important Laws)
____________:
1. More Time to Pay
2. Parameters on Interest Rates and Fees
3. Age Limit – no one under 21 unless proof of repayment/co-signer
4. No more universal default

Answer 19

CARD Act 2009

Question 20

(Credit Cards)
____________:
1. Report fraud within 2
days
2. After 2 days you are
only liable by law for
up to $50
3. Phone or Internet
usage – typically no
liability

Answer 20

Truth in Lending Act

Question 21

(Debit Cards)
_____________:
1. Up to $50 if the card is
reported as lost within
two business days.
2. Up to $500 within 60
days
3. Unlimited loss after 60
days

Answer 21

Electronic Funds Transfer Act