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Consumer Economics > Chapter 17-credit Records And Laws > Flashcards

Chapter 17-credit Records And Laws Flashcards

0
Q

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

A

Credit history

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1
Q

A responsible attitude toward paying bills and meeting obligations on time

A

Character

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2
Q

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

A

Credit reports

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3
Q

The Consumer Credit Protection Act of 1968

A

Truth-in-lending law

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4
Q

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

A

Capacity

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5
Q

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

A

Credit bureau

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6
Q

A person hired to collect the balance due

A

Debt collector

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7
Q

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

A

Discrimination

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8
Q

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

A

Credit rating

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9
Q

A numb assigned by FICO indicating person’s credit worthiness

A

FICO score

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10
Q

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

A

True

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11
Q

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

A

False

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12
Q

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

A

True

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13
Q

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

A

True

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14
Q

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

A

False

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15
Q

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

A

False

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16
Q

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

A

True

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17
Q

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

A

True

18
Q

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

A

False

19
Q

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

A

True

20
Q

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

A

True

21
Q

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

A

False

22
Q

What is an unlawful purpose for a credit report

A

Mailing list

23
Q

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

A

Fair credit reporting act

24
Q

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

A

60

25
Q

Your letter of complaint must be acknowledged in….days

A

30

26
Q

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

A

90

27
Q

What is not a five C of credit

A

Challenge

28
Q

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

A

$50

29
Q

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

A

Good

30
Q

What might not be included in a credit report

A

Medical history

31
Q

Credit reports are issued by

A

Credit bureaus

32
Q

Credit files are updated….by computers and search procedures

A

Daily

33
Q

What is a good first step toward starting with credit

A

Opening a savings account

34
Q

What could be apart of a credit record

A

Lawsuit, divorce, and bankruptcy

35
Q

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

A

Truth-in-Lending Act

36
Q

To see credit report without cost would be

A

Once per year from each

37
Q

In many cases, people with poor credit rating have

A

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

38
Q

Debt collectors are required to

A

Give consumers the chance to clarify and dispute bills

39
Q

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

A

300-850;760+

40
Q

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

A

Conditions

41
Q

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

A

Subscriber

42
Q

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

A

Credit rating

43
Q

What is unlawful purpose for a credit report

A

Mailing list information

Consumer Economics (10 decks)

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