Credit History Flashcards
(21 cards)
__________ – your
personal information
Consumer Information
__________ – message you have submitted
Consumer Statement
__________ – payment history and account type
Summary Information
__________ – detailed breakdown of accounts
Account History
__________ – legal matters publicly available
Public Record
__________ – inquiries made into your report
Inquiries
Lending agencies report to 3 credit bureaus:
1.
2.
3.
Equifax, Transunion, Experian
Credit scores range from …
300 – 850
(How long will the negative
information stay on your report?)
Bankruptcy – Ch. 7 =
10 years
(How long will the negative
information stay on your report?)
Bankruptcy – Ch. 13 =
7 years
(How long will the negative
information stay on your report?)
Charge offs / Collections =
7 years
(How long will the negative
information stay on your report?)
Foreclosures / Judgments =
7 years
(How long will the negative
information stay on your report?)
Inquiries =
2 years
(Important Laws)
____________:
The only way to deny credit is due to credit
Equal Credit Opportunity Act
(Important Laws)
____________:
Ability to challenge errors on credit data
Fair Credit Reporting Act
(Important Laws)
____________:
Prohibits unfair debt collection practices (call at odd hours, call employer, make threats or false claims, etc)
Fair Debt Collection Practices Act
(Important Laws)
____________:
1. Comparison of offers
2. Protects credit fraud
Truth in Lending
(Important Laws)
____________:
1. Correct errors on bank information
2. Limits liabilities for loss in bank fraud (includes debit cards)
Electronic Funds Transfer Act
(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
CARD Act 2009
(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
Truth in Lending Act
(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
Electronic Funds Transfer Act
