Exam 35: Protecting the Borrower

If a debit card owner never notifies the card issuer of the card's loss, the cardholder will be liable for

Farber became insolvent as a result of a loss of employment. What options does Farber have to solve his financial problems?

When deciding whether to grant credit, a creditor may not consider the applicant's

Charging an interest rate higher than the rate permitted by law is known as

The history of a person's use of credit is contained in a

The Equal Credit Opportunity Act ensures that anyone applying for credit receives it.

An inability to pay debts as they become due is known as

The maximum interest rate that may be charged on a business loan is

While waiting to have a bill corrected, the consumer

The ____________________ Act allows debtors access to their credit records and the right to have corrected any reporting mistakes.

Of the following debts, the only one that is dischargeable in bankruptcy is

Johnson had a charge account at Brown's Department Store. On the most recent statement, Johnson noticed a $90 charge that she had not made. What action may Johnson take?

If the card issuer is properly notified of the loss of a credit card, the cardholder's liability is limited to

A credit card holder's liability for unauthorized use of the charge card is unlimited if the card was lost or misplaced.

The law permitting debtors access to their credit records is

The inability to pay debts as they become due is called ____________________.

Katz received an unordered credit card from the Rand Department Store. The card was stolen by Cooper, who charged purchases of $300 at the store. Is Katz liable for these purchase?

The Fair Debt Collection Practices Act applies only to

A denial of credit based solely on the age of the borrower is always illegal.

The maximum amount that may be owed on a credit card at any one time is called the