Exam 7: Assessing and Securing Your Credit

The Financial Reform Act of 2010 established the Consumer Financial Protection Bureau to help ensure endorsements of financial products are accurate.

A commitment by an insurance company to cover credit repayments under adverse conditions such as accident or illness is called

The use of credit may result in ________ spending and ________ debt.

Advantages of using credit are all of the following, except

________ is short-term credit provided by some department stores to consumers to purchase specific items.

The federal law that prohibits the denying of credit based on gender, age, race, national origin, religion, or marital status is the ________.

The law that prohibits denying credit due to gender, age, race, national origin, religion, or marital status is

The longer you maintain relationships with creditors, the lower will be your credit score.

A credit score of ________ would normally allow you to have easy approval for credit.

Excessive use of credit can impair your ability to save money.

You should review your credit report from each credit bureau at least ________.

Which of the following is a disadvantage of using credit?

The ________ is the most important factor used in the FICO credit scoring model.

Credit cards are an example of revolving open-end credit.

Identity thieves that obtain your information from the magnetic strip on your credit card are using a technique known as

You should be very selective in shredding documents and when in doubt, do not shred them.

Discuss at least two ways that you can protect yourself from identity theft.

________ is a credit arrangement where the balance may be paid off monthly and interest is only charged on the remaining unpaid amount.

The average credit card balance of college students including those with a zero balance is

If you plan on using your credit card to carry a balance for more than a month or two, you should