Exam 6: Building and Maintaining Good Credit

The only real source for a free credit report is through

Repossession is a legal proceeding by which the lender seizes an asset for nonpayment of a loan.

The Equal Credit Opportunity Act prohibits the rejection of credit due to a poor credit history.

Advantages of credit use include increased protection against rip-offs and frauds.

You can take on more debt if your debt payments-to-disposable income ratio is in the range of

A credit applicant is required by federal regulations to disclose all of his or her sources of income.

Under the Fair Credit Reporting Act,the law requires

Usury laws establish

The full additional cost of credit measured in dollars is called the

The finance charge on a loan is simply the interest charged by the lender.

A factor in the development of credit scores is

Credit cards allow repeated use of credit as long as equal monthly payments are maintained over a set period of time.

If you are unable to get completely out of debt every five years (except for a mortgage loan),you probably lean on debt too heavily.

Credit bureaus compile information from

Prescreened refers to a credit card offer that a bank aims at certain consumers based on their borrowing histories.

Lending by sales finance companies are most commonly associated with