Exam 6: Introduction to Consumer Credit

Debit cards are often called bank cards, ATM cards, cash cards, and check cards.

Stored value (or gift) cards:

When imposters take your name, they are committing a crime.

Which one of the following is not a source that provides data to credit bureaus?

Revolving check credit is a:

Most consumers have only one choice in financing current purchases.

In the 5 Cs of credit, capacity refers to the borrower's attitude toward his or her credit obligations.

The accuracy of credit reports has worsened recently.

Karen Price is 55 years old, divorced, and has worked at her current job for five years. She is interested in looking at her credit report. Which of the following pieces of information should she find in that report?

What are the two basic types of credit? Give examples of both.

If there is incorrect information in your credit file:

When you complain about your billing error, the creditor must acknowledge your letter within ____________ days.

College students are not a prime target for credit card issuers.

Your friends and neighbors can get credit information about you.

Most of the information in your credit file may be reported for only seven years. If you have declared personal bankruptcy, that fact may be reported for 10 years.

If you have incorrect information in your credit file:

Cobranded credit cards:

Samantha Prescott knows that credit companies must evaluate her on the same basis as a borrower who is male. Which consumer protection law guarantees her this right?

If you have declared personal bankruptcy, that fact may be reported by credit bureaus for ____________ years.

It is safer to use credit, since charge accounts and credit cards let you shop and travel without carrying large amounts of cash.