Exam 6: Introduction to Consumer Credit

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If you are denied credit, your first step should be to:

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In the 5 Cs of credit, capacity refers to the borrower's financial ability to meet credit obligations.

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A credit arrangement that has no extra costs and no specific repayment plan is called:

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What should you do if your identity is stolen?

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Consumer credit dates back to colonial times.

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How can you protect yourself against debit/credit card fraud?

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What is consumer credit? What are its advantages and disadvantages?

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The Fair Credit Billing Act has a provision in which a lender can threaten your credit rating while you are resolving a billing dispute.

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What would be the maximum limit for an individual's debt-to-equity ratio, excluding the home mortgage?

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The Fair Credit Reporting Act regulates the use of credit reports, requires the deletion of obsolete information, and gives consumers access to their files.

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Consumer credit:

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With an open-end credit, you pay back one-time loans in a specified period of time in equal amounts.

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Jennifer Garner purchases a sofa, love seat and reclining chair for her family room and will make payments of $65 per month for the next twenty-four months. What type of credit did Jennifer use?

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Jane Calvert is applying for a loan from a bank. The bank knows she owns a house worth $150,000 and a car with a trade-in value of $15,000 as well as other personal assets worth approximately $50,000. Which one of the 5 Cs of credit is the bank looking at?

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A debit card:

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Another name for closed-end credit is:

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Which of the following federal consumer credit laws sets the procedures for promptly correcting billing errors?

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Charles Rickman is applying for a loan from the bank. The bank has determined that he has never been late making payments on past loans. Which of the 5 Cs of credit is the bank looking at?

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Which federal consumer credit law provides specific cost disclosure requirements for the annual percentage rate and the finance charge as a dollar amount?

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The Equal Credit Opportunity Act is very specific about how a person's age may be used in credit decisions.

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