Exam 6: Introduction to Consumer Credit

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The Federal Trade Commission receives an average of how many complaints about the credit bureaus every year?

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Which of the following is a credit bureau?

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Larry Arnold gets a direct loan of money to go on vacation with his family. He will repay the loan over the next twelve months. What type of credit did Larry use?

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Jake Skinner purchases a big screen TV on credit and will repay the loan with one payment at the end of 90 days. What type of credit did Jake use?

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If you are a woman, a creditor must:

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Experts suggest that you spend no more than ____________ percent of your net income on credit purchases.

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If you think you have been discriminated against by consumer reporting agencies or creditors, you should file a complaint with which government agency?

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In determining your credit capacity, you first provide for basic necessities, such as:

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Debit cards are also often called:

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Mohammad Ishaque has checked his credit report and believes there is an error in it. Which consumer protection law specifies that he has the right to have errors in his credit report investigated?

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The best way to maintain your credit rating is to:

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The smaller the debt-to-equity ratio, the riskier the situation is for lenders and borrowers.

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The credit bureau cannot charge you a disclosure fee if you ask to see your file within ______ days of being notified of a denial based on a credit report.

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What are a few things to consider before you cosign a loan?

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What are the two general rules of measuring credit capacity?

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In evaluating your credit application, a lender may:

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Credit when effectively used, can help you have more and enjoy more.

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Many retailers use open-end credit.

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Most economists do not recognize consumer credit as a major force in the American economy.

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A good example of closed-end credit is:

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