Exam 6: Introduction to Consumer Credit

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?

Jennifer Rogers needs a loan to purchase a new car.She knows the creditor must:

Credit bureaus obtain data from which of the following?

If you cosign a loan,the creditor can collect this debt from you without first trying to collect from the borrower.

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?

If you have a complaint about consumer credit,you should first:

Revolving check credit is a:

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

Amy Farmer is getting a loan to buy a used car.The bank wants to know the trade-in value of the car she is purchasing.Which of the 5 Cs of credit is the bank examining?

You may not be denied credit because you receive Social Security or public assistance.

If you think that your bill is wrong,you should first:

If you want to improve your credit score,then you should:

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

Michael Flowers believes that his credit card company has made an error in its monthly statement to him.Which consumer protection law specifies procedures he can use to dispute this monthly statement?

Which federal consumer credit law limits a cardholder's liability for unauthorized use of a card to $50?

Maryann Lawrence wants to get a loan in just her name.She knows the creditor cannot:

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

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 this report?

What can be included in your credit bureau file?

If you dispute the accuracy of information in your credit file: