Credit

Front

Your honesty and willingness to pay your debts is known as....

Back

character

Front

Credit can lead to overbuying in some instances.

Back

True

Front

A cosigner MUST be a friend or a relative of the person taking out the loan.

Back

false

Front

The APR is a disclosure statement required by law.

Back

True

Front

A record of your transactions completed during a billing period and mailed to a debtor is called a ________________.

Back

Statement of Account

Front

Which law requires that you be told the cost of a credit purchase in writing prior to signing/agreeing to the credit agreement? Options: Fair Credit Reporting Act, Fair Billing Act, Truth in Lending Law, Equal Credit Opportunity Act

Back

Truth in Lending Law

Front

Law that requires prompt correction of billing errors after they have been reported to a creditor.

Back

Fair Billing Act

Front

Security for a loan is called ______________.

Back

Collateral

Front

A type of loan in which you agree to pay an amount each month to cover purchases of gas or electricity (utilities) provided.

Back

service account

Front

According to the law, does everyone have the right to equal amounts of credit when applying for a credit card?

Back

False