Unit 7 Credit

Front

When referring to the 5 Components of Credit: Character refers to _____?

Back

borrowers reputation and payment history

Front

When referring to the 5 Components of Credit: Capacity refers to _____?

Back

a person's ability to repay a debt

Front

When referring to the 5 Components of Credit: Capital refers to _____?

Back

a borrows savings and assets

Front

When referring to the 5 Components of Credit: Collateral refers to _____?

Back

the valuable assets owned by a person that can be used to pay off a debt

Front

When referring to the 5 Components of Credit: Conditions refers to _____?

Back

circumstances that make it easier or harder to obtain a loan

Front

The Fair Credit Reporting Act _____?

Back

regulates consumer reporting agencies

Front

The Fair Debt Collection Practices Act _____?

Back

prevents abusive and deceptive practices by debt collectors

Front

The Equal Credit Opportunity Act _____?

Back

makes it illegal for creditors to discriminate on the basis of race, color, religion, national origin

Front

The Fair Credit Billing Act _____?

Back

protects consumers against inaccurate and unfair credit billing

Front

The Card Act _____.

Back

bans unfair rate increases and unfair fees, requires anyone under the age of 21 to have a cosigner