CH 17 Credit Records & Laws

Debit collectors are required to 

• use any means available to collect debts
• give consumers the chance t clarify & dispute their bills
• intimidate customers into paying
• none of these

In many cases, people with poor credit ratings have

• missed some monthly payments
• have failed to pay back debts
• have filed for bankruptcy
• all of these

To see your credit file at any time would cost you

• nothing it is free
• a small charge
• $50 or more
• nothing, you cannot see your file at any time

The act known for its provisions requiring full disclosure of all charges in a credit transaction is called the 

• Fair Credit Reporting Act
• Fair Credit Billing Act
• Truth-in-Lending Act
• Equal Credit Opportunity Act

Which of the following could become part of your credit record?

• a lawsuit
• a divorce
• bankruptcy 
• all of these

Which of the following would be a good first step in getting started with credit?

• applying for a credit card
• paying off a loan
• opening a savings account
• opening a store credit account 

Credit files are updated _____ by computers & search procedures.

• daily
• weekly
• monthly
• yearly

Credit reports are issued by 

• credit unions
• subscribers 
• creditors 
• credit bureaus

Which of the following would probably not be included in your credit report?

• monthly balances of your accounts
• a listing of your credit accounts
• your medical history 
• whether you own or rent

Which of the following questions could a creditor legally ask you?

• Do you plan to have children?
• What is your ethnic origin?
• Where do you work?
• What church do you attend?