Credit 32-46

The companies that collect and maintain consumer credit information. 

• credit union
• credit reporting agency
• credit card company
• credit city

Which is an act of identity theft?

• Receiving permission to use a parents’ credit card for school clothes
• Wrongfully acquiring and using someone’s personal identification
• Taking the identity of another individual as inspiration for a costume
• Having the same name as another person

This type of credit is also known as closed-ended credit.

• Revolving credit
• installment credit
• cash loans
• service credit

With this type of loan, the entire loan amount is paid to you at once. Then, you repay the loan, with interest, in a set number of equal payments by a specific payoff date.

• Revolving credit

• installment loan

• cash loans

• service credit

Interest is:

• a charge for lending money
• the amount owed for borrowing money
• the amount added into your savings account when opening a bank account
• a charge for convenience of accessing money in your bank

Maximum dollar amount loaned

• Credit Total
• Max of Credit
• Credit Limit
• Credit APR

Charged when a cardholder does not make the minimum monthly payment by the due date

• Late- payment fee
• Late- payment reward
• Overtime Fee
• Payment Penlty

What are the three major Credit Reporting Agencies (CRAs)?  

• Equifax
• TransUnion
• Experian
• All of these are correct

The amount you must pay on a credit card, based on a percentage of the outstanding balance.

• minimum fee
• minimum payment
• monthly statement
• minimum monthly interest charge

What is one characteristic of open-end credit?

• A down payment must be made before receiving the loan

• Individuals are allowed to borrow an unlimited amount of money as long as they pay it back

• Credit is extended in advance so the borrower does not have to apply for credit each time credit is desired

• Payments are equal and are required on a regular basis