Banking & Finance- Ch 27 Quiz

Which U.S. agency enforces credit laws?

• Internal Revenue Service

• Federal Trade Commission

• Federal Communications Commission

• Federal Bureau of Investigations

Which is a law that restricts the amount of interest that can be charged for credit?

• credit fraud law

• equal credit protection law

• usury law

• credit protection law

Which is NOT a true statement about the Consumer Credit Protection Act?

• It is also known as the Truth in Lending Act

• It requires creditors to inform consumers about costs and terms of credit

• It helps make comparing credit costs more difficult

• It states that advertising about credit cards reflect the true nature and cost of credit

Which federal law states that credit applications can be judged only on the basis of financial responsibility?

• The Equal Credit Opportunity Act

• The Fair Debt Collection Practices Act

• The Fair Reporting Act

• The Fair Credit Billing Act

Which is Not a reason a person can be denied credit?

• low income

• large debts

• poor payment record

• receiving welfare

Which term refers to a record of an individual's past borrowing and repayments?

• bankruptcy

• consumer debt

• credit history

• debt report

Which is NOT a credit bureau from which you can request a credit report?

• American Express

• Experian

• Equifax

• TransUnion

Which is the federal law that requires creditors to correct billing mistakes?

• The Equal Credit Opportunity Act

• The Fair Debt Collection Act

• The Fair Reporting Act

• The Fair Credit Billing Act

Which is the federal law that regulates collection agencies?

• The Equal Credit Opportunity Act

• The Fair Debt Collection Act

• The Fair Reporting Act

• The Fair Credit Billing Act

Which is the federal law that regulates collection agencies?

• The Equal Credit Opportunity Act

• The Fair Debt collection Practices Act

• The Fair Reporting Act

• Fair Credit Billing Act