borrowing money test review
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Borrowing Money Test Review. If your credit card is lost or stolen and your report it immediately to your credit card company, the most you can lose is. $50. The three primary credit bureaus are:. Experian, Equifax, and Transunion. - PowerPoint PPT PresentationTRANSCRIPT
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Borrowing MoneyTest Review
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If your credit card is lost or stolen and your report it immediately to your credit card company, the most you can lose is
![Page 3: Borrowing Money Test Review](https://reader035.vdocument.in/reader035/viewer/2022062501/5681685f550346895ddea3a1/html5/thumbnails/3.jpg)
$50
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The three primary credit bureaus are:
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Experian, Equifax, and Transunion
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Who enforces most of the consumer protection laws in Oklahoma?
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State Attorney General’s Office
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What should you do before applying for a loan?
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Get a copy of your credit report to check it for errors
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What should you do to dispute any information included in your credit file?
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Write a letter to the credit bureau
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What else can you do to dispute any information included in your credit file?
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File a report online with the credit bureau
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Which act ensures all individuals have an equal opportunity to receive credit or loans?
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Equal Credit Opportunity Act
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True/FalseYou should borrow money to buy a new pair of shoes or to pay for your cell phone bill.
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False
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True/FalseYou should borrow money to pay off your credit cards.
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False
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You should borrow money to buy a house.
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True
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What type of credit includes collateral for the lender?
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Secured credit
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True/FalsePeople borrow money because they are uniformed about other ways to make purchases.
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False
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True/FalsePeople borrow money because they do not have enough cash or savings to make a purchase.
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True
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What type of establishment collects and distributes credit information of individuals and businesses?
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Credit Bureau
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What is an example of installment credit?
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Credit cards
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What type of loan is repaid with a fixed number of equal payments?
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Installment Credit
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True/FalseQualifications for borrowing money are basically the same from lender to lender.
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False
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True/FalseLenders are most concerned about your ability to repay the loan.
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True
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True/FalseBuilding a good relationship with a banker can help you get a loan.
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True
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True/FalseWhen shopping for a loan, it pays to compare lenders.
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True
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What is known as payment for the use of someone else’s money?
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Interest
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What score will most lenders check when you apply for a loan?
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FICO
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What is an official record of a borrower’s credit activity, including borrowing and payments?
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Credit History
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Which Act requires free credit reports for the unemployed, persons on public assistance, and fraud victims?
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Consumer Credit Reporting Reform Act
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Which Act prohibits debt collectors from engaging in unfair, deceptive, or abusive practices when collecting debts?
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Fair Debt Collection Practices Act
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Which Act requires lenders to inform potential lenders about the cost of borrowing money, including finance charges and the annual percentage rate?
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Truth in Lending Act
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Which Act makes it illegal for groups to make false promises or claims about improving credit history?
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Credit Repair Organizations Act
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Who is best qualified to repair your credit?
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YOU!
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What is known as the percentage rate of interest charged to the borrower?
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Interest Rate
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What is a contract between the borrower and the lender explaining the requirements of fulfilling the loan?
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Loan Agreement
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How many years can negative information stay on your credit report?
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7
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What could be considered negative information on a credit report?
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Late Payments and Defaults on Loans
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True/FalseHigher FICO scores results in higher interest rates.
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False
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True/FalseHigher FICO scores results in higher payments on loans.
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False
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True/FalseLower FICO scores result in lower interest rates.
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False
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True/FalseLower FICO scores result in higher interest rates.
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True
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What type of lenders offers loans to high risk customers at very high fees?
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Payday Loan Companies
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What types of lenders offer low risk customers a loan at reasonable fees?
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Credit UnionsHome Equity Bank Loans
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True/FalseWhen making credit card payments, always pay the minimum amount requested on the statement.
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False
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True/FalseWhen making credit card payments, always pay more than the minimum amount requested on the statement.
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True
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What can your credit score affect?
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Job, Apartment, Interest Rates
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What will your credit score not affect?
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Monthly Balance
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What is one of the most important factors when computing your credit score?
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Pay your bills on time!
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True/FalseInterest rates on credit cards vary with your level of income.
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False
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True/FalseInterest rates on credit cards are basically the same for everyone.
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False
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True/FalseInterest rates on credit cards will vary greatly, depending upon several factors.
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True
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True/FalseInterest rates on credit cards will vary little from credit company to credit card company.
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False
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What are designed to ensure that consumers and lenders are treated fairly and equally?
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Consumer Credit Laws
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What type of credit is borrowing to buy a car considered?
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Secured Credit
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What does APR stand for?
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Annual Percentage Rate
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What is not included in your credit report?
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Your age, your race, and the place where you work and your supervisor’s name
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What is included in your credit report?
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The number of times you apply for credit
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What type of clause allows the borrower to make additional payments or pay off a loan early?
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Prepayment Clause