An agreement to obtain money, goods or services now in exchange for a promise to pay in the future.
What is Credit?
100
This credit regulation requires lenders to reveal the cost of credit (APR and finance charge) and terms before signing an application or contract.
What is the Truth in Lending Law?
100
The equation for calculating this type of interest is "I=P×R×T".
What is Simple Interest?
100
The 3 C's of Credit.
What are Character, Capacity, and Capital.
100
Available in the forms of a debt repayment plan, credit counseling, or (as a last resort) bankruptcy.
What is Credit Assistance?
200
The four main types of credit.
What are Charge Accounts, Credit Cards, Installment Credit, and Consumer Loans?
200
This credit regulation allows credit applications be judged on financial responsibility of credit applicants. The three areas of responsibilities are low income, large debts, and a poor payment record.
What is the Equal Opportunity Credit Act?
200
This includes the percentage cost of credit, as well as any applicable service fees.
What is APR?
200
A form used by creditors to obtain information from applicants in order to make a decision about granting credit.
What is a Credit Application?
200
Legally binding documents that allow debtors to use credit to obtain goods and services.
What are Credit Contracts?
300
The most popular travel and entertainment payment card. It is expected that the balance will be paid IN FULL at the end of every payment cycle.
What is American Express?
300
This credit regulation requires creditors to correct billing mistakes promptly.
What is the Fair Credit Billing Act?
300
The cost of using someone else's money.
What is Interest?
300
Individuals or companies who are able to verify documentation of credit data to be correct.
Who are Employers (former and current), Financial Institutions, and Personal References?
300
This information can be found on a Statement of Account.
What are the balance due, the minimum amount of next payment, amounts charged or credited during the billing period, and the current balance?
400
A contract issued by the seller that requires intermittent payments at specified times such as bi-weekly or monthly. Rooms To Go provides this type of credit for their customers.
What is Installment Sales Credit?
400
This credit regulation allows individuals to review any information shared by credit reporting agencies with potential creditors and employers. Individuals are entitled to a free copy of their credit report once annually, and may correct any incorrect information contained therein.
What is the Fair Credit Reporting Act?
400
On this date, the loan is to be repaid in full, plus interest and any applicable surcharges.
What is the Maturity Date?
400
These companies sell lenders credit information about credit users such as debt records, payment history, and if any action has been taken to collect overdue bills.
What are Credit Bureaus?
400
Two disadvantages of using credit.
What are experiencing theft of customer records, overbuying by employees, and/or overusing credit?
500
Charge accounts allow debtors to receive goods or services from the creditor and pay for them at a later date. These are the three types of charge accounts.
What are Regular, Budget, and Revolving charge accounts?
500
This credit regulation requires that the credit reporting agency must be able to prove that credit information they provide is accurate.
What is the Consumer Credit Reporting Reform Act?
500
This is where interest is paid only on the amount of the loan that is outstanding (unpaid).
What is a Decreasing Loan Payment?
500
The three major credit reporting agencies.
Who are Experian, Equifax, and TransUnion?
500
Two advantages of using credit.
What are establishing a favorable credit rating, keeping business separate from personal expenses, minimizing record-keeping and receipts, keeping track of what employees are spending, and/or earning rewards?