Vocab
A fake offer, sale, or other gimmick
Scam
What should you do if you notice an error on your credit card statement?
Contact your bank immediately
A person who guarantees the debt of another person
Cosigner
What is the highest credit score you can have?
850
What month is Ms. G's birthday in?
June
Records that can be used to support a claim
How can keeping receipts and documentation be helpful to you?
If there is an error on your bank account, you can prove it was fraudulent.
Bankruptcy provides relief for a person who cannot pay their _____.
Debt
Why do you want a high credit score?
The closer your credit score is to 850, the more likely you are to get approved for a loan or a larger line of credit
What kind of dog does Ms. G have?
Boston Terrier
A document that gives a person's credit history and current status with regard to credit and income
Credit report
Why should you shred your receipts and statements?
So your personal information does not get stolen
What are some reasons debtors cannot pay debts?
Excessive medical bills
Small business failure
Overspending and unwise use of credit
Losing employment and being overextended
Having no savings to cover unexpected losses
What is phishing?
Fake websites or emails that look like the real thing
Where did Ms. G go to college?
William Paterson University
The process of taking an asset used for collateral, such as a car, and selling it to pay for a debt
Repossession
What is a consumer advocacy group?
They protect and promote consumer rights
What is debt consolidation?
Getting one loan to pay for all of your debts
True or false: One credit report per year is free.
True
What brand of car does Ms. G drive?
Nissan
When your house is taken from you if you do not pay your mortgage
Foreclosure
What is credit delinquency?
Overdue debt
What is the main difference between Chapter 7 and Chapter 13 Bankruptcy?
Chapter 7 eliminates your debt (assets are sold)
Chapter 13 allows you to catch up on your repayment of debt (repayment plan)
What is it when disputing parties talk and try to come to an agreement?
Negotiation
What was Ms. G's major in college?
Business Management