Consumer Products
A revolving line of credit from which a customer may borrow funds as needed over time.
What is Open-End Credit?
Congress passed this act in 1968 to address inadequate and inconsistent state consumer credit protection laws.
What is Truth in Lending Act (TILA)?
The expression of the interest and finance charge on a loan as an annual rate.
What is Annual percentage rate?
A person who reviews a loan request and decides if the lender's requirements are met.
What is an Underwriter?
Loans that have a predetermined term, often up to 30 years.
What is Closed-End Credit?
What Regulation implements the Truth in Lending Act
What is Regulation Z?
A loan with an interest rate that may fluctuate.
What is a Variable rate loan?
A party that furnishes consumer credit information reports to third parties.
What is Consumer Reporting Agency?
Loans with a large payment due at maturity are referred to as.
What is a balloon loan?
TILA covers consumer credit for amounts up to a threshold of
What is $54,600?
The rate the creditor applies to the account balance for a day, week, or month.
What is Periodic Rate?
The notice required to be sent to an applicant when the creditor does not approve the application on the terms and conditions requested.
What is Adverse Action Notice?
Debt consolidation loans, student loans, and home equity loans are examples of what typic of loans
What is closed-end loans?
This act protects consumers in the reporting and use of credit information.
What is The Fair Credit Reporting Act?
The right of a customer to cancel a contract or legally binding agreement within a specified period.
What is Right of rescission?
A notice to a consumer pertaining to the credit terms of the loan and containing other facts relevant to a credit arrangement.
What is Disclosure?
Home equity lines of credit and unsecured lines of credit are examples of what.
What is open-end credit?
This act provides men and women in the military with assistance in fulfilling their financial obligations and in asserting many of their legal rights in times when they are serving their country.
What is Servicemembers Civil Relief Act?
A borrower's ability and willingness to repay debt, usually assessed on the basis of the amount and qualify of the borrower's assets and repayment history.
What is Creditworthiness?
The consumers cost for a loan in dollars and cents.
What is finance charge?