Parents or family members; money borrowed on financial assets held by a lending institution.
What are inexpensive loans?
100
What you need to compare as you shop for credit.
What are the finance charge and the annual percentage rate?
100
The length of time that most negative items stay on your credit report
Seven years?
100
A debtor with a regular income proposes to a bankruptcy court a plan for extinguishing his or her debts from future earnings
What is chapter 13 Bankruptcy?
100
starts all credit applicants off on the same footing
What is the Equal Credit Opportunity Act?
200
the borrower pays back a one-time loan in a specified period of time and with a specified number of payments
What is closed-end credit?
200
the percentage cost (or relative cost) of credit on a yearly basis.
What is APR?
200
A bank that is looking at your past payment records on your loans by examining your credit report is most likely examining which aspect of the 5 C's of lending?
What is Character?
200
The person who oversees bankruptcy procedures
What is the trustee?
200
federal law which provides specific cost disclosure requirements for the annual percentage rate and the finance charge as a dollar amount
What is the Truth in Lending Act?
300
a prearranged loan for a specified amount that the consumer can use by writing a special check
What is revolving check credit?
300
I = P r T
What is the simple interest formula?
300
Miranda Sellars pays off the balance on her credit card every month. What type of credit card user is she known as?
What is a convenience user?
300
The number of years a Bankruptcy can stay on your credit report
What are 10 years?
300
regulates the use of credit reports requires the deletion of obsolete information and gives the consumer access to his or her file and the right to have erroneous data corrected
What is What is the Fair Credit Reporting Act?
400
loans are available from finance companies, retailers, and banks through credit cards. Finance companies often lend to those who cannot obtain credit from banks or credit unions. The interest ranges from 8% to 20%.
What are expensive loans?
400
where the assessment of the finance charge is after payments made during the billing period have been subtracted.
What is the adjusted balance method?
400
a debtor is required to draw up a petition listing his or her assets and liabilities. Grants a debtor a chance to make a fresh start in life.
What is chapter 7 Bankruptcy?
400
This legal protection means that creditors must stop calling your house and other attempts to collect the debts
What is the "automatic stay"?
400
provides that you may withhold payment on any damaged or shoddy goods or poor services that you have purchased with a credit card, as long as you have made a real attempt to solve the problem with the merchant.
What is the Fair Credit Billing Act?
500
Commercial banks and credit unions. New car loans may cost 6 to 8 percent; used car loans and home improvement loans may cost slightly more.
What are medium-priced Loans?
500
passed in 1969, it requires creditors to state the cost of borrowing as a dollar amount.
What is The Truth in Lending Law?
500
is a local nonprofit organization affiliated with the National Foundation for Consumer Credit that provides debt counseling services for families and Individuals
What is Consumer Credit Counseling Service?
500
This law made it harder for people to file chapter 7 bankruptcy, to discharge debts.
What is The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005?
500
The __________ is the law that places the burden of proof for accurate credit information on the credit reporting agency.