Vocabulary
What is debt?
Debt is something that is owed that will decrease future earnings.
A person with a low credit score may what?
have fewer housing choices because property owners check credit reports and reject people with low scores.
The law begin in 1968
what is the Truth in Lending Act?
Passed in 1970 and revised in 1977
What is
Fair Credit Reporting Act?
What is debt load?
Debt load is the amount of debt a consumer has at a given point in time.
What is a collection agency?
A collection agency is a business that specializes in debt collection.
The Law begin 1970
What is the Fair Credit Reporting Act?
passed in 1974,
what is Equal Credit Opportunity Act?
What is credit counseling service?
an organization that provides debt and financial management advice and services to people with debt problems at little or no cost.
What is credit counseling service?
credit counseling service is an organization that provides debt and financial management advice and services to people with debt problems at little or no cost.
The begin in 1974
what is the Equal Credit Opportunity Act?
protects consumers against unfair billing practices.
What is the fair credit billing act?
what is a collection agency?
a business that specializes in debt collection.
Repossession is the taking of collateral when a borrower fails to repay a loan.
The law begin in 1977
what is the Fair Debt Collection Practices Act?
protects consumers against unfair methods of collecting debts
what is Fair Debt Collection Practices Act?
A financial personality is a combination of what?
an individual’s attitudes about money and spending patterns.
what is foreclosure?
Foreclosure is the forced sale of property.
The law begin in 2005
what is the Bankruptcy Abuse Prevention and Consumer Protection Act ?
uses electronic impulses to activate financial transactions instead of cash, checks, or paper records
What is Electronic Funds Transfer Act?