Show:
TILA
FDCPA
FCRA
CREDIT
WILD
100

What is the Purpose of TILA?

It is the purpose of this subchapter to assure a meaningful disclosure of credit terms so that the consumer will be able to compare more readily the various credit terms so that the consumer will be able to compare more readily the various credit terms available to him/her and avoid the uninformed use of credit, and to protect the consumer against inaccurate and unfair credit billing and credit card practices.

100

What Is Debt?

Any obligation or alleged obligation of a consumer to pay money arising out of a transaction in which the money, property, insurance, or services.

100

What does FCRA stand for?

Fair Credit Reporting Act

100

TRUE OR FALSE: BANKS CAN LEND MONEY

False

100

What's the Admin process?

C&D, DV, AoT, Otc, Court.

200

What's another name for finance charge? 

APR

200
Can a debt collector repossess your vehicle?

Yes, ONLY if you agree and  the peace isn't breached. (NEVER)

200

Fill in the blank: The banking system is dependent upon ___ and _____ credit reports. 

fair, accurate

200

According to 18 USC 8 who is obligated to pay debt?

United States

200

Who all can regulate "Creditors"?

BBB, AG, CFPB, OCC, FTC.

300

What should be included in a finance charge?

Everything, it is the sum of all charges.

300
Why was the FDCPA Created?

To prevent abusive and deceptive debt collection practices. 

300

What is NOT allowed on a Consumer Report according to 15 USC 1681 C?

Any bankruptcy, civil suits, paid tax liens, accounts placed for collection or charged off, any adverse item of information, the name address and telephone number of any medical information furnisher. 
300

Can a company be a creditor?

Yes, only after you extend credit, once the transaction is completed that company then becomes a debt collector. 

300

What is a Loan?

A loan doesn't exist.

400

What is the Right to Rescind?

When an obligor voids his liability for any finance or other charge or obligation
400

What are the sum of the damages according to 1692k?

1,000

400

How do you BLOCK information from your Credit Report?

Submit an FTC report, mail CRAs a  dispute letter, ID, bill, and copy of FTC report.
400

How do companies get paid?

By Selling the promissory note. 

400

When should a consumer receive a lease?

NEVER, leases aren't beneficial to Consumers. 

500

Who's the Creditor?

The Company.

500

When can a debt collector contact you?

NEVER!!!!! 

500

What is a Consumer Reporting Agency?

Anyone who submits a report on a consumer. (debt collector, person, police officer, etc.)

500

What is a contract?

An agreement signed between two people.

500

What type of case do you file in court against a  "Creditor?"

Identity Theft