The 4 Cs of Credit
How much you can afford
Capacity
Where is your address located on your credit report
Personal Information
What regulation prohibits a full credit card number on a receipt
FACTA (Fair and Accurate Credit Transactions Act)
T/F: Late payments can affect your credit score
true
What has the biggest impact on a credit score
Payment History
Capital
What are the three types of credit
Open, revolving and installment
How do you correct errors on your credit report report
What are the two types of bankruptcies
Chapter 7 and Chapter 13
Which section of a FICO score includes inquires from a credit report
New Credit
Something of value used to secure the loan
Collateral
What gives you the right to dispute inaccurate information on your credit report
FCRA (Fair Credit Reporting Act)
What is the definition of a charge off
A lender who has given up trying to collect an owed debt
10%
Character
What is the minimum credit score for FHA
580
How many days does a creditor have to acknowledge a dispute on your credit report
30
How long does a tax lien remain on a credit report
15 years
This section displays judgements and collections accounts
Account history
What are the 4 Cs of credit
Capacity, Collateral, Capital, Character
What are the 3 credit bureaus
How many days does a creditor have to make a determination on a filed dispute
90
How many days late on a payment before it shows as being in default
90 days
This is the ratio of total amounts owed compare to the total amounts available to borrower
Amounts Owed