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8 Cards in this Set
- Front
- Back
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Truth in Lending Act
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promote the informed use of consumer credit, by requiring disclosures about its terms, cost to standardize the manner in which costs associated with borrowing are calculated and disclosed
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Truth in Savings
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Depository institutions must disclose annual % rates on interest bearing accounts and any fees
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Annual % Yield (APY)
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Allows consumers to compare account options
must be disclosed and used in ads based on a 1 year period |
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APYE
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Must be shown on periodic statements (account specific)
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Deregulation
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Reduces regulatory oversight
impacts of deregulation on consumers (fewer "free" services, consumers need to protect their privacy, need to shop for best interest rates, smaller banks being put out of business) |
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What is a credit score?
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Number that helps lender predict hot likely an individual is to repay a loan or make credit payments on time. FICO scores, one of the most common credit scoring systems, vary between 350-850.
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Help with credit problems
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Cooperative Extension
Non-profit Consumer Credit Counseling- can lower rates up to 30%, can prohibit credit card companies from calling you. Must agree to cut up cards and not open any more accounts. |
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Real Estate issues
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Escrow
Interest often not earned Real Estate Settlement Procedures Act (RESPA) Prevent abusive real estate closing practices Community Reinvestment Act (CRA) Financial institutions must serve all credit needs of their communities |
