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25 Cards in this Set
- Front
- Back
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Specifies the obligations of a credit card issuer upon receiving notice of a potential unarthorized use, and limits the liability of the consumer when the proper reporting steps are taken |
Fair Credit Billing Act |
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Requires creditors to give you written disclosures of important terms of the credit agreement such as APR, finance charges, monthly payment amounts, payment due dates, total amount being financed, length of the credit agreement and the consequences of not making a monthly payment |
Truth in Lending Act
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Prohibits the denial of credit because of gender, race, marital status, religion, national origin, age, or receiving public assistance. |
Equal Credit Opportunity Act |
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Gives you the right to learn what information is being distributed about you to Credit Bureaus. As of September 2005, the three major credit bureaus must provide all consumers, upon request, a free copy of their credit report once every twelve months |
Fair Credit Reporting Act |
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Prohibits third party debt collectors from using unfair or deceptive practices to collect overdue bills that your creditor has forwarded for collection |
Fair Debt Collections Practice Act |
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A measure of the cost of credit expressed as a yearly rate. It might change depending on your payment history or other factors |
APR |
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The total dollar amount you pay to use credit. If you pay the total amount you owe before it is due |
Finance Charge |
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The total amount of credit available to you on the credit card |
Line of Credit |
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Cash borrowed against a line of credit provided by a credit card company for the amount of cash obtained. These have a higher interest rate than regular charges on a credit card and carry on grace period |
Cash Advance |
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A membership fee for use of the card thats paid once a year. Some credit cards dont have these. |
Annual Fee |
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a number that sums up what your past and current credit usage predicts about your future credit perormance |
Credit Score |
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What if you cant make your payments? |
You should contact your creditor, explain your situation and work our a repayment schedule |
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What are the three major credit bureaus? |
Equifax, Experian, and TransUnion |
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How do you protect your credit card? |
Sign your credit card in ink, keep it in a safe place, destroy expired credit cards, keep receipts so you can check the charges on your monthly statement, be sure your card is returned once you use it, don't give your credit card number to telephone solicitors |
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What if your credit card is lost or stolen? |
Notify the card issuer, you are no longer responsible for unarthorized charges on the card. |
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offer rewards based on the amount of your purchases. They can include cash, travel, and gift cards. Some offer a combo of these. |
Rewards Cards |
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Who should have a credit card? |
Anyone can have a credit card, as long as they know the advantages and responsibility |
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An electronic card issued by a bank which allows bank clients to access their account to withdraw cash or pay for goods and services |
Debit Card |
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A personal identification number, it is a numeric password shared between a user and a system that can be used to authenticate the user to the system |
PIN |
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a card issued by a financial institution that is preloaded with funds and is used like a normal credit card |
Prepaid Credit Cards |
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How likely it is that you will repay and make the payments when due |
Creditworthiness |
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A letter grade given to your credit score based on a number scale, when your credit score falls in a certain category, you receive a grade |
Credit Score Grades |
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What affects credit score? |
Avaliable credit, recent credit, depth of credit, balance, utilization, and most importantly, credit history. |
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What is the difference between a credit score and a credit report? |
A credit score is the numerical value calculated from information in your credit file that is used by lenders to assess your "Credit Risk". A credit report is a summary of your financial reliability |
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How do you obtain a credit score and report |
availible for a fee from a number of sources, including Experian |
