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22 Cards in this Set
- Front
- Back
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five c's of credit
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character, collateral, capacity, capital, conditions
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credit cards such as visa and mastercard are examples of....
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revolving credit agreements
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which of the following is an ex of service credit?
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telephone bill
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finance companies charge higher rates of interest on loans because...
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they take more risk
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which statement about an installment purchase agreement is not true?
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new purchases may be added on
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GMAC Financial Services is an ex of...
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sales finance company
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which of the following is an unlawful purpose for a credit report?
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mailing list information
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the act that provides that you may see your credit file at no charge within 30 days of a credit card denial
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fair credit reporting act
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credit reports are issued by....
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credit bureaus
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credit files are updated....
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daily
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the act known for its provisions requiring full disclosure of all costs in a credit transaction....
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truth in lending law
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debt collectors are required to...
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give customers the chance to clarify and dispute their bills
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the method of payment on installment loans is usually....
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monthly
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the amount of credit above what you owe is called....
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unused credit
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which of the following is commonly known as straight bankruptcy?
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chapter 7 bankruptcy
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the 20/10 rule does not apply to....
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mortgage loans for housing
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debtors may keep their property but must submit a payment plan to the court....
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reorganization
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not a true statement about debt adjustment firms....
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the court makes sure that you follow the plan as agreed
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to be insolvent means....
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you are unable to pay your bills
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when a creditor asks the court to declare a debtor bankrupt....
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involuntary bankruptcy
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the court sells the debtors assets and uses the proceeds pay the debts....
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liquidation
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bankruptcy used for businesses....
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chapter 11
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