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14 Cards in this Set

  • Front
  • Back
When debtor is relieved of debts;however, creditors can take some or even all his assets. Often referred to as the "last resort" since debtor is left with a horrible credit record
Credit Services
Many provide credit at high interest to people who have poor credit; often charge high fees to "clean up" a poor credit rating"
Truth-in-lending disclosure
document that tells consumers about all the costs of borrowing money
Credit Counselor
Someone who helps consumers with credit problems
Equal Credit Opportunity Act
A law against denying credit based on gender, age, ethnicity, or religion.
Consumer Credit Protection
A law also called the "Truth-in-lending Law,' stating creditors must provide credit info to consumers as well as credit card protection; if card is lost/stolen, you are only liable for $50 worth of fraudulent charges
Credit Bureaus
Agencies(TRW, Trans Union) keeping credit files on us
Consolidation Loans
Combines several debts into one loan with lower payments. A disadvantage is it can involve higher interest rates
Federal Trade Commission
Government agency that forces the laws on credit
Collection Agent
Person or business that collects overdue bills; is limited in how, when, and where the debt is collected
Fair Credit Reporting Act
A law that gives people the right to know what is in their credit files at credit bureaus; the right to know if they're being investigated/denied credit
Fair Debt Collection Practices Act
This law protects debtors by prohibiting unfair debt collection practices and methods by collection agencies
Usury Law
A law that restricts the amount of interest that can be charged a debtor
Fair Credit Billing Act
This law requires creditors to correct billing mistakes brought to their attention by the debtor