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14 Cards in this Set
- Front
- Back
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Bankruptcy
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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
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Credit Services
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Many provide credit at high interest to people who have poor credit; often charge high fees to "clean up" a poor credit rating"
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Truth-in-lending disclosure
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document that tells consumers about all the costs of borrowing money
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Credit Counselor
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Someone who helps consumers with credit problems
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Equal Credit Opportunity Act
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A law against denying credit based on gender, age, ethnicity, or religion.
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Consumer Credit Protection
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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
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Credit Bureaus
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Agencies(TRW, Trans Union) keeping credit files on us
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Consolidation Loans
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Combines several debts into one loan with lower payments. A disadvantage is it can involve higher interest rates
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Federal Trade Commission
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Government agency that forces the laws on credit
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Collection Agent
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Person or business that collects overdue bills; is limited in how, when, and where the debt is collected
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Fair Credit Reporting Act
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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
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Fair Debt Collection Practices Act
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This law protects debtors by prohibiting unfair debt collection practices and methods by collection agencies
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Usury Law
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A law that restricts the amount of interest that can be charged a debtor
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Fair Credit Billing Act
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This law requires creditors to correct billing mistakes brought to their attention by the debtor
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