Chapter 17 (Benita)
Terms
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- The complete record of your borrowing and repayment performance.
- What is credit history?
- Collect information about consumers' credit transactions from business.
- What is a credit bureau used for?
- Written statement of a consumers' credit history, issued by a credit bureau to its business subscribers.
- What is a credit report?
- Character, capacity, capital, conditions, and collateral.
- What are the five C's?
- Open a savings account, get a small loan, apply for a credit card.
- What are the steps to building good credit?
- Debt, payment history, income, and other factors.
- Why do they use the point system?
- Credit history by credit bureaus.
- Why do businesses determine their own ratings?
- Public records, credit account details, list of requests of credit history.
- What does the credit report give for personal information?
- Full disclosure of all costs of credit.
- What does the Consumer Credit Reporting Act require?
- Right to inspect of all costs of credit.
- What does the Fair Credit Reporting Act give?
- Creditors to resolve billing errors.
- What does the Fair Credit Billing Act require?