Question 1

Which is NOT true about the Fair Credit Reporting Act?

Accepted Answer

A)   It regulates the use of credit reports.
B)   It requires deletion of out-of-date information.
C)   It places limits on who can obtain your credit report.
D)   It places limits on who can obtain a report.
E)   It gives borrowers the right to know why they are denied credit.

Question 2

Consumer credit dates back to colonial times where farmers came to use it extensively .

Accepted Answer

A) True 
 B)False

Question 3

Home equity loans

Accepted Answer

A)   Are based on the original purchase price of a home.
B)   Have interest that is tax-deductible.
C)   Will cause you to lose your car if the loan is not repaid
D)   Require you to be a member of a credit union
E)   Charge high interest rates ranging from 12 to 25%

Exam 5: Consumer Credit: Advantages, Disadvantages, Sources, and Costs

Consumer credit dates back to colonial times where farmers came to use it extensively .

Correct Answer
verified

Home equity loans

Correct Answer
verified

Which is NOT true about the Fair Credit Reporting Act?

Correct Answer
verified

Exam 5: Consumer Credit: Advantages, Disadvantages, Sources, and Costs

Consumer credit dates back to colonial times where farmers came to use it extensively .

Correct AnswerverifiedShow Answer

Home equity loans

Correct AnswerverifiedShow Answer

Which is NOT true about the Fair Credit Reporting Act?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified