Borrowing Money - Standard 7 Assessment
1. A type of contract between the borrower and the lender explaining the requirements of fulfilling the loan.
2. The percentage rate of interest charged to the borrower.
3. Makes it illegal for groups to make false promises or claims about improving your credit history.
4. Prohibits debt collectors from engaging in unfair, deceptive, or abusive practices when collecting debts.
5. An official record of a borrower’s credit activity, including borrowing and payments.
6. Payment for the use of someone else’s money.
7. A loan repaid with a fixed number of equal payments.
8. An establishment that collects and distributes credit information of individuals and businesses.
9. Credit with collateral for the lender.
10. Ensures all individuals have an equal opportunity to receive credit or loans.
11. Requires all lenders to inform potential lenders about the cost of borrowing money, including finance charges and the annual percentage rate.
12. Requires free credit reports for the unemployed, persons on public assistance, and fraud victims.
13. When you apply for a loan, most lenders will check your ______score.
14. which of the following statements is FALSE?
15. most credit cards are
16. People borrow money because
17. Which of the following is the BEST reason to borrow money?
18. a prepayment clause allows the borrower to
19. APR is the
20. MOST consumer credit laws are designed to
21. when computing your credit score, the most important factor is do you
22. When making credit card payments always pay
23. Which of the following statements is TRUE?
- Higher FICO scores result in higher interest rates.
- Higher FICO scores results in higher payments on loans.
- Lower FICO scores result in lower interest rates.
- Lower FICO scores result in higher interest rates.
24. Your credit file contains much information about you, including
25. Which of the following is an example of secured credit?
26. interest rates on credit cards
27. Your credit score will impact all of the following EXCEPT
28. which of the following types of lenders offers loans to high risk customers at very high fees?
29. Most negative information – such as late payments and defaults on loans – stays in your credit file for ______years.
30. If your credit card is lost or stolen and your report it immediately to your credit card company, the most you can lose is
31. In Oklahoma, MOST consumer protection laws are enforced by the
32. if you want to dispute any information included in your credit file, you
33. Before applying for a loan, it is advisable to
34. Lenders in the United State rely on three primary credit bureaus. Whjich of the following is NOT one of them?