There are six laws that regulate consumer credit in the United States. The one that protects credit card holders if their card is lost or stolen is ______________. a. Fair Credit Reporting Act b. Equal Credit Opportunity Act c. Truth-in-Lending Act d. Fair Credit Billing Act
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2. There are six laws that regulate consumer credit in the United States. The one that
protects credit card holders if their card is lost or stolen is ______________.
a. Fair Credit Reporting Act
b. Equal Credit Opportunity Act
c. Truth-in-Lending Act
d. Fair Credit Billing Act
Step by step
Solved in 3 steps
- The Select one: establishes procedures for resolving billing errors on credit card accounts and establishes limits on a consumer's liability for fraudulent credit card charges. O A. Fair Credit Reporting Act B. Fair Credit Billing Act O C. Electronic Fund Transfer Act OD. Fair and Accurate Credit Transactions ActOne article regarding "Credit Transaction" issues and how it was resolved. Make a comment about the scenario , and as a guide the Civil Code of the Phils (optional) , "Law on Credit Transactions Civil Code as Reference".Consumer credit laws have been implemented over the years to protect consumers against creditor abuses. Match the following consumer credit issues with the appropriate consumer credit law: a. Controls debt collection procedures and practice. b. Prohibits credit discrimination because of race, age, or national origin. c. Establishes the APR and requires the disclosure of all credit-related costs. d. Requires credit contracts to be written in plain English. e. Requires a "rejection letter" or written explanation of any adverse action taken. f. Limits marketing of credit cards to the mailing of application packets and prohibits the mailing of unrequested credit cards. g. Allows payment for defective goods purchased with a credit card to be legally withheld. h. Limits fraudulent card use to $50 payment by the cardholder. i. Ensures that divorced individuals can receive credit. j. Provides annual access to one free credit report from each of the major credit bureaus. k. Reduces credit…
- Please answer the following question, First question need step-by-step explaination. Question 2 & 3 need answer in 2-3 sentence only. 1.Acc. to Article 38 of UCP 600, a transferred credit must accurately reflect the terms and conditions of the original credit. What are the exceptions to this article (What can be changed)? 2. An issuing bank using the services of a second bank to advise the credit can use a third bank to advise amendments. A) TRUE B) FALSE 3. Which of the following is not a requirement for a "bill of exchange (draft)" as per the Bills of Exchange Act. a. Must be signed by the drawer. b. The amount payable by the drawee must be specified. c. The amount is payable on demand or at a determinable future date. d. The payment obligation of the drawee can be subject to certain conditions being met.Subject: UBFB2023 CREDIT AND LENDING ANALYSIS Lending occurs whenever a financial institution gives something to a borrower on credit. Financial institution will not openly disclose their credit criteria and two banks have different credit assessment. Discuss the credit assessment in the context of "Arts" and "Science"18. Which of the following would be found on a consumer's credit report? A. a savings account balance B. whether or not the consumer has made any late payments C. the number of children the consumer has D. whether or not the consumer is approved for a loan
- 7. Under the Equal Credit Opportunity Act (ECOA), it is unlawful to discriminate against an applicant for credit on the basis of: O a. income. O b. length of employment. O c. felony conviction. O d. age. 8. Transfers of consumer credit balances to new credit cards are a lucrative area for banks and credit card companies. a. True O b. False 9. Which of the following statements is true of a subprime loan? O a. It is now prohibited under the Dodd-Frank Wall Street Reform and Consumer Protection Act (DFCPA). b. It is a loan with higher interest rates and large prepayment penalties. O c. It is for borrowers with a FICO (Fair Isaac Co.) score below 720. O d. It is for borrowers with a FICO (Fair Isaac Co.) score above 720.Why do we need to check the credit worthiness of credit customers before granting their credit application?Matching Federal Debt Collection Practice Act (FDCPA) Federal Credit Billing Act (FCBA) Federal Trade Commission (FTC) Equal Credit Opportunity Act (ECOA) Federal Credit Reporting Act (FCRA) [Choose ] [Choose ] [Choose ] [Choose ] [Choose ] prohibits credit discrimination on basis of sex, race, marital status, religion, national origin, age or receipt of public assistance promotes the accuracy and privacy of information in the files of the nations credit reporting companies enforces the credit laws that protect your right to get, use and maintain credit. establish procedures for resolving mistakes on credit bills and electronic fund account statement applies to personal, family and household debts; prohibits debts collectors from engaging in unfair, deceptive or abusive practices
- 21. Open account credit is a credit facility offered by retailers or financial institutions which allow the customers to borrow up a pre-determined amount to pay for purchases. Which of the following is/are categorized as open account credit? i. Credit card ii. Personal loan iii. Car loan iv. OverdraftWhat is the process of Borrowing with Credit Cards?Bank loans often are arranged under existing lines of credit. What is a line of credit? How does a line of credit work?