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Borrowing Money Test Review

Borrowing Money Test Review

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Borrowing Money Test Review

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  1. Borrowing MoneyTest Review

  2. If your credit card is lost or stolen and your report it immediately to your credit card company, the most you can lose is

  3. $50

  4. The three primary credit bureaus are:

  5. Experian, Equifax, and Transunion

  6. Who enforces most of the consumer protection laws in Oklahoma?

  7. State Attorney General’s Office

  8. What should you do before applying for a loan?

  9. Get a copy of your credit report to check it for errors

  10. What should you do to dispute any information included in your credit file?

  11. Write a letter to the credit bureau

  12. What else can you do to dispute any information included in your credit file?

  13. File a report online with the credit bureau

  14. Which act ensures all individuals have an equal opportunity to receive credit or loans?

  15. Equal Credit Opportunity Act

  16. True/FalseYou should borrow money to buy a new pair of shoes or to pay for your cell phone bill.

  17. False

  18. True/FalseYou should borrow money to pay off your credit cards.

  19. False

  20. You should borrow money to buy a house.

  21. True

  22. What type of credit includes collateral for the lender?

  23. Secured credit

  24. True/FalsePeople borrow money because they are uniformed about other ways to make purchases.

  25. False

  26. True/FalsePeople borrow money because they do not have enough cash or savings to make a purchase.

  27. True

  28. What type of establishment collects and distributes credit information of individuals and businesses?

  29. Credit Bureau

  30. What is an example of installment credit?

  31. Credit cards

  32. What type of loan is repaid with a fixed number of equal payments?

  33. Installment Credit

  34. True/FalseQualifications for borrowing money are basically the same from lender to lender.

  35. False

  36. True/FalseLenders are most concerned about your ability to repay the loan.

  37. True

  38. True/FalseBuilding a good relationship with a banker can help you get a loan.

  39. True

  40. True/FalseWhen shopping for a loan, it pays to compare lenders.

  41. True

  42. What is known as payment for the use of someone else’s money?

  43. Interest

  44. What score will most lenders check when you apply for a loan?

  45. FICO

  46. What is an official record of a borrower’s credit activity, including borrowing and payments?

  47. Credit History

  48. Which Act requires free credit reports for the unemployed, persons on public assistance, and fraud victims?

  49. Consumer Credit Reporting Reform Act

  50. Which Act prohibits debt collectors from engaging in unfair, deceptive, or abusive practices when collecting debts?