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Personal Finance
Credit & Consumer Protection
| Question | Answer |
|---|---|
| What is identity theft? | occurs when someone wrongfully acquires and uses a consumer’s personal identification, credit, or account information |
| What is the purpose of the FTC? | government agency that focuses on consumer protection |
| How often should you check your credit report? | at least once a year |
| If a web address begins with https, what does the "s" stand for? | s=secure |
| What is a credit report? | record of a consumer’s credit history. |
| What is the Fair Credit Reporting Act? | Gives consumers the right to review and correct their report |
| Define lender. | the person or organization who has the resources to provide the individual with a loan; for example, credit card companies and depository institutions where loans are acquired |
| Define borrower. | The person or organization that is receiving the money from the lender |
| Define default. | Occurs when a loan is due and the person does not have sufficient funds in his or her financial institution account to pay the loan. This also results in the borrower being charged additional fees. |
| Define credit score. | a mathematical tool created to help a lender evaluate the risk associated with lending a customer money |
| What medical information is allowed on a credit report? | Only information regarding late medical payments |
| What is a payday loan? | Short-term loan providing immediate cash, typically secured by a borrower’s written check or authorization for automatic withdrawal from the borrower’s bank account. |
| What are three things thieves do with a victim's personal information? | Apply for a new driver’s license Open new bank accounts Apply for credit cards or store credit accounts Obtain cash with bank cards Get a job Rent an apartment Take out student loans File for bankruptcy |
| Why are payday loans difficult for the consumer to pay back? | Payday lending companies require borrowers to pay back the entire loan in one lump sum rather than installments |
| Define Better Business Bureau. | A company that specializes in customer complaints and dishonest business practice |
| Define phishing. | When internet scam artists use either pop-up messages or emails to lure consumers into giving personal information |
| Define skimming. | Thieves attach a device to card processors to obtain credit or card information |
| What are the 3 recommended reporting agencies? | Experian, Equifax, Trans Union |
| What is a balance transfer? | The act of transferring credit card debt from one credit card account to another |
| If you choose to close a store credit card, what should you do? | Close the account by phone and in writing and cut up the card |
Created by:
rochelle.kanoy
Popular Family and Consumer sets