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Consumer Protection

TermDefinition
Fair Credit Reporting Act ensures that the information in your credit report is accurate, complete, and private
Social Security Number a 9-digit number issued to U.S. citizens, permanent residents, and temporary working residents
Comparison Shopping looking for the same product in multiple stores to find the best price or the best product
Contract an agreement between a buyer and a seller
Primary Need something that you must have to live from day to day, like food, shelter, and clothing
Secondary Need something that can help you improve your day to day life, like a computer, car, or television
Recall the voluntary or involuntary removal of a dangerous product from the market
Value what you think a purchase is worth to you personally, taking into consideration how it will help to improve your life
Want something that won’t help you live from day to day, like jewelry, video games, and soda
Warranty the seller’s promise to fix or replace the product if something goes wrong
Created by: tmikels52