POB 5.01 Ch. 18 Terms (part 2)

Enacted 1977, limits the actions of debt collectors who are attempting to collect a debt.

Enacted 1970, places a burden of proof for accurate credit info on a credit report

Enacted 1970, gives consumers rights to know what info credit bureaus are giving to creditors

Percent of Interest

Helps a credit manager get a better picture of you as a creditor.

Enacted in 1968 to protect consumers in their dealings with lenders and creditors.

A persons ability to repay a debt.

Enacted 1974, ensures prompt correction of billing mistakes.

Interest Formula

Discusses and suggests actions to take to reduce spending.

A form in which you provide information needed by a lender.

Three C's of credit

Record of transactions completed during a billing period.

Shows what you owe, how often credit is used, and if you pay your debts.

Length of loan

Enacted 1974, prohibits creditors from denying a person due to age, sex, or race.

A credit reporting agency.

Amount of loan

"Know what you're signing"

When a loan must be repaid.

Includes the money and property you own.

Disclosure required by law. Percentage cost of credit on a yearly basis

The legal process of eliminating or discharging an amount owed.

Honesty and willingness to pay a debt.