Credit (Game 3)

Basic right that lender cannot use race, age, marital status, etc. to discriminate against you.

Regulates use of credit reports, requires deletion of out-dated info, consumer access to file

A credit report is available free twice a year to consumers.

Identity Theft happens only to careless people.

Interest decreases the cost of credit.

States that creditors must inform consumers as to how finance charges & APR affect their costs

An agreement between two parties

The number of times you apply for credit can affect your credit score.

A danger of the "buy now, pay later" mindset is not

Being able to charge at any time describes

The simple interest formula is stated as

The final payment is due for a loan

The 5 C's of credit help determine creditworthiness.

The principal is the amount before deducting the down payment.

Dave says good money management is

Consumers cannot avoid interest charges on their credit cards.

Payments vary by use (electricity) or predictable (phone plan)