What can be included in your credit bureau file quizlet?
A credit bureau record on a given individual. It may include: consumer name, address, Social Security number, credit history, inquiries, collection records, and public records such as bankruptcy filings and tax liens.
Which federal law regulates the use of credit reports requires the deletion?
Fair Credit Reporting Act: regulates te use of credit reports, requires the deletion of obsolete information, and gives consumers access to their files and the right to have erroneous data corrected.
How do credit laws protect consumers?
Instead, the credit laws protect your rights by requiring businesses to give all consumers a fair and equal opportunity to get credit and to resolve disputes over credit errors.
Which federal credit law sets the procedure?
The Fair Credit Billing Act, passed in 1975, sets the procedures for promptly correcting billing errors. The Fair Credit Billing Act has a provision in which a lender can threaten your credit rating while you are resolving a billing dispute. When impostors take your name, they are committing a crime.
Which of the following is an advantage of using credit?
Advantages of using credit include the ability to make purchases when cash inflow is low and the convenience of not carrying cash or checks. Credit cards can eliminate the need for carrying large amounts of cash. … D) pay cash for all your purchases.
What is a credit bureau quizlet?
Credit Bureau. An agency which collects the credit history of consumers so that creditors can make decisions about granting loans. Credit Score. A calculated score that measures an individual’s creditworthiness; the two main types of credit scores are the FICO score and the VantageScore.
What is a violation of the Fair Credit Reporting Act?
Common violations of the FCRA include:
Creditors give reporting agencies inaccurate financial information about you. Reporting agencies mixing up one person’s information with another’s because of similar (or same) last name or social security number. Agencies fail to follow guidelines for handling disputes.
What is the purpose of the Fair Credit Billing Act?
The Fair Credit Billing Act (FCBA) lays out consumers’ rights to dispute credit card issuers’ charges: Consumers have 60 days from the time they receive their credit card bill to dispute a charge with a card issuer. Charges must be over $50 to be eligible for dispute.
What they mean by account disputed meets FCRA requirements?
39 Votes) Helpful to 13 out of 19 people. Re: Dispute Results “meets FCRA requirements” “Meets FCRA requirments” means that the dispute was resolved, either by verification of the accuracy of the disputed information or by correction of the reported information so as to overcome any agreed inaccuracy.
What are 3 important federal laws regulating consumer credit?
The fundamental federal laws that regulate credit are the Fair Credit Reporting Act[1], Equal Credit Opportunity Act[2], Fair Credit Billing Act[3], and Fair Debt Collection Practices Act[4].
What are five federal laws that protect consumers?
There are many other acts worth learning about that apply in certain situations, including the Home Owner Protection Act, the Home Affordable Modification Program, the Fair Credit Reporting Act (FCRA), the Electronic Funds Transfer Act, the Fair Debt Collection Act, and the Fair Credit Billing Act.
Who enforces the Consumer Credit Protection Act?
The restrictions on wage garnishment guard employees from discharge by their employers because their wages have been garnished for any one indebtedness. The Wage and Hour Division of the United States Department of Labor enforces the provisions.
Can disputing hurt your credit?
Filing a dispute has no impact on your score, however, if information on your credit report changes after your dispute is processed, your credit scores could change. … If you corrected this type of information, it will not affect your credit scores.
Do I have to dispute all 3 credit bureaus?
You need only dispute with the credit bureau(s) whose credit report(s) reflect the inaccuracy. All three credit bureaus have an online dispute process, but opt for the mail-in option instead. Here’s a sample dispute letter you can tweak to fit the unique circumstances of your situation.