BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Consumer credit refers to the use of debit cards for personal needs. Consumer credit dates back to colonial times when it was extensively used by farmers. Consumer credit allows businesses to be more efficient or more productive. Economists recognize consumer credit as a major force in the American economy.

Detailed explanation-2: -The amendment prohibits creditors from taking actions that adversely affect the consumer’s credit standing until an investigation is completed, and affords other protection during disputes.

Detailed explanation-3: -The Act requires creditors to give consumers 60 days to challenge certain disputed charges over $50 such as wrong amounts, inaccurate statements, undelivered or unacceptable goods, and transactions by unauthorized users.

Detailed explanation-4: -The FCBA covers billing errors on “open-end” or revolving accounts. These include credit cards, charge cards and home equity lines of credit. However, the law doesn’t cover installment loans-like auto loans-that give you a set period of time to pay off your debt.