BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Equal Credit Opportunity Act
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Fair Credit Billing Act
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Fair Credit Reporting Act
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Fair Debt Collections Act
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Detailed explanation-1: -The Fair Credit Reporting Act (FCRA) is the act that regulates the collection of credit information and access to your credit report. It was enacted in 1970 to ensure fairness, accuracy and privacy of the personal information contained in the files of the credit reporting agencies.
Detailed explanation-2: -What should you do if you find there is inaccurate information on your credit report? Contact the credit bureau. Under the Fair Credit Reporting Act, the credit bureau must investigate your report.
Detailed explanation-3: -Which of the following is NOT recommended in the debt snowball method of getting out of debt? Every extra dollar you get should be thrown at the largest debt first.
Detailed explanation-4: -Advantages of using credit include the ability to make purchases without cash and the convenience of not carrying checks. Both tracking your purchases and paying off the entire card balance monthly to avoid interest charges are correct.