BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Equal Credit OpportunityAct
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Fair Credit Reporting Act
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Fair Credit Billing Act
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Fair Debt Collections Act
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Detailed explanation-1: -The Equal Credit Opportunity Act (ECOA) prohibits discrimination in the granting of credit based on race, color, religion, national origin, sex, marital status, age or receipt of public assistance.
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 most common types of secured loans are mortgages and car loans, and in the case of these loans, the collateral is your home or car. But really, collateral can be any kind of financial asset you own. And if you don’t pay back your loan, the bank can seize your collateral as payment.
Detailed explanation-4: -Credit cards, student loans, and personal loans are examples of unsecured loans. If a borrower defaults on an unsecured loan, the lender may commission a collection agency to collect the debt or take the borrower to court.