BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Fair Credit Reporting Act
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The Fair Credit Billing Act
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The Credit Card Act of 2009
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Detailed explanation-1: -The CARD Act was enacted to “establish fair and transparent practices related to the extension of credit” in this market, regulating both the underwriting and pricing of credit card accounts.
Detailed explanation-2: -The Act (Title VI of the Consumer Credit Protection Act) protects information collected by consumer reporting agencies such as credit bureaus, medical information companies and tenant screening services. Information in a consumer report cannot be provided to anyone who does not have a purpose specified in the Act.
Detailed explanation-3: -The CARD Act prohibits issuers from granting new accounts to anyone under 21 years of age unless they have a cosigner who is over 21 years old or enough independent income to afford the credit card payments.