FUNDAMENTALS OF COMPUTER

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TECHNOLOGYS ETHICAL LEGAL PRIVACY ISSUES

PROTECTING CONSUMER PRIVACY ONLINE

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
Kylo approaches a bank for home loan. He is denied the loan when the verification of his credit history through his credit report reveals he has defaulted in the payment of a car loan. Kylo realizes that the information provided by the credit bureau is erroneous. Which law allows for action to be taken in case of errors in his credit report?
A
Fair Credit Billing Act
B
Credit Card Accountability, Responsibility and Disclosure Act
C
Fair Credit Reporting Act
D
Fair Debt Collection Practices Act
Explanation: 

Detailed explanation-1: -The lender will not directly seize the property but they will wait for three months before declaring the asset as a non-performing asset. They start the process of seizing the property by enforcing Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (SARFAESI).

Detailed explanation-2: -Defaulting on a loan is a civil charge and you can be charged with a criminal offense for that. So, it means that a genuine loan defaulter cannot go to jail. If you are a genuine loan defaulter, then you can negotiate with the lender.

Detailed explanation-3: -The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans.

Detailed explanation-4: -What Is the Yes Bank home loan processing time? Once the application is submitted Yes Bank will take about 3 – 7 working days to run the background verification to approve the loan.

There is 1 question to complete.
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