ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -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-2: -Credit insurance protects your credit rating and reduces financial burden by paying off or reducing your remaining loan balance in the event of your disability or death.

Detailed explanation-3: -The Consumer Credit Act (CCA) is a key piece of consumer legislation. This law protects consumers and sets out how certain credit commercial agreements should be conducted. The CCA does not cover some types of lending and debt, such as mortgages or charge cards.

Detailed explanation-4: -Types of credit protection include credit monitoring, identity theft protection, credit card purchase protection, and credit insurance. Given the importance of credit in today’s economy, experts suggest most people consider one or more of these options.