Credit - Pre Test

Which of these Acts was passed in 1968 and helps protect consumers when dealing with lenders, and requires lenders to disclose important information before extending credit to consumers.

• Truth in Lending Act

• Consumer Loan Protection Act

• Loan Disclosure Act

• Fair and Equal Lending Act

Which of these rates describes the yearly simple interest that is charged to borrowers or paid to investors?

• Annual Percentage Rate

• Annual Percentage Yield

• Yearly Interest Rate

• Simple Interest Rate

Which of these is NOT one of the 3 major credit reporting bureaus in the United States

• Equifax

• Experian

• TransUnion

• Western Union

Which of these accounts is NOT listed on your Credit Report

• Revolving Credit

• Installment Credit

• Bankruptcies

• Checking Account

Which of these factors is NOT considered when calculating your credit score

• Payment History

• Checking Account Balance

• Credit Utilization Ratio

• Length of Credit History

Information on your credit report will typically remain for at least how many years?

• 3 years

• 5 years

• 7 years

• 10 years

Most credit cards have variable interest that is tied to what rate?

• Prime Rate

• Lending Rate

• Credit Rate

• Standard Rate

How you use your debit card can impact your credit score directly

• True

• False

Credit Cards typically charge a higher interest rate vs. other forms of consumer loans

• True

• False

By law. credit card issuers must offer a grace period of AT LEAST how many days before charging interest on purchases

• 10 days

• 17 days

• 21 days

• 30 days