Chapter 27: Credit and the Law

amount of interest

A law restricting the ________ that can be charged for credit is called a usury law.

Bankruptcy

________ is a legal process in which a borrower is relieved of debts after showing an inability to pay.

FDCPA

The purpose of the ________ is to prevent deception, harassment, and other unfair debt collection practices by collection agents.

Identity theft

________ occurs when someone steals another persons financial information with the intention of committing fraud under that persons identity.

Federal Trade Commission

The ________ is the U.S. agency that enforces credit laws and helps consumers with credit problems and complaints.

Consumers

________ can protect their identities by being careful with the way they handle their credit and ATM cards, checks, and Social Security number.

Consolidation loan

A(n) ________ combines a consumers debts into one loan with lower payments.

In the United States, most credit report information is collected and kept by three credit bureaus

Experian®, Equifax®, and TransUnion®