| A | B |
|---|
| usury laws | restricts the amount of interest that can be charged for credit |
| Truth-in-lending disclosure | requires that all costs of borrowing be made known to the consumer |
| Consumer Credit Protection Act | also known as Truth-in-lending disclosure |
| Equal Credit Opportunity Act | credit applications must be judged only on the basis of financial responsibility |
| 3 resons for denying credit | low income, large current debt, poor record of peyments in the past |
| Fair Credit Reporting Act | gives you the right to know what is in your credit report |
| Credit Bureau | an agency or firm that collects and maintains information about the paying habits of consumers |
| Fair Credit Billing Act | states the steps to be followed when errors occur in billing |
| Fair Debt Collection Practices Act | protects consumers from collection agents |
| Collection Agent | a person who has the job of collecting debts that are overdue |
| Federal Trade Commission | the agengy responsible for enforing the laws on credit |
| Credit Counselor | person who assists consumers with their credit problems |
| Consolidation Loan | to bring all debts together into one loan |
| Bankruptcy | legal process in which some or all of the assets fo the debtor are distributed among the creditors |
