Chapter 6
Personal Finance with Jarman at Helias High School
About this deck
By: Jessica Duncan
Created: 2011-11-28
Size: 31 flashcards
Views: 16
Created: 2011-11-28
Size: 31 flashcards
Views: 16
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MYTH:
You need to take out a credit card or car loan to "build up your ______ ______."
credit score
TRUTH:
The ____ score is an "I love ____" score and is not a measure of winning financially.
FICO
debt
Chapter 7 Bankruptcy stays on your credit report for __ years
10
The only information that may be legally removed from a credit report is _______ information
inaccurate
__% of credit reports contain mistakes of some sort & __% of them contain errors serious enough to result in the denial of crdiet
79
25
__% of credit reports contain credit accounts that had been closed by the consumer but incorrectly remained listed as open
30
__% listed the same mortgage or loan twice
22
You should check your credit report ________
annually
How many certified credit bureaus are there?
three
________ ____ is the fastest-growing ____ ______ crime in North America today
Identity theft
white collar
What are the steps after Identity Theft?
- fraud victim report
- police report
- you owe nothing and should pay nothing
- contact the fraud victim division of each creditor and furnish documentation
- be persistent
What does the FFCRA require of a credit bureau in relation to credit inaccuracies?
all inaccuracies must be removed within 30 days of notification of such inaccuracies
The best way to pay debt is with a ____
plan
A collector's job is not to help your overall situation. His only job is to get your _______
money
Collectors are trained _________ or ________
salespeople
telemarketers
They are typically low-paid positions with high __________
turnover
They are taught in their training to evoke strong ________
emotion
ALWAYS pay _______ first
necessities
What are theFour Walls?
- Food
- Shelter
- Clothing
- Transportation
What does the FFDCPA state about collectors?
harassment is illegal; only call 8 a.m.-9 p.m.; allows you to say they can't call at work; allows you to insist all contact stops except notification of lawsuit proceedings; can't garnish wages without a court order;
When you are uable to pay the minimum payments, use the ___ _____ plan
Pro Rata
How long should you use the Pro Rata plan?
less than six months
foreclosure
process by which the holder of a mortgage sells the property of a homeowner who has not made interest and/or principal payments on time as stipulated in the mortgage contract
repossession
taking something back for failure to make payments
bankruptcy
legal procedure for dealing with debt problems of individuals and businesses
garnishment
court-ordered attachment that allows a lender to take monies owed directly from a borrower's paycheck; only allowed as part of a court judgment;
surrender of collateral
in a bankruptcy proceeding, a debtor can give up property (collateral) to the creditor in exchange for a clean slate
delinquency
broadly refers to a borrower not being current on his or her payments
What are the common tactics collectors use?
lying
harassment
being friendly
What is the fastest growing group of people filing for bankruptcy?
under 25
About this deck
By: Jessica Duncan
Created: 2011-11-28
Size: 31 flashcards
Views: 16
Created: 2011-11-28
Size: 31 flashcards
Views: 16
About StudyBlue
STUDYBLUE makes things that make you better at school.
Things like online flashcards with photos and audio.
Things like personalized quizzes and friendly reminders about when (and what) to study next.
Think of it as a digital backpack™: access to all of your study materials online and on your phone.
STUDYBLUE exists to make studying efficient and effective for every student, for free. Join us.
“Simply amazing. The flash cards are smooth, there are many different types of studying tools, and there is a great search engine. I praise you on the awesomeness.”
Dennis
Dennis