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Chapter 6 Credit Bureaus And Collections Practices Part I
Test Description: Part I Credit Reports, Collections
Instructions: Answer all questions to get your test result.
1) When should you send a Cease and Desist letter to creditors?
A
When a creditor calls you at work.
B
Only in the most extreme situations.
C
When a creditor lies to you.
D
The first time a creditor calls
2) A collector is taught to:
A
Be firm, yet nice.
B
Be compassionate
C
Help the debtor set priorities.
D
Evoke strong emotion.
3) Which of the following is not covered under a bankruptcy?
A
Car loan
B
Students loans
C
Medical bills
D
Credit Card Debt
4) Which statement is true about collectors?
A
Collectors work low-paying jobs with a high turnover rate.
B
Collectors can garnish your wages without legal action.
C
Collectors work hard to help you improve your overall situation.
D
Both A and B
5) Which of the following is not one of the Four Walls?
A
Cable Television
B
Clothing
C
Food
D
Transportation
6) How often should you talk to a collector?
A
Once a week
B
Every Two Weeks
C
Every Day
D
Once a Month
7) In which case are you most likely to get sued if you are behind in paying bills?
A
If you call and settle the debt.
B
Both A and B
C
If you have stopped all contact with collectors.
D
If you are making no payments.
8) Which of the following is NOT one of the steps to take if you are a victim of identity theft?
A
Contact your bank and creditors.
B
Pay up to $50 to each account on which a charge was made.
C
File a police report
D
Contact the fraud victim division of each credit bureau.
9) Which of the following is/are true about lawsuits under $10,000?
A
All of the Above
B
If the debt is valid, you will lose the case.
C
At any time during the process, you may settle with the creditor or their attorney.
D
They are filed in small claims court and are informal proceedings.
10) Which of the following is NOT a precaution to prevent your identity from being stolen?
A
Never buy anything on the internet if you are using a public internet cafe.
B
Keep your Social Security card on you at all times.
C
Shred all documents that contain account information.
D
Create passwords that have a combination of letters, numbers and characters.
*select an answer for all questions
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