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True or False: You must be unemployed or have a very low income to declare Chapter 7 bankruptcy.
Chapter 7
annualcreditreport.com
The consumer is more likely to have access to additional credit in the future, when needed.
The consumer may be denied credit or be required to pay a higher interest rate.
False
Equal Credit Opportunity Act
True
True
Which is a drawback of a bad credit score?
Chapter 7
annualcreditreport.com
The consumer is more likely to have access to additional credit in the future, when needed.
The consumer may be denied credit or be required to pay a higher interest rate.
False
Equal Credit Opportunity Act
True
True
True or False: 2 common mistakes on credit reports are fraud (identity theft) and mistaken identity.
Chapter 7
annualcreditreport.com
The consumer is more likely to have access to additional credit in the future, when needed.
The consumer may be denied credit or be required to pay a higher interest rate.
False
Equal Credit Opportunity Act
True
True
Which is a benefit of a good credit score?
Chapter 7
annualcreditreport.com
The consumer is more likely to have access to additional credit in the future, when needed.
The consumer may be denied credit or be required to pay a higher interest rate.
False
Equal Credit Opportunity Act
True
True
Which is the only government-sponsored web site where you can obtain a free credit report annually from each of the three credit reporting agencies?
Chapter 7
annualcreditreport.com
The consumer is more likely to have access to additional credit in the future, when needed.
The consumer may be denied credit or be required to pay a higher interest rate.
False
Equal Credit Opportunity Act
True
True
Which type of bankruptcy allows you to erase most of your debt?
Chapter 7
annualcreditreport.com
The consumer is more likely to have access to additional credit in the future, when needed.
The consumer may be denied credit or be required to pay a higher interest rate.
False
Equal Credit Opportunity Act
True
True
True or False: Financial counseling is recommended for those filing Chapter 7 bankruptcy, but not required.
Chapter 7
annualcreditreport.com
The consumer is more likely to have access to additional credit in the future, when needed.
The consumer may be denied credit or be required to pay a higher interest rate.
False
Equal Credit Opportunity Act
True
True
This act prohibits credit discrimination.
Chapter 7
annualcreditreport.com
The consumer is more likely to have access to additional credit in the future, when needed.
The consumer may be denied credit or be required to pay a higher interest rate.
False
Equal Credit Opportunity Act
True
True
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