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Chapter 6 Credit Bureaus And Collections Practices Part II
Test Description: Part 2
Instructions: Answer all questions to get your test result.
1) What is a key feature in computing your FICO score?
A
How much money you have in savings.
B
Your annual gross income.
C
Debt
D
All of the above.
2) An overdue payment is called:
A
Foreclosure
B
Repossession
C
Surrender of collateral
D
Delinquency
3) The homeowner can't make payments on the mortgage and the lender takes the property:
A
Repossesion
B
Foreclosure
C
Surrender of collateral
D
Delinquency
4) To reclaim possession of an item because the borrower failed to make payments:
A
Delinquency
B
Foreclosure
C
Repossession
D
Surernder of collateral
5) In a bankruptcy proceeding, a person or debtor gives up property of some value in exchange for a clean slate:
A
Surrrender of Collateral
B
Repossession
C
Foreclosure
D
Deliquency
6) A collector calls you at 7:30am.. you ...
A
Call the Police.
B
Send a Cease and Desist letter.
C
Tell the collectyor that you will talk to him once every two weeks and hang up.
D
Tell the collector that he is violating the Federal Fair Debt Collection Practices Act.
7) A collector blocks your driveway with his car... you...
A
Call the police.
B
Tell the collector that you will talk to him once every two weeks.
C
Send a Cease and Desist letter.
D
Tell the collector that he is violating the Federal Fair Debt Collection Practices Act.
8) A collector calls you at home for the third time in a week....you...
A
Call the Police.
B
Tell the collector that you will talk to him once every two weeks.
C
Tell the collector that he is violating the Federal Fair Debt Collection Practices Act.
D
Send a Cease and Desist Letter.
9) A collector continually calls you at all hours of the day, yelling, verbally abusing you, and threatening to garnish your wages...you...
A
Send a Cease and Desist Letter
B
Call the Police.
C
Tell the collector you will talk to him once every two weeks.
D
All of the above.
10) Court action that allows a lender to take wages directly from your paycheck.
A
Garnishment
B
Post dated Check
C
Money Order
D
Pre-authorized checking withdrawal
*select an answer for all questions
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