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Clark Goes to the First Bank to Obtain a Consumer

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Essay

Clark goes to the First Bank to obtain a consumer loan.The bank requests that the Rich Credit Reporting Agency furnish a credit report,which they do.Based upon the report,which says that Clark has been convicted of theft and credit card fraud,the bank denies Clark's application.Is Clark entitled to know what was in the report? If Clark thinks the information in the report is inaccurate,what can he do?

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Definitions:

Net Income

The remaining profit of a company after it has paid all operational expenses and taxes from its revenue.

Credits

Entries on the right side of a double-entry bookkeeping system that increase liabilities, equity, or revenue accounts, or decrease asset or expense accounts.

Double-entry Accounting

An accounting system in which every transaction is recorded in at least two accounts, ensuring the accounting equation remains balanced.

Journal Entry

A record in accounting that represents every single transaction made by a company, detailing the financial activities.

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