Most of the Information in Your Credit File May Be

question 55

True/False

Most of the information in your credit file may be reported for only seven years.However,if you have declared personal bankruptcy,then this fact may be reported for 10 years.

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Definitions:

Government Franchising

A process by which a government grants a company the exclusive right to operate, produce, or sell a service within a certain area.

Legal Barriers

Restrictions established by law or regulation that control how businesses operate, often to limit competition or protect consumers.

Short Run

In economics, a period in which at least one factor of production is fixed, allowing for limited adjustments to changes in demand or supply.

Long Run

A period in economics where all resources and inputs can be fully adjusted or changed, contrasting with the short run where some are fixed.