The Fair Credit Reporting Act Says Credit Bureaus May Keep

question 14

Short Answer

The Fair Credit Reporting Act says credit bureaus may keep negative information about a consumer for a maximum of seven years. The two most important exceptions to the "seven year rule" are information about _________and_________.

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Definitions:

Adam Smith

A Scottish economist and philosopher known as the father of modern economics, famous for his work "The Wealth of Nations."

David Ricardo

David Ricardo was a British political economist best known for his theories on comparative advantage, which describe how nations can benefit from trading.

International Trade

The exchange of goods and services between countries, which allows for greater diversity of products, lower prices, and increased economic efficiency.

Trade Adjustment Assistance Act

A U.S. law passed in 2002 that provides cash assistance, education and training benefits, health care subsidies, and wage subsidies (for persons age 50 or older) to workers displaced by imports or relocations of U.S. plants to other countries.