This Act Sets Up a Procedure for Correcting Mistakes on Credit

question 61

Multiple Choice

This act sets up a procedure for correcting mistakes on credit records and requires that records be used only for legitimate business purposes.

• A) The Fair Credit Reporting Act
• B) The Electronic Funds Transfer Act
• C) The Real Estate Settlement Procedures Act
• D) The Consumer Leasing Act

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Definitions:

Market Equilibrium

A condition in which market supply and demand balance each other, and as a result, prices become stable.

Competitive Industry

A competitive industry is one where numerous producers compete with each other to satisfy the needs and wants of consumers, characterized by free entry and exit and a high level of innovation.

Market Demand

The total quantity of a good or service that consumers are willing and able to purchase at various prices during a specific time period.

Market Equilibrium

A condition in a market where supply equals demand, resulting in stable prices that neither increase nor decrease.