When a Consumer Is Refused Credit, the Fair Credit Reporting

question 387

True/False

When a consumer is refused credit, the Fair Credit Reporting Act requires the consumer reporting agency to inform the consumer of the rejection.

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Definitions:

EOQ Model

Economic Order Quantity Model; a formula used to determine the optimal order quantity that minimizes total inventory costs.

Annual Ordering Cost

The total expenses associated with placing orders for goods or inventory over the course of a year.

Cost Of Borrowing

The total charge, including interest and any other fees, for obtaining funds from a lender.

Net 50

A payment term that indicates an invoice must be paid in full within 50 days.