If Your Credit Application Is Denied,you

question 77

Multiple Choice

If your credit application is denied,you:

• A)should sue the credit rating agency.
• B)should file a complaint against the merchant.
• C)have no legal right to know why.
• D)are entitled to know the specific reason you were denied credit.
• E)can reapply for credit after 30 days.

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Definitions:

Three-Part Test

A methodological framework consisting of three criteria used to evaluate the validity, legality, or effectiveness of something.

Tendered Performance

The act of offering or presenting for acceptance a performance of obligations under a contract.

Minor Contractual Term

A less important condition or provision of a contract that does not go to the heart of the agreement.

Anticipatory Breach

A situation where one party indicates by words or actions that they will not fulfill their contractual obligations.