If There Is Incorrect Information in Your Credit File

question 57

Multiple Choice

If there is incorrect information in your credit file,

• A)you should sue the credit bureau.
• B)you must sue the merchant who denied the credit.
• C)the credit bureau must reinvestigate and modify or remove inaccurate data.
• D)pray that the credit bureau goes bankrupt.
• E)you cannot dispute the derogatory information.

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Definitions:

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life, reflecting the consumption or wear and tear of the asset.

Effective Tax Rate

The average rate at which an individual or corporation is taxed, calculated by dividing total taxes paid by the taxable income.

Cost Method

An accounting approach where investments are recorded at their original purchase cost, without adjustment for changes in market value.

Goodwill

An intangible asset that arises when a company acquires another company for a price higher than the fair value of its net identifiable assets.