Under the Fair Credit Reporting Act, an Applicant Denied Credit

question 32

True/False

Under the Fair Credit Reporting Act, an applicant denied credit has the right to be told the name and address of the credit bureau that prepared the report on which the denial was based.

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Definitions:

Perpetual Inventory System

An inventory management system that tracks inventory levels in real-time, updating with every sale or purchase transaction.

Gross Method

An accounting method used in invoicing that records the full price of goods or services without deducting any sales discounts upfront.

Credit Terms

Conditions under which credit is granted, including repayment period, discount for early payment, and interest rate.

Periodic Inventory System

An accounting method in which inventory levels and cost of goods sold are determined at the end of an accounting period based on a physical count.