Which of the Following Is True of the Fair Credit

question 36

Multiple Choice

Which of the following is true of the Fair Credit Reporting Act?

• A) Adverse information from the person's credit report must be removed after three years.
• B) A person is entitled to a free copy of his or her credit report from each of the three main credit bureaus every six months.
• C) 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.
• D) The agency must furnish the consumer the information free if requested within a year of the rejection.
• E) Any person who obtains information from a credit agency under false pretenses is subject only to civil penalties.

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Definitions:

Investment Yield

The earnings generated and realized on an investment over a particular period of time, expressed as a percentage of the investment's cost.

Maturity Date

The final payment date of a loan or other financial instrument, at which point the principal (and all remaining interest) is due to be paid.

Compound Annual

The rate of return that would be required for an investment to grow from its beginning balance to its ending one, assuming the profits were reinvested at the end of each period of the investment's lifespan.

Rate of Return

The profit or deficit experienced on an investment during a particular timeframe, represented as a proportion of the investment's initial expense.