Under the Fair and Accurate Credit Transactions Act (FACTA)

question 28

Multiple Choice

Under the Fair and Accurate Credit Transactions Act (FACTA) ,

• A)a creditor may not discriminate against a borrower on the basis of race,sex,religion,or age.
• B)a debt collector may not harass or abuse debtors.
• C)a credit card company must promptly investigate and respond to any consumer complaints about a credit card bill.
• D)a consumer has the right to obtain one free credit report every year from each of the three major reporting agencies.

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Definitions:

Schedule E

A form used by the IRS for reporting income and loss from rental property, royalties, partnerships, S corporations, estates, trusts, and residual interests in REMICs.

Net Income

The profit of a company after all expenses and taxes have been subtracted from total revenue.

Rental Income

Income received from allowing others the use of a property in exchange for payment, typically reported on tax returns and subject to specific rules and taxes.

Repair Expense

Costs incurred to fix or maintain property or equipment, generally deductible in the year they are incurred for tax purposes.