To determine: The ways to fix errors in your credit report, why some people add a consumer statement to their report.
Credit report and errors in credit reports:Information compiled by a credit bureau from merchant’s, utility companies, banks, court records and creditors about payment history of a customer is known as credit report, it is very useful in getting future credits from banks or any other financial source. Because of the credit bureaus all gather information from essentially the same sources, there may be as situation where error in one information may lead to error in credit report. The Fair Credit Reporting Act (FCRA) allows to challenge the error in credit reports, as the law requires that reports contain accurate information.
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MINDTAP FINANCE FOR GARMAN/FORGUE'S PER
- Give an example of consumer credit and explain the process how it is processed from application to approval/denialarrow_forwardWhat is the difference between a credit score(FICO) and a credit report. How/where can you check your report? How/where can you check your score?arrow_forwardWhat notice given to the customer explains that we may report ingormation to the credit bureausarrow_forward
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- Why is it important to review your checking account statement? What fees might this help you avoid?arrow_forwardWhen will a credit check approval most likely require specific authorization by the credit department? a. when verifying that the current transaction does not exceed the customer’s credit limit b. when verifying that the current transaction is with a valid customer c. when a valid customer places a materially large order d. when a valid customer returns goodsarrow_forwardProvide an example of each of the following; Conspicuous consumption Information you will need to fill out an application to rent an apartment A government agency you can contact to file a fraud complaint A way to prevent fraud on your credit card A way to protect yourself from identity theftarrow_forward
- Pfin (with Mindtap, 1 Term Printed Access Card) (...FinanceISBN:9780357033609Author:Randall Billingsley, Lawrence J. Gitman, Michael D. JoehnkPublisher:Cengage Learning